Looks like the latest in the increasing amount of asset sales could be the UK, with media reporting keen interest from elsewhere.
Shame, the North Sea is proper oil territory and I enjoyed going to Aberdeen.
Divesting seems to be the way though.
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Selling all of our assets should be helpful in paying the bills.
But where will we find sh--ty exploration leadership now?
Divestiture of the North Sea should be executed. Would save a lot of capital on moving non performing expats back and forth across the ocean.
Bartlesville should be next to go! We need to withdraw from Bartlesville and centralize to improve performance and moral.
Ineos are being reported as having paid a deposit to have exclusivity.
http://www.cityam.com/269280/ineos-confirms-talks-buy-23bn-north-sea-oil-fields-conoco
Management passed on XOM's Liza prospect over the recommendation of the exploration group. What might have been.
In 2016 we put a huge value on Templewood, exaggerating the Pcs, reservoir size, and first production, which is what we do.
Of course, we all know the end result, which the explorationists always explain away as, “well, we told you the probability of failure was significant”.
Our brilliant ELT decided to wait for Templewood success, the BU would rise from the ashes of repeated failure like a brilliant Phoenix, so we chose to not except the offer.
So another dry hole, another offer we should have taken, turned down, but don’t despair, the leaders responsible for this have since been promoted twice.
Any thoughts on who the unsolicited buyer might be?
Shrink to grow!
I hear it’s pretty much a done deal this time.
It was reported in the press that we turned down a $2 Billion plus offer in 2016.
There was quite an internal debate about this. Bottom line the Scots’s hearts (and biased analysis) won out over common sense. The company should have taken this offer.