Moving along, most of the shelf have been sold. Look for outlying operations to shut down, including empire terminal.
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Bay marchand and fouchon processing facility were also sold to cantium.
Some already know this but most are going to be shocked at CVX GOMs coming MCP and CAPEX budget on the GOM Shelf. CVX isn't leaving the shelf by any means, simply building new, ultra modern, and relatively cheap facilities and fields.
Ex-Chevron people from many years of lay-offs and people making moves are at other O&G majors, independents, and consulting firms all over the world. Same goes for Shell, XOM, and many others. My firm has many Ex-Oil and Gas Majors' personnel from lay-offs and moves. Last time that I checked, there's nothing illegal or wrong with a O&G specialist getting another job with an O&G company. And if they have prior knowledge of the fields that CVX can no longer afford to produce with their overhead, that's a plus.
Your point?
Mike Casey and his Ex-Chevron partners are part of Cantium. Nothing else needs to be said.
With the mature shelf assets cast off to anyone who will take them and the deep water projects floundering under low prices and shakey execution, what is left for CVX in the Gulf?
Cantium
Who bought the Main Pass fields? I'm assuming we're talking about MP 41 and MP 299 fields?
Someone may buy it, but look for the price to be fractions of pennies on the dollar, without seller indemnification. I think it will ultimately come down to an unhealthy risk- to have another entity upstream of Pascagoula. Look for CVX to invest money in Empire and increase value at Pascagoula.
Selling it will not reduce environmental exposure. No one will buy the asset unless Chevron indemnifies the buyer.
I have my reservations about Empire Terminal, a key storage facility that supplies the Pascagoula refinery. Selling it will not be an easy decision. At the same time, getting rid of it will relieve Chevron of the environmental burden it carries. We'll have to see what happens. There's both pros and cons involved in selling the terminal.