ExxonMobil makes “significant” oil, natural gas discovery in prolific Stabroek block offshore Guyana. We get in the back door on this discovery with the acquisition of Hess, but just imagine how much better we would do if we could discover our own oil and gas reserves!
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Easiest way to discover something is to simply buy the company that did the discovery. Presto! Instant discovery with zero chance of failure. Brilliant strategy…now the problem is how to actually generate some income…
“The biggest field is like 1 bboe”
Some of the largest GOM fields have recovered over 1 B boe.
But, it is true that large operators are still in GOM only because of the generous terms on offer and geopolitical stability.
I read that production from Hess GoM assets are only 32,000 boe/d. Is that a typo
I don't know how many platforms Hess operates but for that much production they won't be worth keeping.
Nobody has ever found anything of significance in the GOM. The biggest field is like 1 bboe. The industry overall has lost money there when you add in all the leases bonuses plus exploration and dev costs. Smart money pulled out a long time ago.
Realize that no one is making discoveries of note in the GOM, not just Chevron. Yes, a few little 1-2 well tiebacks, but nothing big.
GOM is a mature basin from an exploration standpoint - alot of good projects being currently developed by Chevron and others as a result of earlier discoveries, but notable discoveries not being made being of basin maturity.
“Sold off”
They sold of buckskin, LLOG turned it into a company transforming money machine
@1dxv+1pjhKI8j nargis was ENI's prospect not nobles. And whale was a Chevron prospect in the 90s before it was shells. Two to three times bigger than anchor I heard. Anchor is such a clusterfu-k, who knows what will flow. Agree no significant discoveries after gom took over dwep. Same fools in charge. No one who knows a thing.
@1syh, not sure about the size of Whale, but remember we non-op those leases, that was really Shell's leg work finding that. Narges in Egypt was a Noble prospect. Everything in Guyana is Exxon's work. Ballymore is barely a tie-back, Anchor was really the last large organic discovery by Chevron. Since we've given up on our own exploration, Anchor may be the last large discovery in Chevron's history. Certainly nothing in the exploration pipeline (unless Noble or Hess gave us something) that looks comparable.
This goes back a while, but I remember exploration boss LS being asked in a Town Hall why Chevron missed out on Guyana when all the early discoveries were being announced. She sheepishly replied, "We didn't think it looked that good". I guess it looks good if someone else proves up the oil.
The instant GOM took over DWEP, it turned into a moribund failure. GOM management and staff have discovered nothing on their watch. Zero rank exploration wells. Remember, Exploration EVP LS is a proud alumna of GOM, that should tell you why our global exploration is so bad.
Whale is bigger than either anchor or balleymore, but was still what 5 years ago?
How many wells has gom drilled since then
Relax, we are constantly reminded that we are winning in any environment!
Really? What was our last good discovery? Anchor? (Ballymore is quite small)
We’ve never had the problem of discovering oil, just producing it economically
You cannot imagine it because we are never good at it, in face our track record is horrible. The best option is to buy someone who finds oil.