Thanks D1nger but all that really says is Shell like every other major was cutting explo spend in a falling oil price environment. My understanding is they rank the projects using criteria like risk/return, overall spend, likely production cost etc. etc. and focus capex on the best. Mongolia did not rank high enough despite the fact it would have cost not much more to stay in as leave. This really is not a moot point.
Tim, one of the other regular posters here, Bonum, posted the following article as a further explanation as to why Shell had their minds set on pulling out before they even knew what they were pulling out of.
This is from an article leading up to the BG merger, where the strategy is pretty clearly put.
"The damage being inflicted by the slump in the oil price was laid bare as Royal Dutch Shell and the British Gas-owner Centrica announced more than 12,000 job cuts between… Read More
No you are confusing a good employment prospect with a good return from today's price given the oil prospect. The two are completely different. For all we know Phillip just preferred working in a more dynamic environment, was offered a bucket load of share options, or has married a Mongolian!
Because I believe in matd as a company that has a golden opportunity of making good,I have put my faith & money where my mouth is & had another top up. I hope time will tell & my conviction will be justly rewarded. All the best & good luck to all investors that have the same mindset as me.
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