#oilexploration

Any concerns about Leviathan and Tamar? Glad I am not on location.

World's largest oil reserves are for grabs. Any bets on Exxon?

TOTAL WASTE OF TIME

xxon Mobil (XOM) is reportedly planning to re-enter Iraq after exiting in early 2024 by signing agreements to lay the groundwork for exploring the country’s vast Majnoon field.

According to a Bloomberg News report, citing a person familiar with the matter, the oil major plans to sign a heads of agreement with Basra Oil Co. and SOMO, Iraq’s oil marketing company, in the coming days. The report further stated that the deal will include discussions on export infrastructure and potential oil marketing projects in the southern part of the country.

Despite being one of the first Western oil firms to be allowed into Iraq following the toppling of Saddam Hussein’s government, Exxon's operations in the West Asian country have often been marred by major political standoffs, security risks, and contractual disputes. Exxon sold its primary investment in the country, a stake in the West Qurna-1 oil field in southern Iraq, in January 2024.

Retail sentiment on Stocktwits about Exxon was in the ‘neutral’ territory at the time of writing.

Majnoon, located 60 km (37 miles) from Basra in southern Iraq, is one of the biggest oil fields in the world with an estimated reserve of 38 billion barrels. However, Western oil firms have struggled to agree on profit-sharing terms with the Iraqi government, with a prominent example being Shell’s exit from the field in 2017.

The Bloomberg report stated that Exxon would need to complete a series of commercial and technical studies and agree to a production-sharing contract before it begins pumping oil, a process that could take years.

Exxon stock has gained 5.5% this year. Earlier this week, the company stated that it anticipates higher refining margins will boost its third-quarter earnings by $300 million to $700 million, compared to the previous quarter.

However, the Texas-based firm also flagged that restructuring costs could lower its earnings by $400 million to $600 million. The company said last week that it is laying off 2,000 workers amid a decline in oil prices.

https://www.msn.com/en-us/money/markets/exxon-eyes-return-to-iraq-plans-to-explore-majnoon-oil-field-report/

Cannot wait to see the results after laying off most the geos with proven successful exploration experience.

Any one know what’s going on with the exploration team in Australia?

Let’s talk about GOA exploration. Or rather, let’s talk about whatever this slow-motion implosion is pretending to be. Because calling it “exploration” at this point feels like calling a flat tire a transportation strategy.

The whole thing is a total fiasco. No clear goals, no coherent plan, and absolutely no accountability. It’s like watching a group of people try to build a rocket using IKEA instructions written in crayon. Every meeting feels like déjà vu—same confusion, different day.

Now let’s get to the real issue: leadership. The level of professionalism among the managers and team leads is so low it’s practically subterranean. We’re talking about folks who confuse noise with strategy, who think “mentoring” means forwarding a link to a webinar, and whose idea of technical excellence is copy-pasting last year’s slide deck. It’s not just unprofessional—it’s actively counterproductive.

And then came the layoffs. And guess what? The good people—the ones who actually knew what they were doing, who brought real value, who kept the wheels turning despite the chaos—they were the ones left standing. Not because they were protected, but because they were overlooked. Somehow, the folks who could’ve helped fix this mess are gone, while the ones steering it into the ditch are still calling the shots.

It’s frustrating to watch talent get wasted while dysfunction gets promoted. If GOA wants to be taken seriously, it needs a hard reset—starting with leadership that knows the difference between a basin and a buzzword.

How do the jobs posted in rd 2 look in the subsurface space? Big cuts?

I think a lot of GOA assets will get trimmed based on:

• production profile
• potential for nearfield exploration

Someone like Talos can pick up the losers. So what stays and what goes?