Big oil is w
Big oil is without a doubt as risk free as risk can be, they quite rightly do not trust banks. They do not trust exploration until reserves are proven. No wonder their dividend issue is regarded as gold plated even when times are hard.
Big Oil balance sheet repair and cost management means they will be placed to expand but at their pace and their price. I do not see any of the western big oil companies being prepared to take on a huge project, even if proven on their own.
I think if we are to look for a total buy out closer to what we would like to think is good value, it may well come from the far east including China/Japan. There, both needs and wants are far greater than in the west.
LSE tonight, page-8766
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