Because we s--- at it so bad no other person will take the job or the Brits pleasure RL? Talk amongst yourselves..
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They really should use the explorers at small independents. That's how they
do it in Alaska, where the Company after being in Alaska for decades has to see
small independent continually find large fields. Then the company tries to buy acreage
around them and call it exploration. Now that's success...not.
Interesting you should mention the side jobs at the office. I thought maybe that was an isolated thing but I guess not.
I get the risk aspect, that is why it is called exploration. What I don't get is how these idiots can keep their jobs after never having found any significant discoveries in years. They spend billions, take years to drill prospects that true independants would drill in a year or two at the most. We try to fast follow other independants only to pick up poor acreage or we follow a majors lead in international areas only to do the same, there is no creativity in that group. Most sit around surfing the internet or working on their side jobs at the office (selling and renovating homes for example), but they make awesome PowerPoints that make it look like they have spent hours working. Scratch the surface and you know they are all technically incompetent. They have drilled what...eight wells a year for the last few years the majority being dry holes? There is a point where statistical bad luck is really just outright incompetence. Then there is the whole thing about economics, I don't think they get the whole positve value concept very well although they are being coached to use the correct terms now when pitching prospects. The future is scary for COP, five years of exploration potential is nothing to brag about...especially when you are only drilling a handful of wells a year.
100% cronyism. No exploration manager was ever fired for drilling a dryhole because "the chance of success" is always less than 50%, so they have a ready-made excuse.
Where they lie is commerciality. They "adjust" the uncertainty ranges in a way to properly sell and present their prospects. Everyone knows this.
All companies s---