I read that Chevron has acquired deepwater leases in Brazil. Considering that Chevron (and earlier Texaco) have discovered no reserves whatsoever in Brazil in 30 years of operations there (including money-losing Frade and most recently the bungled pre-salt play), I have to wonder what Chevron Exploration is thinking. Oh well, at least some high-pots will get to live in Rio for a couple years...
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Looking at the past country managers and high pots who ventured through Rio, it seems like it's a career dead-end. No surprise, like Mexico outside companies aren't going to make any head-way there, governments are just playing oil companies for fools. Need proof? Since both Mexico and Brazil opened, no major oil company has established significant production in either country.
Brazil is Disneyland for a grown man….
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Indonesia and the South China Sea !
@3ztr, presumably this is in response to the discoveries in the Orange basin off Namibia (conjugate margins, for the geo types out there). This outta work out well, just like our Suriname acreage and drilling after all those Guyana discoveries (again, by someone else).
They acquired them for a write expense! This helps their bottom line
@3lht:
That was hilarious. Liz cant find water in a swimming pool.
Chevron hasn't been able to find a drop of oil in the Brazil basins with all the oil (CB and SB), they now we are running to the other end of the country, where there are no indications of hydrocarbons "just in case". That is like failing to find oil in the GOM and instead taking up leases offshore New Jersey.
As someone with a bit of experience there, it's important to note that Chevron acquired those blocks without partnering with Petrobras. That signals that the blocks are perceived as low-value, or that ANP will muscle in if you do find something. Similar to Talos' experience in Mexico with the Zama discovery in Mexico. (Also note no Chevron discoveries, not even any wells drilled, on "highly touted" offshore Mexico blocks.) But back to Brazil - has there been even a single significant discovery in the country without Petrobras involvement?
Texaco had operated in Brazil about 110 years. Never found a drop of oil but fabulous place to live. Best expat assignment in the company.
Where do you think we should go to find more oil?