Hi Sam0408,
Very interesting article. I'm really surprised the Gabon Govt doesn't believe that Noble is up to it. Noble has a MC of US$25B, Op cash flow of $8B, spends about the same each year on capital projects, gearing of only 25% and already produces 80kboe/d out of the west African region. And Cobalt's no light weight either with a MC of about US$7B.
So its not the metrics/capability that got Noble dropped.
I'm actually a very big fan of PVD's Gabon acreage but not sure how you read this a positive. I wanted the majors (especially Total) who missed out on the round to have little option but to look into our DD room. This just gives some of them an opportunity to look elsewhere with the full approval of the Govt.
Hmmmm. Still (and repeat) a very big fan of Gabon.
Cheers,
Hi Sam0408,Very interesting article. I'm really surprised the...
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