BP are not messing about! comments below rationalise why BP is...

BP are not messing about! comments below rationalise why BP is the best partner today to explore and operate the Ironbark well. Also, what of the NWS JV in a successful case?

see pages 23 & 31 for a flavour of who BP is today:
https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bpweek/bpweek-resilient-focused-hydrocarbons-slides-and-script.pdf

(if above doesn’t work, try P&O Strategy, September 2020 down lower on this page:
https://www.bp.com/en/global/corporate/what-we-do/production-and-operations.html)

...exploration budgets have been savaged and any spending by BP is vehemently assessed. Derisking prospects with all the modern-day tools is always part of the exploration approach but it’s so more important now (given the minimal budgets).

I recall in one of my meetings with Grant Werner (Ex-CEO of CUE) and my inquiry as to whether BP has CUEs analysis on the seismic data. He replied emphatically that “BP have done their own analysis”.

Yep, the days of late farm-ins with little analysis are gone!

NWS is a money spinner for BP and fits-in with their strategic plans. They can’t be happy that WPL/JV hasn’t been successful in finding more reserves.

Does BP believe they would be a better Operator of the NWS JV? If they don’t buy Chevron’s stake, will BHP, Shell or Mitsubishi/Mitsui follow Chevron’s path? I mean with depleting JV gas and all...

We have a few weeks to wait for definitive news on Ironbark but it’s outcome may just drive the biggest shuffle in the NWS JV since inception. CUE/NZO are superbly placed for this show in a successful Ironbark case.

WPL won’t stand by and let BP have their way. Yes, all’s fair in love and war but WPL will be looking for a deal to get cheaper gas to the NWS. Funny but Shell, BHP & M/M may want in also...or not!