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Message: <blockquote data-quote="Davy Crockett" data-source="post: 49555" data-attributes="member: 367"><p>Eye,  I'm not trying to be a Debbie Downer but even if North Dakota operators could somehow cut drilling and fracing costs in half of what they are now we would still be behind the 8 ball.  The information below doesn't mention that Saudi has had infrastructure in place for years and we sit in the geological center of North America with little infrastructure in place.   </p><p></p><p></p><p></p><p><span style="color: #585B5D"><span style="font-family: 'arial'"> most of the Saudi’s reserves are in large conventional formations. For example, the Ghawar super-giant field is known for abundant heavy crude (32-34) API trapped in relatively porous rock at a reasonable depth of ~6500 ft. So generally the oil is easy to extract</span></span></p><p><span style="color: #585B5D"><span style="font-family: 'arial'">Saudi Arabia is a kingdom, and their national oil company, Saudi Aramco, has no royalties to pay out, low exploration costs, and access to a wide variety of crudes, from light sweet to heavy sour. They handle their own transportation, processing and refining which means profits are assessed over the whole enterprise, not each point in the chain. Labor costs and transportation costs within the Kingdom are inexpensive, and the land under which the oil fields sit is not really in competition for other resources.</span></span></p><p><span style="color: #585B5D"></span></p><p><span style="color: #585B5D"><span style="font-family: 'arial'"> These are conventional vertical wells that don't need to be fraced    They drill, run casing , swab out the drilling mud and put the well on production.     </span></span></p></blockquote><p></p>

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