There is a lot more profit to be made from a successful offshore discovery than for shale.
The reason Conoco is exiting deepwater is that they only have a success rate of 50% whereas other majors are more like 65%.
Yes there is more risk with deepwater than shale but there is also more rewards for successes. SNE has found oil and is largely derisked and as such will be in demand by the majors.
Conoco has simply lost their stomach for deepwater because up to Senegal they have had a very bad run of luck.
Offshore May Never Recover, page-12
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