What is this?
Posted by: vineseeker2 Date: Saturday, March 20, 2010 3:49:37 PM
In reply to: badog who wrote msg# 206178 Post # of 206207
Exxon bailed out after trying to deal with SEO and finding he wanted a significant number for his investment, wasn't going to budge on price and was generally hard for them to deal with. They were used to paying $2-3 per barrel for unproven and SEO wanted north of $10
Posted by: vineseeker2 Date: Saturday, March 20, 2010 5:54:29 PM
In reply to: badog who wrote msg# 206189 Post # of 206208
Exxon bailed after trying to deal with SEO, oil prices were about $25-30 per barrel & SEO wanted north of $10.00 for unproven, Exxon was used to paying $2-3. Grandur from Addax said the only way to develop the JDZ was in clusters to make the infastructure afordable, of course the barrel price being arround $80 makes a big difference now.
Chevron anounced Obo-1 was a billion barrel find, Total paid between 2-3 billion for the FSPO at Akpo and its serving 22 wells it would take a lot of development to afford the infastructure to go all the way back to Nigeria, now Total only has to go to Akpo, something like 30 km. where they have a 3 billion FSPO.
Posted by: vineseeker2 Date: Saturday, March 20, 2010 5:58:46 PM
In reply to: redinvest who wrote msg# 206194 Post # of 206208
Red, these people will sell because they can't front the phase 2 costs, they will not give us an option and front the cost. If they can finance their share of phase 2 they will go along and their share will become more valuable. Or they will look at what SNP is offering and say x now is better than waiting for x+ after phase 2 and take their gains and run
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