Ann: Trading Update, page-29

There couldn't be that many land-based oil wells that hasn't been tapped yet, are there?

Read that the Gulf states, including Saudi Arabia, are extracting/developing its offshore wells - even in the current oil climate. My thinking is that they wouldn't be doing that if there are plenty of reserves on land.

Then there's a documentary I saw some years ago that says that of all the oil/gas known in the world, we've consumed 1/3 of them since the 1900. There's 2/3 left and not only are demand/consumption increasing last century's, half of what's left are in extremely difficult (Alaska, the Artic, say) places while the others are in small pockets and difficult places that's not economical to get to.

So maybe it's not just an accident that the world agrees to some climate change target to switch from fossil to clean alternatives by 2050 - relatively easy oil will run out within a decade or two after that. Would be cheaper to go deep into alternatives by then... that and the death and destruction from CC, of course.

Maybe it's all above my pay grade but I just don't see how oil could be so cheap "naturally" like this. Anywho, macro and geopolitic ramblings aside, happy to hold and would definitely add more if I haven't found another company of greater potential. There's only so much cash to go around