The last barrel ///

Last month, the Petroleum Equipment & Services Association staged an excellent annual meeting east of Atlanta, Ga. It was a remarkably optimistic gathering, considering how service companies and OEMs have suffered the effects of low oil prices. The executive participants in the onshore and offshore panels did a fine job of articulating how the upstream industry must work to bring down the cost structure in the new low-price environment. There was much talk about how operators and service companies need to “collaborate” more closely on projects, to reduce costs, and find ways to standardize equipment.

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