Well-Drilled
Total Shows Big Oil How to Live a Little
After cuts, the French giant has earned right to chase growth.
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Developing new resources when oil prices are high seems like an easy choice. Yet returns on investment can still prove disappointing because production costs also tend to go through the roof.
The opposite is also true. While oil prices have halved since the middle of 2014, this isn’t necessarily a bad time for the majors to get out their checkbooks. Offshore drillers are desperate for work and assets are cheap.