BP, Chevron, ExxonMobil, Shell and TotalEnergies are increasingly looking to their backyards
The European oil giants are also reducing their eastern and western exposure.and Shell are, like ExxonMobil, quitting Russia, leading to write-downs of as much as $25bn and $5bn, respectively. Shell has also got rid of its shale assets in Texas and reportedly put a few in the Gulf of Mexico up for sale.is divesting its Mexican oil assets, and is rumoured to be getting out of Angola, Azerbaijan, Iraq, Oman and the United Arab Emirates. TotalEnergies is pulling out of Canada’s oil sands.
There are two main reasons for this realignment. The first, a chief preoccupation of the Americans, has to do with risks and returns. In previous eras of high oil prices oil bosses spent, in the words of one, “like drunken sailors”. Too much investment and not enough cost control in the go-go years led to huge waste and overproduction. In the years before the covid-19 pandemic, oil projects from the Caspian Sea to the Permian basin lost billions of dollars.
For the American firms, of course, nowhere is more familiar than the United States. They also understand South America. And parts of their backyard they know less well, like Guyana. That country, whose long-rumoured oil riches were only confirmed in 2015, may also be, counter-intuitively, less politically risky in important ways.
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