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Despite solid fundamentals, O&G activity subdued

OIL prices remained high over 2022, peaking at US$120 a barrel after Russia invaded Ukraine, before retracting to around $80/bbl. These are prices industry has not seen for the better part of a decade, and should have translated to increased development activity, but drilling has remained stubbornly subdued.

 RISC Advisory managing director Martin Wilkes at the APPEA Conference 2023.

RISC Advisory managing director Martin Wilkes at the APPEA Conference 2023.

During the annual ‘year in review' technical session at the APPEA Conference 2023 in Adelaide this week, analysts noted traditional activity levels were depressed over 2022 while fundamentals remained...

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