Anyone is aware of the rumors of cbu selling assets to cnrl? a reliable mngt source keeps whispering this, cbu accounts for only 40K boe/d, shouldn't be too hard for cnrl to acquire
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@2rfj+1fjK6SLV I wouldn't blame the staff. it's just the reality that reserves from the subsurface of west Canada are depleted. The fish tank has shrunk and only the little fish can survive. Excluding the oil sands and Montney, there is nothing decent left. People in the CBU are great professionals. Unfortunately the end of the CBU is fast approaching if no new reserves are added in the next 4-5 years. Shell was lucky enough to take the call and found a buyer for their duverney wells. If CVX truly believes in their position in the duverney they could have bought shell's wells back in 2020. in my humble opinion, cvx is just warming up their assets in Canada waiting for the right time to sell... there is zero ambition from the upstream to growth in Canada. time will speak the truth about the rumors
CBU has lagged due to poor leadership and substandard staff. They haven’t made strong decisions nor brought compelling business cases to San Ramon. They are too complacent and reactive. Too focused on hockey games,
i agree, the ambition to growth the CBU is gone decades ago, and that explains the petty spending on new exploration projects. It seems the CBU has all the eggs in the KD basket. hopefully we don't sell it.
CBU should have been sold decades ago. Only kept so executive management could use Calgary as a launching point for skiing junkets.
The “potential “ of block 0 will always remain “potential “.
Anything we touch there we turn to s—t
Nigeria production is well over 100,000 boepd. Angola is lower but still endless potential in Block 0 with new terms. We have sat on that asset and mismanaged it for decades while missing out on every exploration play in the country, letting the other majors walk all over us and steal our long-standing technical and political lead. Shameful.
I would think Nigeria is not core anymore, what is Agbami production down to now? Below 80K I am sure.
Also, if they could get a buyer for Angola they would be out in heartbeat, but the long history of operations there makes for a big liability mess.
BD has been trying to flog every country with less than 100,000 BOEPD for a while now. Quite a few have been sold. MW wants us to down to a core of around ten for upstream. USA, Kaz, Oz, Nigeria, Angola, Argentina, Bangladesh, PNZ.
Anything could be for sale at any point, that's why I keep polishing up my resume
Wouldn't be surprised if CNRL buys out the Oil Sands (whatever WI% we have there). Can't imagine them wanting our KD or East Coast assets though.
nahh.. 100% speculation.. cvx it's a hoarder, there are less valuable assets across the board and cvx rarely exits, and even less in the current high oil prices