Hess will leave Suriname oil block after partners quit over drilling risks
Hess Corp, a U.S. oil company, has decided to withdraw its offshore Block 59 in Suriname, said the South American nation’s state oil firm Staatsolie on Tuesday. Hess didn't immediately respond to our request for comment. ExxonMobil, Equinor and others had left the block a year ago, citing the high risk of drilling an exploratory well.
Exxon warns that lower gas and oil prices could affect second-quarter profits
Exxon Mobil said on Monday that lower prices for oil and gas could reduce its second-quarter profits by $1.5 billion compared to the previous quarter. The earnings snapshot of the biggest U.S. producer of oil is closely monitored for clues as to how the oil sector in general will…
Chevron prepares for a quick closure of the Hess deal while awaiting the outcome of Exxon's dispute
According to two industry analysts and sources, Chevron has begun preparing for the acquisition of Hess. This includes a severance package for certain Hess employees. Both companies are preparing for a possible legal challenge by Exxon Mobil, which could make or break a $53 billion deal.
Exxon returns Stabroek land to Guyana: Government
The Ministry of Natural Resources announced on Wednesday that an Exxon Mobil led oil consortium had returned 2,534 sq km of the Stabroek Block to the Guyana government. This relinquishment was part of an obligation for Exxon in order to begin the final exploration phase of the Stabroek Block.
Exxon-QatarEnergy JV requests permission from US regulators to reexport LNG starting October 1.
Golden Pass LNG, owned by Exxon Mobil, QatarEnergy and others, has requested permission from U.S. regulators to re-export Liquefied Natural Gas as of October 1. This is because the export facility, after delays, is nearing production. The company wants to reexport LNG cargos that it intends to import in order to cool down the export plant…
Guyana Searches For Company to Build NGL Facility
Guyana is looking for a company willing to build a natural gas liquids (NGL) facility as part of efforts to monetize its offshore gas reserves, according to a notice published by the South American government on Sunday.The storage and offloading facility would receive about 4,200…
Guyana invites companies to apply for NGL facilities
According to an announcement published on Sunday by the South American Government, Guyana is seeking a company that will build a facility to produce natural gas liquids as part of its efforts to monetize offshore gas reserves. Storage and offloading facilities would receive liquids at a rate of 4…
The government reports that Guyana's oil production rose to 667, 000 bpd during May.
In a government bulletin, published on Tuesday, Guyana's oil production rose from 611,000 barrels per day to 667,000 bpd by May, thanks to increases at Exxon Mobil's two facilities. Exxon, U.S. Hess, and China's CNOOC, which control all oil and natural gas output in South America…
China doubles 2025 naphtha import quotas, sources say
Six trade sources reported that China issued a second set of import quotas for 2025, which nearly doubled the allocations last year, due to a rise in demand caused by disruptions of U.S. propane and ethane supplies, as well as new cracker startup companies. A source with knowledge…
Crude Output to Halt at Russia's Sakhalin-1 in August Due to Maintenance
Russia's largest oil producer Rosneft will suspend output of its export-oriented Sokol crude grade at its far eastern Sakhalin-1 project in August because of maintenance, three industry sources told Reuters.According to one of them, the maintenance will last between 20 and 25 days.
Senate bill increases value of tax credits to use CO2 captured to produce more oil
The U.S. Senate committee proposed that the tax credit to capture carbon emissions when recovering oil be equal to the tax credit of $85/metric tonne for permanently burying these emissions underground. This would be a boon to oil and gas producers. In its draft bill, the finance committee…
Exxon, Chevron acquires blocks in Brazil's environmentally-sensitive Foz do Amazonas basin
Exxon Mobil and Chevron on Tuesday took their first steps toward eventually exploring oil in Brazil's Foz do Amazonas basin, scooping up offshore blocks auctioned by the country in the promising but environmentally-sensitive area. This is the first time that a company other than Brazil's Petrobras has ventured into the biodiverse ecological area.
Conflict affects Iranian and Israeli energy sites
The military strikes between Iran & Israel have raised concerns about possible damage to oil and gas infrastructure and fields in the region. Here are some details on these sites, and how they have affected them so far. Israel attacked an installation in the South Pars offshore field where Iran had partially suspended production on June 14.
US Supreme Court to hear Chevron, Exxon appeal over Louisiana coastal damage
The U.S. Supreme Court ruled on Monday that it would hear an appeal by Chevron and Exxon Mobil, as well as other oil and gas firms, to move lawsuits filed by two Louisiana municipalities accusing them of damaging the state's coastline over a decade-long period from state court to federal court.
US Supreme Court to hear Chevron, Exxon appeal over Louisiana coastal damage
The U.S. Supreme Court ruled on Monday that it would hear an appeal by Chevron and Exxon Mobil, as well as other oil and gas firms, to move lawsuits filed by two Louisiana municipalities accusing them of damaging the state's coastline over a decade-long period from state court to federal court.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field…
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field…
The 2024 profit of Exxon-led Consortium in Guyana increased 64% to $10.4 Billion
Exxon Mobil, Hess, and CNOOC, a trio of oil producers in Guyana, posted a 64% increase in profit in 2024 to $10.4 billion. This was due to the fact that facility upgrades allowed for sustained production growth. Guyana, a South American nation, has been a profitable operation due to its rapid production expansion…
Nigerian oil sector enters new phase of growth thanks to local firms
Nigeria's oil and gas industry is undergoing a major shift as local companies take on a greater role, resulting in a new phase for innovation and growth. The companies that are leading the charge include those who have purchased onshore and shallow-water assets from oil majors, which…
Exxon Signs Agreement With Azeri SOCAR to Explore Oil Production
Exxon Mobil and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP is expected to buy into new Azeri offshore fields, according to three sources.Azerbaijan's production mainly relies on mature…
