That is the best Chevron exploration can do this days, a step out from other companies exploration successes? Sort of sad really. There once was a day when we were exploration leaders.
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We sadly can’t find oil in a massage parlor these days, and we were never a leader. We are however, experts at capitalizing the successes of our buyout partners discoveries.
Chevron controlled huge parts of deepwater Namibia 20 years ago. We couldn’t figure it out and walked away. SASBU management was clueless - the same guys who let most of Angola deepwater slip through their fingers.
Anybody who knew how to find oil has retired or been let go. GOM exploration is now a joke. 12 consecutive dry holes in past 6 years, 0 commercial discoveries, with a staff of 100+ working in regional/exploration/appraisal/east/west teams. Hope Hess acquisition brings some competent folks over.
There was a short period of time in the mid-2000's when Chevron DWEP had the best of Chevron, Texaco, and Unocal, both acreage and people. Jewel back then was Tahiti along with a slew of smaller discoveries. Eventually all the good ones left and no quality acreage added since, the last discovery of their legacy was Anchor. Since 2014, nothing out of (now) GOM, which, by the way, rhymes with B-O-M-B. Also remember GOM was the 'finishing school' for our valiant trade-show-hopping EVP, LS.
Chevron exploration is a joke
When was Chevron ever an exploration leader? Are we talking about Bahrain and Saudi Arabia in the 30s and 40s?
This is a carbon-copy of the Guyana "strategy". While constantly attending Agile and DEI meetings rather than exploring, be surprised by some other company's big discovery, hurry in to lease 2nd- or 3rd tier acreage, drill a dry hole or two, then go back and buyout the reserves of one of the minor players in the initial big discovery. Look in your history books, to varying degrees, this describes Angola, North Sea, deepwater Gulf of Mexico, Egypt, Israel, Tengiz. Same strategy failed in Faroe islands, Norway, Mexico and Brazil.
Being “fast followers” is literally our strategy. But that’s changing.