How Actual Nuts and Bolts Are Bringing Down Oil Prices
Forget shale. There's a broader - much more boring - technological revolution sweeping oil markets.
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Last spring, Statoil ASA announced it had used the same oil well design and components to drill three reservoirs for the price of one.
While the specs for Norwegian Sea drilling might provoke reactions akin to the oil field’s name—the Snorre—such standardized pipes and casings could hold the key to a pervasive mystery about today’s energy market: Why is everyone still drilling when prices are in the basement?