Micromem Technologies Inc. (MMTIF)

[seek the light]

https://www.rigzone.com/news/deepwater_transformation_sparking_new_interest-17-oct-2019-160082-article/

Excerpts:
"Times ‘are-a-changing’
The return to deep waters is characterized by projects that are simpler, have lower upfront costs and operating expenses, higher productivity and allow projects to come in within budget and on schedule. To illustrate this, Wood Mackenzie’s report shows that compared with 2013, 2018s deepwater cost curve is lower and longer and unit costs are down by over 50 percent. Consequently, a growing number of what were previously considered uneconomic projects are now considered viable at $50 a barrel, including new low-breakeven developments in Angola, West Africa, the Gulf of Mexico and the North Sea. As remarkable as these developments are deepwater still trails shale in the time it takes investors to recover their initial investment: offshore is down from 10 years to seven while shale is now under two.

Financial recovery times perhaps explain the dominance of big oil in deepwater projects. The report shows that 74 percent of the projected US$250 billion of pre-FID spend sits on the books of just eight companies: Petrobras, Shell, Exxon, Chevron, BP, Eni, Total, Equinor, Anadarko and Woodside. However, there are some smaller players in the mix including LLOG in the Gulf of Mexico, Cairn Energy off Senegal and Tower Resources off Cameroon."