The age of Easy Oil is over – whoever has not understood that yet must mess up his analysis. There is some Easy Oil still, but it’s not driving the oil market anymore. Today’s oil market is driven by fracking, EOR, deepwater, sour oil, Arctic or superheavy oil. All things that cost money. The competition between those will drive the market and here, fracking is pretty well placed as it has the most aggressive players, can be started for millions instead of billions per shot and the innovation cycles are faster than anywhere else. Try to beat that.
2019 will mark the first time since 2014 the subsea market will have year-on-year growth, but declining oil prices could threaten this growth, according to Rystad Energy.