Monday, November 19, 2018

Exxon Mobil News

Big Oil Spent 1% on Green Energy in 2018

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Top oil and gas companies jointly spent around 1 percent of their 2018 budgets on clean energy, but investments by Europe's giants vastly outpaced their U.S. and Asian rivals, a study showed.Companies such as Royal Dutch Shell, Total and BP have in recent years accelerated spending on wind and solar power as well as battery technologies…

Chevron becomes first oil major to exit Norway

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U.S. oil firm Chevron will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to a government letter.Oil majors, including Exxon Mobil, BP and Shell, have scaled down their presence…

BP Starts-up Thunder Horse Expansion in Deep-Water Gulf Field

Image: BP

Energy giant BP said that it has started up the Thunder Horse Northwest Expansion project in the deepwater Gulf of Mexico, four months ahead of schedule and 15 percent under budget.This is the fourth Upstream major project to begin production for BP globally so far this year, following seven that started up in 2017 and six in 2016.

US, Russian Energy Majors Join to Push LNG in India, Japan

Pic: ExxonMobil

Russia's energy major Rosneft and US ExxonMobil plan to build a liquefied natural gas (LNG) plant in a consortium with Indian and Japanese partners, spreading the estimated $15 billion cost, Reuters reported.The report said that  the LNG production project will come up in partnership…

NNPC Says Shell, ExxonMobil Also Looking at Crude Swaps

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Nigeria's state oil firm NNPC could sign crude-for-product deals with Shell and ExxonMobil, similar to one signed with BP last week, a senior NNPC official said on Monday.Nigerian National Petroleum Corporation (NNPC) announced last Wednesday that it had signed such a deal with BP and would provide more details later."Unfortunately…

US GoM Oil Production Off 32% from Storm

A view of the eye of Hurricane Michael taken on October 10, 2018 from the International Space Station currently orbiting Earth. The photo was taken by NASA astronaut Dr. Serena M. Auñón-Chancellor. (Credit: NASA)

U.S. Gulf of Mexico producers have cut oil output by 32 percent and natural gas production by 13 percent as a result of the lingering effects of Hurricane Michael, the Bureau of Safety and Environmental Enforcement (BSEE) said on Friday, citing reports from 27 companies.The reductions…

Papua New Guinea Paves Way for LNG Expansion

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A long-awaited project led by France's Total SA that will help double liquefied natural gas (LNG) exports from Papua New Guinea has come another step closer, with the government agreeing to set financial terms early next year.The LNG expansion, which analysts estimate will cost $13 billion…

Turkey Warns Against Energy Exploration with Greek Cypriot Govt

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Turkey warned energy companies on Sunday against working with the Greek Cypriot government in carrying out exploratory drilling in the eastern Mediterranean, saying such activities could damage regional stability.The eastern Mediterranean is believed to be rich in natural gas, and…

Equinor Evacuates GoM Platform Ahead of Storm

(Image: NOAA)

Norweigan state-oil company Equinor on Monday evacuated personnel from its Titan oil platform in the U.S.

GoM Offshore Platforms Evacuated Ahead of Hurricane

(Image: NOAA)

Energy companies on Monday halted nearly a fifth of Gulf of Mexico oil production and evacuated staff from 10 platforms as Hurricane Michael intensified and headed for a path up the eastern U.S. part of the Gulf.BHP Billiton, BP, Equinor and Exxon Mobil Corp were evacuating personnel…

Eni Wins Offshore Mozambique Block

Image: Eni

Italian oil and gas major Eni has signed in Maputo the contract for the exclusive exploration and development rights of the offshore block A5-A, in the deep waters of the Northern Zambezi Basin, approximately 1,500 km to the north east of the capital Maputo.With this acquisition, Eni further strengthens its presence in Mozambique…

Chevron Eyes Houston Ship Channel for 2nd US Gulf Refinery

(File photo: Port of Houston)

Chevron Corp wants to build or buy a refinery along the U.S. Gulf Coast to process crude oil from its rapidly growing Permian Basin operations, a senior executive said on Tuesday.The company would like to have refining operations on the Houston Ship Channel, in the western part of the U.S.

After Denmark, Noreco Eyes UK Acquisitions

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Norwegian Energy Company (Noreco) plans to acquire offshore assets on Britain's continental shelf in 2019, following its purchase of Shell's upstream oil and gas licenses in Denmark, its chairman told Reuters on Thursday.The Oslo-listed company on Wednesday announced a $1.9 billion…

Russia Details Conditions of 2017 Settlement with Exxon on Sakhalin-1

Photo: Exxonmobil

Russia's government has disclosed conditions of an out-of-court settlement signed in 2017 between Russia's finance ministry, the Russian subsidiary of U.S.

GOIL to Partner in Exxon Deepwater Field

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Ghana has approved state-owned company GOIL as minority local partner for Exxon Mobil's deepwater offshore oilfield, Energy Minister Peter Amewu said on Wednesday.The West African nation is receiving "huge interest" from international and local oil companies after the government launched its first bidding rounds for offshore blocks last month…

Next-wave LNG Race Hits Hurdles in US-China Trade War

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The delay of a U.S. Gulf Coast liquefied natural gas (LNG) export project has crystallized fears that the U.S. trade battle with China is hampering efforts to line up buyers needed to move ahead with multi-billion-dollar builds.The United States is positioning itself as the dominant…

DNO Beats Forecasts with Q3 Operating Profit

Norwegian oil firm DNO said on Thursday third-quarter earnings beat forecasts, helped by higher oil prices and rising output in the Kurdistan region of northern Iraq.The region's largest international oil producer posted a third-quarter operating profit of $71 million, above expectations…

ExxonMobil Rolls-out New Antwerp Unit to Produce Marine Fuel

Image: ExxonMobil

ExxonMobil has started operations of a new unit at its Antwerp refinery in Belgium to convert heavy, higher-sulfur residual oils into high-value transportation fuels such as marine gasoil and diesel.The new 50,000 barrel-per-day unit expands the refinery’s capacity to meet demand for cleaner transportation fuels throughout northwest Europe.

Exxon Mobil Profit Tops Estimates

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Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts' estimate on higher prices received for its oil and natural gas but its production volumes fell on a year-over-year basis.The company's third-quarter net income rose 57 percent to $6.24 billion, or $1.46 a share…

Chevron Quarterly Profit Doubles

Photo: Chevron

U.S. oil and natural gas producer Chevron Corp said on Friday its quarterly profit doubled as record oil and gas production helped overcome a series of one-time items.With the price of crude in the third quarter up 44 percent from the same period a year ago, major oil companies' earnings…