Christine Juneau, COO of John S. Herold, and Martin Lovegrove, vice-chairman of Britain’s Standard Chartered Bank, sent a joint letter to clients this week saying "Access to opportunities has continued to become more restricted and securing approval for project and deal go-aheads has lengthened."
Rising costs are required to squeeze crude from unconventional sources like oil sands. Governments around the world have increased their share of oil revenue to 54% from 44%.
Ms. Juneau and Mr. Lovegrove said the industry had better margins at $30 (U.S.) per barrel oil than it did at the end of 2007 with a price of $96 (U.S.) per barrel.
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