Petro ... In general I agree with your long post. I, for one, think there's more than 10 TCFE in E/A but the market is taking the PR's from IOC and Total and concluding otherwise. A blown rollout of the deal from the very beginning.
I totally agree with your recommendation for IOC to get another estimate of field resources right now. In fact, they should have done it many months ago.
YOU SAID IN YOUR POST: .... and if IOC was so sure that this is a 10 TCFE field then they wouldn’t be opposed to a NSAI or D&M estimate of field resources right now (60 days to do the work ( or less) and then put it out there)…but this is tough – because picking and choosing a 3rd party while legal, could be considered suspect…normally you pick one with credibility and the resources to deliver the study on time and you stick with them
I have a bit of a different angle on this. What if IOC went back to GCA with all the updated information right now and asked them to do a re-appraisal? To me, an increased estimate from GCA would be a very powerful message to the market. GCA should be able to do it faster than Netherland Sewell & Associates Inc (NSAI)or DeGolyer and MacNaughton (D&M), and IOC wouldn't be required to stick with them for the final showdown.
I totally agree with your recommendation for IOC to get another estimate of field resources right now. In fact, they should have done it many months ago.
YOU SAID IN YOUR POST: .... and if IOC was so sure that this is a 10 TCFE field then they wouldn’t be opposed to a NSAI or D&M estimate of field resources right now (60 days to do the work ( or less) and then put it out there)…but this is tough – because picking and choosing a 3rd party while legal, could be considered suspect…normally you pick one with credibility and the resources to deliver the study on time and you stick with them
I have a bit of a different angle on this. What if IOC went back to GCA with all the updated information right now and asked them to do a re-appraisal? To me, an increased estimate from GCA would be a very powerful message to the market. GCA should be able to do it faster than Netherland Sewell & Associates Inc (NSAI)or DeGolyer and MacNaughton (D&M), and IOC wouldn't be required to stick with them for the final showdown.
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