With almost all the talking heads and experts calling for sub $40 oil as far as the eye can see, why would some of the major players be bidding on oil exploration rights in deep waters. Obviously, it will take Brent oil to be back over $90 to even make projects like this even feasible. But, Conoco, Exxon & Suncor are paying hundreds of million dollars at record prices for the right to explore. You would think in this oil environment, there might be a few bargains? I guess those 3 companies I mentioned are stupid.
Kind of makes me wonder???
Stories like this don't seem to be picked up by the mainstream media these days. Headline grabbing armageddon stories grab peoples emotions harder. I found this on the local Newfy CBC pages. So why bother looking for expensive oil if we're all going to have solar panels on our roofs, electric cars, wind turbines on public spaces, OPEC is dead, it's the end of oil era, etc, etc, etc... Stupid CEO's.
https://www.cbc.ca/news/canada/newfoundland-labrador/record-bid-for-newfoundland-oil-exploration-rights-1.2871463