We're On a Mission From God
Which of these ten largest producing oil nations in the world has the smallest proven developed reserves and the highest 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 now declines 80 or more % the first 20 months of production life?
Which of these ten countries is the No. 5 largest associated gas flarer in the entire world?
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?
On the other hand, which of these ten countries is now one of the three largest exporters of crude oil in the entire world?
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 +$140 B of public and private legacy debt and in less than ten years will be facing $70B of well retirement costs, decommission of surface treatment facilities, pulling pipe back of the ground and rigging down mid and down stream processing facilities?
Why is America so intent on draining itself, first, for the sake of exports... and why are people doing this to our future, our kid's future.
Humbly I’m not well versed in details of the oil industry. But is there a chance these exports are a ‘shell game’, so to speak? We see these volunes as export but in truth they are being ‘laundered’ and sold back as foreign imports? Someone taking a cut on both ends? I don’t know the import data so if its way off please forgive my naivety.