News says the greatly anticipated "can't fail" Tres Marias prospect in Brazil was drilled and had shows but nothing more. What a fiasco.
15 replies (most recent on top)
Leading Performance is Nigel H.’s baby. He dreamed this up with consultants in AMBU (how did that finish??), tried to take it to ABU (oh lord what is going on there) and now is the corporate sponsor of this absolute giberish that all SBUs are puking over but have to implement or be chastised by the non-inclusive culture of feedback from executive leaders. So much B.S. from the top………Have you watched Nigel in meetings - talk about a man who is uncomfortable in his own skin with his “oh wo is me I want to be a good empathetic leader”, cowering in his own words is pathetic……used to be a bulldozer like Joe G., got some feedback to tone it down, and now can’t find his own stance……you have to just smile at the senior leaders in this company……..despite the lack of leadership, our people find a way to make this company successful…..imagine where we could be with really and truly transformation leaders (oh yeah, transformation was their word, but look at their leadership)……
@nrb, that's because the only functioning exploration team was DWEP. Int'l exploration was (and continues to be) just a country club for returning expats and high-pots waiting to go on staff. No organic country entries (Brazil and Mexico were as a result of lease sales), no quality leases, no discoveries. Also remember that LS said in one of her town halls that Chevron knowingly and deliberately passed on Guyana (conservatively 5 billion barrels of easy-to-produce oil reserves discovered by Exxon) because 'we just didn't think it would work'.
“No new significant oil has been found since the 2016 reorganization”. ABU found a big one, and oil rather than gas, but overall I agree it has been slim pickens.
No new significant oil has been found since the 2016 reorganization and layoffs. (Permian is development, not exploration, as witnessed that it's mostly engineers and drillers, not geo-types, working it.) Chevron doesn't talk about yearly reserves replacement numbers anymore because they've all been negative for about five years now. Undeniable that since all the Boomers left, Chevron Exploration has had a dismal record. All the forced diversity did nothing to improve a lackluster and inexperienced, but very 'diverse', staff.
No multi-national has had any success in Brazil or Mexico, and likely never will. Both governments take advantage of you with restrictive contracts and stealing your technology. While companies like Chevron hope that access to big reserves will make up for this, in exchange they offer you marginal fields and lackluster prospects.
You say D&I, but Exploration simply failed to attract skilled people over the years. It has always been marginalized and separated from the rest of the business so higher performers moved out and over to opportunity-rich BUs. What's left behind is the best we have - ladies and career expats for the most part.
@tpl, go in there and show them how it's done then.
You know how , right. tough guy?
'But Brazil and Mexico were the only hopes for exploration portfolio the next several years. We have nothing else of impact.'
Absolutely true, but this is by design. MW is perfectly happy winding down Chevron (but still paying the dividend) with Australia / Permian / Tengiz production. $$$ billions previously earmarked for exploration will now instead go to cow manure plantations and hydrogen farms. The Covington Asset Disposal Team will slowly but surely sell off the deepwater assets. Exploration will continue as the Chevron D&I showpiece, and will basically do nothing but win D&I awards and give keynote addresses saying how successful Chevron Permian "exploration" has been.
But Brazil and Mexico were the only hopes for exploration portfolio the next several years. We have nothing else of impact.
Oops! Accidentally posted this as a new item, sorry about that:
I've worked with both of these "partners": anytime you farm in with ANP (or Pemex, for that matter), you can be sure you're getting bottom-of-the-barrel prospects (or fields, like Frade). They keep the good stuff for themselves at 100%.
Most exploration these days is window dressing; it doesn't really matter because I don't see us investing in long term projects any more, particularly in Latin America where all the economic and political/contract risk is piled on.
Our exploration team could not find dirt in Midland.
We missed out entirely on the biggest couple plays in the last decade, instead fooling around with marginal tight rocks in GOM.
No surprise - our exploration program was turned over to D&I years ago. Lots of figureheads in place, no talent.
Our goes could not find salt water in the ocean.