Not much promise in the Bight & Browse. Peru, well they already are in a JV with some one. So the only attraction is Brazil which is thankfully Oil specific asset.
U see back in Dec 2003 WPL had decent Oil reserves on their inventory based on discoveries in their backyars at Exmouth. 2P was 341.5 mmbls & SFR was 214.6 mmbbls (SFR was scope for recovery).
Fast fwd 12 years.......... Dec2015 end, WPL's oil inventory is: 2P-42.6, 2C-106.5. (deduct prodcn for 3 qtr's this year & 2+1 fields gone offline at Stybarrow, Balnaves & sale of Corallina).
Time to go shopping.
Which is why they r picking up Conoco's 35% equity in Senegal, 2C-150 mmbbls. If that doesn't work out then there's gotta b a plan-B.
Tartaruga Verde should flow 120k BOPD's (EWT looks good from 4 wells so far) when it comes onstream.
Bauna is doing 46k bopd, so a share in both assets (or some other giant oilfield elsewhere in a geopolitically friendly part of the globe) should do.
It doesn't require an MBA degree from Harvard or Stanford to figure that out. Oil economix 101 (ie no Organic growth in the last few years via our own drilled wells, lets do an M&A at the right price). That's how it works in the real world. Time will tell.
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