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
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields