Egypt and Cyprus. Anywhere else? What is after Guyana and Permian? They won’t last forever.
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LNG in Guyana? Yeah that is going to be easy. Where is the plant going to be and where will the tanker loading be. So many people at this company don’t understand the basics anymore. So sad.
Exploration still has too many people (over 300)...while Guyana exploration needs fewer than 30. Under the Guyana PSC, the exploration phase is done in a couple years and unexplored and unproductive acreage will be relinquished. With Permian and LNG opportunities and Guyana, XOM can maintain production for a decade. But Exploration badly needs another new play somewhere in the world or production will peak and decline in the mid 2030s. I suspect the new play will be ultradeepwater (over 3000 m water depth), but that will take a new generation of rigs and more costly FPSO and Subsea kit..plus you are generally much further from shorebase and possibly beyond helicoptor range. Deepwater gas plays could emerge, but economics are poor because of costly Floating LNG.
A dry hole off of Egypt announced yesterday
Exploration isn’t dead... it’s just smarter, more selective, and focused on returns instead of glory holes and ego wells.
Just think of how much we spend on our Exploration group not to be exploring.
If we aren’t exploring that is the clearest signal that management can give that they see no future for the company and are just winding things down.
Not many places actively working. Effectively out of North America ( no GOM or onshore US or Mexico); Asia Pac and Europe. Only Africa mostly Angola and maybe Algiers and East Med. South America Guyama. That's all folks
So we have no exploration rigs running? That is scary. Is reserves replacement no longer a metric that executive compensation is based on?
Exploration is neutered. The company is too risk averse and will just choose to buy another Permian operator instead of proving something up. Workforce will be continually thinned and outsourced until the wheels fall of entirely, give it 10 years max.