Shawn Bartholomae, CEO of Prodigy oil and gas says the sudden drop in crude oil won’t last long.
In fact, he claims in future the price to drill will become more efficient, making profit margins higher over time.
The CEO says history will repeat itself, when prices have dipped. When oil had previously dipped, so did the cost of development, this in turn re-inflated profit margins.
He said: “This makes it profitable for developers once again, even while oil prices are down.”
The continued falling oil prices have sparked fears of substantial loss in profits recently and led to significant job losses across the industry.