So if you are at Lafayette working shelf or Covington working Genesis or Petronius are ya just on the goodbye list and dont participate in the ROM?? It aint like that stuff is gonna get sold tomorrow. Now how in the hell are they gonna handle all that in the ROM?? Whyare we doin all this - to pay the effin dividend!!! Does anybody really think we are gonna be able to git the askin price for all the propertys on the table?b What the hell happens then? What happens in that situation? Think about how the teenie SPO is goin. Sittin somewhere at some table in some DRB somebodies' gotta be thinking "this shirt aint gonna work, but I'm still gittin my fat bonus & ridin the gravy train". We Lead works I guess. and for god sakes get rid of SCM control and Jessie!
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"fiscally responsible lender", since when did the banks start becoming fiscally responsible? Can you say, "Federal Bailout"?
Anon 646 do you work here at GOMBU or are you just speculating
Usually Its pre paid P&A liability at time of sell. Sometime it's a negotiated sum to be paid to seller over the first 3 to 5 years. Usually the selling company holds the pre payment for the buyer to use at time of P&A.
Please pull your heads out of the sand. Increased BSEE regulation in OCSG waters =$$,$$$,$$$. Why would any fiscally responsible lender( at this time in particular) want to back a private capital group such as Cox with so many unknowns going forward? If it is settled then who has the P&A liability?
What are you talking about COX is finalizing the deal right now. All of Covington shelf will go and the office will be sold to them. The Deepwater people will merge with Houston. There will be blood
The word in E&P is Covington is shutting down.
And nothing happens. Drilling is not a necessity. Hundreds of companies operate on the shelf everyday without a drilling program. Chevron will let the shelf ride for the next three years, or until the market turns around and they get a buyer.
Cox got the backing they needed. Tier 1 assets are being packaged now for bids. If Covington does not get its own drill ship, it is done. Good luck!
Anonymous180758 - so who bought those GOM shelf assets ? As far as I know nothing has been signed yet.
Deal was signed last week. Maybe you can go work for them. Covington office will be gone in 4 years. Might as well make the jump now.
well said ! I mean what else is their to say..