Now, this might have also an environmental impact because perhaps in order to make sure that there are no accidents, you need to spend money, everything has a cost. It's possible to exploit an oil field without any negative environmental damage, but you have to pay the price for that. So are we sure that this will not lead to perhaps less attention to environmental or other possible accidents. After all Macondo, the big oil spill in the Gulf of Mexico was caused by the desire to cut costs. It is a key question. We have to distinguish I think security and especially security of staff or the people, and environment is another case. I think in terms of security, the companies really they cannot afford that. It's really a key issue for them, and they cannot accept to have an accident and people killed. So I think they have to do the maximum and all of them that will continue. In terms of environment, it really depends where you are, because in some countries, you have very very strict rules. So there is again it's not a question they have to do it. Now, in some other countries, if the laws is not very strict or if nobody really check if everything is done properly, and if you want to reduce the costs, perhaps everything would be done so properly. Okay. So I think that we have a pretty good view of what companies, what the challenge has for the companies now that oil prices are perhaps lower than they were two or three years ago. What can this mean in terms of the life of the companies, mergers, acquisitions, something like that? Many things can happen, first of all, at the level of a company, it's really in our focus on of course how to cut the cost, to be more efficient. In the profession, we think how we could standardize things, because each field is different in term of geology, in term of location of course. But even we can reuse for example designed. But today, every time the company want to create something new. So it's probably a source of costs that added. Of course, efficiency means also how to do the same thing with less people. After, it's what we call also that the dynamic of the portfolio to focus on the core assets, which means you can sell, because some companies suffer a lot, but at the same time, it can also be an opportunity for another company. A company that has some cash, it's an opportunity for them to buy an asset. It can be field or it can be accompany. So we see now more and more movement mergers and acquisition assets sold and bought, and I think it will go on. It's a good thing in a certain way because each company has really to focus on their own portfolio where they want to be, where is the profit for them, and they have to sell everything else. But these assets can be an opportunity for another one because the costs are not the same in the same categories, they manage in a different way. So something which is not profitable for a company can be profitable for another one. This is a big difference between the international oil companies, integrated company with very, very high cost and some what we call independent companies. There are more and more flexible, less people and the costs are much lower. So this companies can buy assets from big companies especially small fields for example and they can make money with. It's always very interesting to look at the end the life of fields. You mentioned that companies may abandon a field if it is at the end of its life. But it is always possible to extend the life of a field with special techniques. Exactly. It's what we call EOR. So an enhanced oil recovery. You have each time to compare. If I use this technique, this technique has a cost. You can inject steam water, but you can also inject some products very particular to increase the production. It has a cost, but if you produce much more than while the revenues coming from the added production. If it's higher than the cost, you do that. So we see more and more enhanced oil recovery, and it's also a good way for you to add production without any risk, because you know where the oil is. You have not to explore to find a new resource, and you have now to add new data, to know the field, to know very well the dynamic of your field. So it's easier for you to do that, no risk. So you have just to compare the added cost with the added revenues coming from the added production. So this is something that even small companies can do? Yes, they can do. Some for example, an example is the Denbury. Denbury is a leader in term of EOR using CO_2 injection. So they inject CO_2 to increase the production. So injection of CO_2, it means in terms of environment, it's a very good solution and at the same time, you have more production. So when you inject CO_2 for this purpose however the CO_2 also comes out with the oil when you produce the oil. Doesn't it? Part of it, but the part is still in the reservoir. So you just get back it part. Yes. There is still a net gain of CO_2 that is disposed in this way. Exactly. Yes. You think this is something that may contribute significantly to eliminating CO_2 emissions or reducing CO_2 emissions? Well, this is what we call the CCS, Carbon Capture and Storage, is a key question. Some years ago, I would have answered yes. Today, I'm less optimistic. Because it's expensive. It's expensive and we know now that each field, each reservoir is different. It's very difficult to standardize. I mean just in term of injection and storage, the capture, it's another question, and it's very expensive and very difficult. But if we forget to capture and we focus on the storage even for that, there are now in the world many different pilots. But it's not easy and it's a lot of dollars in R&D, and I don't know if we can afford today to spend so much in this R&D. So it will be a part of the solution, but probably a small part. When it comes to shale oil, shale gas, people expected there may be a lot of it also outside of the United States. Why should it be only in the United States, and so do you think we'll see some of that in in Europe, maybe in the United Kingdom? Again, it's not an easy question, because what happened in the US, we have many. Many reasons why it's a success in the US, it's not on either the geology, it's also the culture of the country, it's also the legal matters, it's also the infrastructure, it's also all the industry in term of fracking, in term of drilling companies and so on. So in Europe, we have not at all the same conditions. So we have to distinguish what we call the resources, which is the quantity in place, in the subsurface, two, three kilometers below our feet. In Europe, we know we have of course this oil or gas, that's for sure. Now, in terms of production, we don't have all the infrastructure and the companies needed to do that. So Great Britain had started in term of exploration and with some success, but not enough today. Some other countries also in most of Europe, in Poland, it was not a success. So the success is not there. Well, we have just to try these kind of unconventional is totally different and the business model is totally different. You have not so much an exploration risk, you know where the resource is, you don't know where are the suite sports, which means the places where you can get a good productivity, enough good. So you don't know that, but it's not so risky. But the problem is you have, the production reduces very quickly. After one year of productions, you have just 50 percent of the production. So you have to drill and drill and drill and drill. So it means you need a lot of weeks, also the fracking, the techniques used is a bit specific. So you need companies with experts, and we have not that in Europe today. We could have in the future, but who is ready to take the risk to invest in new weeks, for example? I don't know. So compared to the US, they drill every year thousands of wells. In Europe, it's 100, it's not a thousand. We have not enough weeks to do that. Yes. Okay. So the bottom line is that we see challenging times ahead and it will be very interesting to watch how the industry develops, right? Yes, I totally agree. This is a time to be now in this business. Yes. Thank you Nadine. Bye-bye. Thank you. Bye.
