Exxon Heading for Deepwater

[James Regan + 1,776]

https://pubs.spe.org/en/jpt/jpt-article-detail/?art=6855&utm_source=linkedin-spe&utm_medium=social-content&utm_campaign=JPT&utm_content=Further Cuts Announced Due to Low Oil Price%2C Supply%2FDemand Imbalance

The largest share of capital spending reduction will be in the Permian Basin, where short-cycle investments can be more readily adjusted to respond to market conditions while preserving value over the long term. Reduced activity will slow the pace of drilling and well completions until market conditions improve. The company emphasized that the reductions will not compromise the scale, functional excellence, and cube development advantages that it said are maximizing resource recovery and value in the Permian.

ExxonMobil also reconfirmed that developing the numerous deepwater discoveries offshore Guyana remains an integral part of its long-term growth plans. Current operations onboard the Liza Destiny production vessel are unaffected, the company said, and startup of the second phase of field development remains on target for 2022, with the Liza Unity production vessel currently under construction. However, some 2020 activities are now being deferred as the company waits for government approval to proceed with a third production vessel for the Payara development, creating a potential delay in production startup of 6 to 12 months.

Edited April 13, 2020 by James Regan

[0R0 + 6,251]

10 minutes ago, James Regan said:

 some 2020 activities are now being deferred as the company waits for government approval to proceed with a third production vessel for the Payara development, creating a potential delay in production startup of 6 to 12 months.

So thanks for the delay?? Couldn't have come at a better time....

[0R0 + 6,251]

11 minutes ago, James Regan said:

where short-cycle investments can be more readily adjusted to respond to market conditions

That is a rather remarkable advantage to Shale as an oil production asset. 

[James Regan + 1,776]

39 minutes ago, 0R0 said:

So thanks for the delay?? Couldn't have come at a better time....

Read Bullshift

[James Regan + 1,776]

40 minutes ago, 0R0 said:

That is a rather remarkable advantage to Shale as an oil production asset. 

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