Good article there have been several companies that have followed the majors after they abandon their older bigger fields. These companies have all come out with statements about how these fields had produced X amount of energy but were no longer being worked by companies like Exxon, Shell etc. The companies state that while for the bigger companies it was no longer worth investing capital but for a smaller company the reserves were outstanding.
What I have seen for the most part when a company like Exxon sells, smaller companies like EXXI who go after the seconds find that the seconds are more expensive to produce. EXXI has followed other companies into the GOM. Well investors are finding that Exxon left because the low hanging fruit was picked. They have found by Schiller's own admission his production team were not the A team we were told. It seems his company has not been able to do better than Exxon producing the left overs.
In fact, production has been incredibly difficult to maintain. They have had to borrow and buy production, they spend a lot more than they make to produce the oil. I think there is a reason the majors have left many of the older fields. I think the smaller companies are not as smart as they think, when they buy after the majors leave.
Wilk