davycrockett >no, despite the best efforts of "well intentioned"...

davycrockett >no, despite the best efforts of "well intentioned" teenagers (presumably Greta),

Yes. I would much rather see Nuclear run at "full bore" with any spare energy, at off peak, used to suck Co2 out of the air and create Hydro carbons to run our legacy ICE cars. People seem to forger that building infrastructure is energy and therefore carbon intensive. Keeping an old F100 on the road is much more environmentally friendly than buying a Tesla. Due to the manufacturing carbon costs.

Probably preaching to the choir here. But wind turbines and solar panels wear out and currently we make them with fossil fuels. Meaning that green tec makes fossil fuel more efficient but does not replace them. There is no such thing as a circular economy, due to the law of thermal dynamics and material losses as the end of life recycling.

jophda> In the US the rig count is heading towards previous highs with much more efficient rigs than they had before .

Not as I understand it


source https://ycharts.com/indicators/us_rotary_rigs

That "high" of Mar 2020 had a rig count of 772 and we are at 756. Getting close but still below recovering to pre covid bust.

jophda>with much more efficient rigs than they had before .

What do you mean here? My understanding is that they are completing DUCs. Badger to, is efficient at digging holes when they are already there.



(Source https://en.macromicro.me/collections/19/mm-oil-price/22350/us-drilled-but-uncompleted-wells)

> jophda, Very happy for you to correct me, If I have the wrong end of the stick.

> Cara Thanks cara for the link. Will watch.

Clarification:I was once (rightly) corrected that the SM71 was not "a rig" but a "platform". ie "the rig" drills the holes. This is an important distinction as the rig count indicate where the "accelerator pedal is" rather than the linear speed. My point is that, we are currently going faster because we are completing DUCs. But the accelerator pedal is not on the floor yet and hasn't been for 2 years.

Conjecture: the "Easy" oil in a field tends to be found first. Because Debt has to be paid off and easy oil is a "bigger" target because by definition it's a bigger volume. So, while technical efficiency might go up, this is countered with less and less "bigger finds" and so yield goes down.

I think we are still living in cloud cuckoo land. Oil may well hit $USD380 when the The US SPR needs to be topped up, the DUCs run out, winter hits and the Middle East decides to have a shindig due to the cost of living.

Anyone have any thoughts?

Closer to home. Management are talking about reconnecting SM71 F2 to another oil find. Have they told us "which one"? If it's D5 I am excited. If it's the little one (J1), I don't see the point, as the reconnection cost was $1M (for B55) and I am not sure we got that in profits. Ah, what does badger know? To summarise D5 was left to F3 to drain, B65 quickly depleted due to unknown structures in the oil field, B55 has run dry.


Source https://www.asx.com.au/asxpdf/20171227/pdf/43qgnpjcv73bvh.pdf

All disclaimers.