Majors eyeing lucrative plays outside the Gulf of Mexico
ExxonMobil isn’t alone among majors in turning its gaze from the US Gulf of Mexico to significant deep-water and onshore shale opportunities elsewhere
ExxonMobil is testing market interest, assessing operators' appetite for acquiring some of its upstream US Gulf of Mexico properties. The major's move highlights the ongoing trend for many oil majors operating in the US to high-grade their upstream portfolios. This means searching the globe for tempting deep-water plays or attractive shale openings. Analysts say reservoir quality and favourable logistics are viewed as premium qualities as companies continue to emphasise cost control. In Exxon's case, this trend has led to its focus on deep-water discoveries, such as the nine in its Stabroek block offshore Guyana. The company also acquired new acreage in Brazil's fifth pre-salt bid round. At
Also in this section
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy