Since the oil crash of 2014 it has been labeled the age of the independents. In the age of lower for longer oil prices it has been the flexibility and appetite for risk that has allowed many of the smaller oil companies to flourish. But if John O’Brien, deepwater focus manager at Chevron, is true to his word then they could face tougher competition from the majors right across the portfolio.

“I have a message for the independents out there,” he said. “At the moment, the independents and mediums out there outfox the majors. They are nimbler, they are a little bit more open to risk.

But we have watched, we have listened, and we have learned. Watch out, we are coming for you because we are going to change and change to look like you.”

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