Spot on, back then was known to be huge technical prospectivity...

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09/12/23

01:56

Post #: 71358403
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Originally posted by alcibiades01: ↑

As former Exxon I can tell you we walked away from a lot that has worked out very well for other companies. We almost walked away from Guyana (inserting laughing emoji here).

you’ve got to remember also, supermajors have a huge seriatim / ranked list of projects globally, and it’s easy for things that are otherwise good to make it to the bottom of that list and drop off the list when there is so much competition on that list. Only so much capital can be spent on exploration at a given time.

Mobil (pre-merger) probably made the right call at the time, but not for today. It was assessed as a gas-prone basin in the 90s, and I can’t imagine gas in a country with minimal supportive infrastructure and high sovereign risk would be very accretive to the companies global portfolio at the time.

What IVZ have right now, shows huge potential

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Spot on, back then was known to be huge technical prospectivity but onshore gas in Africa very limited commercial prospectivity mainly because demand for gas and therefore gas price wasn’t sufficient to support such a remote resource. It’s a massively different story now. Not exactly same (offshore) but look at multi-billions paid to buy into Eni’s 80 Tcf resource in Mozambique.

By the way, ExxonMobil may have thought of walking away from Guyana, but Shell actually did! Oops

IVZ Price at posting: 20.5¢ Sentiment: Hold Disclosure: Held
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Spot on, back then was known to be huge technical prospectivity...

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