I see XOM is ki----g it on the exploration front. How is our exploration going ? I never hear of any notable discoveries ...... Mexico ? GOM ? Anything ? I would have thought there would be something after selling billions of boe of resource in the Permian ....
9 replies (most recent on top)
XOM did not set the portfolio up for Guyana-there was no portfolio! That is why they got Hess to pay for the first well-paid to have something to do to justify the exploration company to Dallas. Public data shows how little XOM had before Liza and has now.
“What are you gonna do, take their pensions away? Shoot them?”
move them sideways, demote, let them go for underperformance ……
part of their job is also to advise when not to drill and not keep throwing good money after bad and diversify the strategy in capturing developable barrels …..
"you have to set up your portfolio in such a way to allow for guyanas."
Well, Guyana is the only star of 2010s. Other areas like Brazil or Mexico kind of sucked. Shell managers who were paid millions to make the right decisions foolishly gave up on Guyana.
What are you gonna do, take their pensions away? Shoot them?
There is absolutely no accountability.
“ Grass is always greener huh… I work at XOM and our exploration track record outside of Guyana is actually pretty bad.”
work for xom huh ? sure you do. lmfao. tell you what, any guyana makes up for a lot of sins. but you have to set up your portfolio in such a way to allow for guyanas. we had guyana but because of poor decision making let go of it ….
For two decades Shell has spent more money on exploration than any other company but with almost nothing to show for it. The latest adventures in Brazil and Mexico are nothing but career boosters for people who thrive on failures with absolutely no accountability. The analysts say that Shell is the IOC best prepared for the energy transition but that is primarily because exploration has delivered nothing and hence the Oil&Gas portfolio funnel is empty.
Shell exploration has been grossly underperforming for decades. yet same guy still in charge …. go figure ….. reason is the entire leadership has a bad track record with underperforming deepwater assets developed under their leadership. so even IF Shell discovers something they will find a way to underwhelm in delivering a development. Only thing they are good at is saving themselves in reorgs and being (in their words) “cheerleaders” …..
wish they would stop being “cheerleaders” and start making sound decisions for the sake of the shareholders ….
Grass is always greener huh… I work at XOM and our exploration track record outside of Guyana is actually pretty bad. Several recent dry holes in pre-salt Brazil, completely pulled out of DW GOM, can’t find a partner in Atlantic Canada because our acreage position is ****, the list goes on.
That said, Shell has been trash lately in exploration too. Discoveries in the Perdido corridor is the only thing that comes to mind over past decade. Doesn’t really matter - no need for exploration within a decade anyway
There is exploration happening on both sides of the gom, but the results have been rather underwhelming recently.
Another 2 years of this, and it'll be a great excuse to shut down the bulk of it. The upstream director (beancounter in charge!) is salivating in anticipation of the massive headcount reduction that'll be happening soon.
I heard there are exploration activities in Mexico side, but not in GoM. What we currently have in the portfolio are probably the last oil projects for Shell, before we transit to new energy.