Hearing some great intel and insights that Kaskida is being challenged by Meg for potentially not meeting economic and technical hurdles…
Please share your insights on this complex project that was rammed into FID by Murray’s go team…What does Elliot Management think about their capital6 deployed and possibly destroyed? When the the technical class challenges sanctioning
25 replies (most recent on top)
@15e fair - but other operators started Paleogene projects in the vicinity and are doing well. It is 100% bp for now - but other companies are shrinking their GoA portfolios and laying off technical staff. Failure to find a partner could be due to the market environment and these companies' positioning, not an indicator that the project is disadvantaged. But we'll see - first dev well later this year...
@1jk lol funny, but I doubt that
Kaskida takes out the Chairman
What’s $10 Billion when your testing up complex prospects (100% Alone…no other outside experience to nudge and pet) after you’ve ditched the energy transition to become an oil company again…the cost of going woke then realizing oil and gas actually matter…really matter…Harvard Business Review…this is your perfect business case….has everything….Adventure, intrigue, even an Irish s-xual adventurer who dipped into the company cookie jar….and HR that did nothing…
@14s great insight from a technical limits perspective but, Kaskida is so much more than hardware. It’s remoteness, complex bathymetry prone to slumping and sliding. Reservoir and fluids properties that are suboptimal. In an era of risk distribution and inclusive cooperation this monster 👺 project is 100%WI sanctioned by short term technically defective CEO under duress to “Look Aggressive and Proactive” bp’s best commercial teams couldn’t elicit even one semi interested partner. One of the best oil-finders in GoA said I wouldn’t touch that with a 35,000 foot rental drill string if it was the GoA last available prospect…
bp needs a Deepwater version of Cuziana to clean house and pivot after mass firings…Analyst believe that this project was sanctioned as a poison pill so no other operator would even contemplate merging/consolidating with a train wreck in the pipeline. Also, look at Chevron’s and Shell’s recent unconventional HP/HT a real mixed bag.
regardless, it’s Meg’s pet project now and potentially a real albatross.
The consolation is that there will be accountability for results…
All these posts are nonsense. We parked it when the 20k production technology didnt exist and 20k BOPs were not a thing. Both now exist so we revived it. The project is high cost because of its nature, so low side vol/ oil price sensitivities are economic but just below the hurdles. ML and HS case sensitivity cases are attractive. One thing is to hate the corrupt leadership, but dont make d-mb sh-t up.
The VP Eng posted that everything looks amazing from his kaskida visits, so cant stop now.
Murray’s folly AKA Kaskida…law firms need to evaluate whether fiduciary responsibility was violated and negligent management practices are to blame. The days of tea parties and kumbaya are over…the street puts lots of deference towards Meg’s abilities yet how this project will be implemented will be part of her responsibility in every call with analysts. How’s Kaskida? Any efficiencies any farm downs? Did technology or partnerships improve…analyst who do not ask about Kaskida are cheerleading
@vz woodside will have participated in the data room and said nope.
To the poster that stated going 100% Working Interest is corporate madness. The fact that the project was shelved and then resuscitated when a leaderless CEO needed to prove or at least demonstrate resolve is setting bp up for failure. This may even constitute breaking fiduciary responsibility. Meg knows something smells both in projects and in her specialty reservoir and exploration/development. If Meg does not fully comprehend the risk involved with potential rewards her first legacy obstacle would have failed. And, all staff would know she is a temporary and self enrichment fixture with a stop watch on her administration …May 2026 for posterity
Another project that highlights the deep seated issues in the projects organisation. For all the ‘best in class’ verification teams not one said this was a bad idea and leaders selling only positives up the food chain.
Those developments always needed $70 to break even. Given our execution risk and project delivery track record, 20k drilling unproven reservoir and remoteness it’s no surprise no one has come in as a partner. Going at this 100% is corporate madness
Kaskida is being slow walked at the moment. geophysicist have to rerun models and present a compelling case to Meg. Heard that steel construction is being reduced to a partial cadence such that first oil is delayed by 2 years…poor G&G team…the ladies on the team are so stressed they are visibly loosing their hair…
@kv please explain…but, don’t be alarmed if I share…best that old hag not know…
@kd god speed
@kd me too…I’m here for the great food and my access to Asia…the UK has turned into a hellscape and working Kaskida provides me with utility and sense of purpose…
Please keep the Kaskida project on the DL…The 4 stories 👠 in Singapore is the best benefit of working on the project…imagine that…spend 8 hours in the shipyard or office (acting or looking busy) than 4 floors of options from around the world…I’m the happiest person in the world…it would be shame if this project was differed …
Murray Auchinclos FID on Kaskida and Tiber will be studied in business schools after 2030
The fact we have openly marketed a stake in Kaskida and Tiber and haven’t had so much as a nibble tells you all you need to know.
100% equity, 100% train wreck of a project and 0% ROI. Fire the LT.
As an investor how can one insure projects sanctioned in challenging times actually are vetted by new leadership. So we don’t have any reference to sanctioned before my time.
TFMC looking forward to building the 20k psi trees. It’s great for the company and its employees
Wisdom of the crowds. Does a 100% working interest project with significant technical and economic risk make sense?
Why have no other oil companies displayed interest in investing in Kaskida? The vast majority +96% of Deepwater projects have multiple partner companies for risk reduction and technical support…Can bp handle this project?
Can bp find a desperate clown company to invest in Kaskida? Even if its cost carried to first oil…
Remember Kaskida was rushed through so Murray could appear that he was a man of action…Meg owns this now…
If Meg does not kibosh Kaskida she will eventually have to promote it as her own and own it…She could differ the project in order to create a space and time for self enrichment…sorta like the Trion project…or LNG investments without firm commitments…either way…Kaskida needs a revisit and at the very least an effort in simplicity.
To add to the boondoggle. Project engineers in Singapore…partying like it’s 1999…many are bringing venerial diseases back to their spouses in the UK, and US…
This project is paying for new trucks, mortgages, and Singapore prost---tion before first oil…
Core samples indicate prehistoric wood? And PVT indicate higher than anticipated viscosity…so recovery factor is diminished…bp has an in house water injection project team…add water injection after the fact…still lower than anticipated deliverability…20k architecture is needed for the first 2 weeks of production. After that precipitous reservoir pressure decline with associated perf/screen plugging…
But by the time First Oil hits Meg will have been vested and capitalized…