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Wednesday, January 27, 2010 11:28:20 AM
1. If STP is keeping signature bonuses at 2-2.5 mm
and
2. if awards will go to the company(s) agreeing to the fastest
time line to production,
then logic says:
1. it doesn't matter to STP if JDZ drilling results are released before the EEZ auction.
2. Sinopec gets no advantage in the EEZ auction by withholding JDZ drilling results. Knowing what is in the EEZ doesn't do any good if you don't have a rig available. It will cost the same $$ to drill exploration wells whether you know what is down there or not.
3. the auction is rigged in favor of Petrobas (who supposedy has 80% of the deepwater rigs locked up) or any other capable and deep pocket company who has a rig (s) available.
If the above is true, there is no reason Sinopec can't release details on the 5 wells, then announce phase II drilling plans, then release a development plan, and then release reserve figures based on that plan.
If the above is true, there are only two reasons why Sinopec is holding off releasing basic info on JDZ drilling results:
1. If EEL has first picks on the EEZ blocks, Sinopec doesn't want to give a hint of what the best EEZ blocks might be.
2. The Chinese want a nice neat package to be released and don't want to bother with releasing information in stages, as would a company who cares about their share price.
Since Sinopec doesn't have a lock on rigs, the only thing they can offer are big bucks for infrastructure projects, as was posted by kingpindg. That may get them a couple of blocks but the good ones would go to the company(s) with the fastest drills.
If the last paragraph is true, then it would behoove Sinopec to try to lock up ERHE's 2 100% blocks and the 2 15%'s. In other words I wouldn't piss off Offer by holding up JDZ results, assuming Offer even wants them released at this point.
But, of course, this is all MHO and WTFDIK.
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