We're On a Mission From God
Which of these ten largest producing oil nations in the world has the smallest (true) proven developed producing reserves and the lowest reserve to production ratios?
Which country historically has the highest rig counts, drills the highest number of wells each year, has the highest annual decline rates of established production and makes the lowest rates of return on capital invested to sustain its oil production levels?
Which country has the highest finding costs, highest OPEX costs or the highest "breakeven" per incremental BO produced ?
Which country has the highest debt levels associated with its oil and natural gas extraction?
Which of these ten countries produces +60% of its total oil and gas production from unconventional resources, from tight oil and tight gas that is marginally profitable, at best, and declines 85% the first 32 months of production life?
Which of these ten countries has the highest daily crude oil and condensate consumption in the entire world and has the most number of ICE vehicles per population capita? Who is the No. 1 oil consuming country in the world?
You are correct...its the US, the folks drilling it all up like there is no tomorrow.
So, why in the hell does this same country export 0ver 70% of its remaining oil resource production, from the only hope it has left for long term energy security, the Permian Basin HZ tight oil play, essentially below extract costs, including the the "cost' of paying back +$200 B of public and private legacy debt?
Why is America so intent on draining itself, first, for the sake of exports... and who in the hell is in charge of this shit show?
Why doesn't anybody care?