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Australian resources giant Woodside’s Goodyn A offshore gas production platform in the North West Shelf gas project, which produces a third of Australia’s oil and half of its natural gas, off the northwest coast of Australia.
Australian resources giant Woodside’s Goodyn A offshore gas production platform in the North West Shelf gas project, which produces a third of Australia’s oil and half of its natural gas, off the northwest coast of Australia.
(AFP)

BREAKINGVIEWS

Exxon building Big Oil’s skyscraper – or a folly at sea

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks. Click here to read more international insights.

Modern stock market bubbles have produced their own exclamation points: skyscrapers. Yet, as historians have pointed out, the construction of these great edifices often coincided with asset-price peaks. Could Exxon Mobil be on the precipice of building Big Oil’s equivalent of just such a folly?