While I hope you are right as I'm chasing loses above $6. We might need to take into consideration the decision of ConocoPhillips to abandon conventional deep sea drilling for good (at least for the moment) while Chevron is tilting away from conventional oil sources.
After that it's majority Gas that nearly all Australian oilers are in. With spot prices of LNG at 4 while breakeven for Australian oilers at about $10 and above. Is there a way out for Santos on this.
I was expecting Santos to be close to $5 at these Brent prices.
$50-60 New Normal or U.S Shale Bubble?, page-3
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