cc @Fishinnick.RIG is worth $30-40 per share, the oil majors...

  1. 121 Posts.
    lightbulb Created with Sketch. 21
    cc @Fishinnick.

    RIG is worth $30-40 per share, the oil majors haven't been replacing reserves and demand isn't going anywhere (unfortunately).
    https://hotcopper.com.au/data/attachments/3189/3189616-2c59e1a2f9b77972110ba6a2d098e32a.jpg
    https://www.ogj.com/general-interest/article/14202753/big-oil-could-see-proven-reserves-run-out-in-less-than-15-years

    New discovered volumes – a measurement of a company’s exploration performance – illustrates the challenge faced by oil majors to maintain reserves base and supply existing customers. Over the past 5 years, the six majors have replaced only 45% of their production through reserves from new discoveries. ExxonMobil fared better than its peers, adding more than 70% of the produced reserves thanks to 9 billion boe of discovered volumes in the offshore Stabroek block in Guyana.

    Total saw exploration success last year in the Guyana-Suriname basin, while Eni had success in Africa. Chevron and Shell have struggled to register new discovered volumes. Chevron replaced only 15% of its produced volumes from 2016 through 2020, while Shell replaced 27%.

 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.