"The best place to find oil is where it has been found already" has never been truer than it is today. More than 70% of global oil and gas production comes from fields that are more than 30 years old. Mature fields are essential to helping operators meet their objectives during low-price environments such as the one we are now experiencing. In depressed markets, operators increasingly turn their attention to high-value return on existing assets that meet the price threshold. Mature fields are predictable in terms of both production and revenue. Infrastructure is in place. The reserves are booked; they just need to be produced and converted to cash.
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