Wednesday, August 21, 2019

Exxon Mobil News

Oil Search on Tenterhooks over Total's PNG Gas Deal

Oil Search warned on Tuesday that costs for a $13 billion plan to double gas exports from Papua New Guinea could rise if talks on a gas agreement between the government and Total SA drag on beyond next week.Australia-listed Oil Search is a partner in Total's Papua LNG project and Exxon Mobil Corp's PNG LNG project…

Gazprom Lead Oil and Gas Growth Worldwide

Graph: Rystad Energy

Russian giant Gazprom saw the most production growth among world’s exploration and production (E&P) companies during the five-year span from 2014 through 2018.It’s followed by Chinese player PetroChina Company Limited and U.S. shale company EQT Corporation ranking second and third…

Exxon's Cepu Production May Exceed Capacity

The Central Processing Facility of Banyu Urip field located in Bojonegoro, East Java.  (Photo: ExxonMobil)

Crude output from Exxon Mobil Corp's Cepu block may exceed its capacity of 220,000 barrels per day (bpd) this year, to reach 235,000 bpd, upstream oil and gas regulator SKK Migas told reporters on Thursday.Potential reserves at the block are bigger than initially estimated after a reevaluation and Exxon is currently conducting a test until November

Exxon Mobil Profit Sinks

(File photo: ExxonMobil)

Exxon Mobil Corp on Friday reported a 21% drop in quarterly profit, its third period in a row of weaker year-over-year results, as sharply higher oil production was offset by weaker refining and chemicals business.Shares slipped 1.6 percent to $71.34 in early trading even though its…

Baker Hughes: U.S. Cuts Rigs for Fifth Straight Week

file Image: an offshore oil installation (CREDIT: DNV-GL)

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.Drillers cut six oil rigs in the week to Aug. 2, bringing the total count down to 770…

Exxon Faces Local Lawsuit over Refinery Fire

AdobeStock / © Renaschild

Exxon Mobil Corp was hit with a lawsuit on Thursday over pollution from a fire at the company's Baytown Olefins Plant, according to an attorney for Harris County, Texas, which filed the suit.The fire was being investigated by federal and state agencies. The U.S. Occupational Safety…

Fire Erupts at Exxon's Baytown complex; 37 Hurt

An aerial view of the houston Refining complex (CREDIT: AdobeStock / © Irina K)

Exxon Mobil Corp said it was fighting a fire that erupted on Wednesday at its Baytown, Texas, refining and chemical plant complex injuring 37 people and sending nearby residents indoors.As many as 37 people were being treated for non-life threatening injuries amid efforts to put out the fire, according to Exxon spokeswoman Sarah Nordin.

Hess Corp Posts Smaller Quarterly Loss

(Photo: Hess Corp)

Hess Corp reported a smaller-than-expected quarterly loss on Wednesday, helped by lower exploration costs and a surge in output in its Bakken shale and Gulf of Mexico assets that also prompted the company to raise its 2019 production forecast.The company also cut its full-year spending…

BP Profits Lifted by Production Uptick

(Photo: BP)

A strong rise in oil and gas production helped BP offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares.BP's second quarter contrasts with Total and Norway's Equinor, which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn…

Tanzania Builds $30bn LNG Project

Medard Kalemani. Pic: Govt of Tanzania

Dr Medard Kalemani, Tanzania’s Minister of Energy, has confirmed the recently announced plans for a syndicate of oil companies to commence construction of the $30bn LNG project in 2022.In March, the government stated that it planned to complete negotiations with a group of international…

Santos Posts Record Production in Q2

(Photo: Santos)

Australia's No 2 independent gas producer Santos Ltd said on Thursday it had clocked record gas production in the second quarter on stronger output across its Western Australia gas assets.Production for the three months to June 30 rose to 18.6 million barrels of oil equivalent (mmboe) from 14.2 mmboe last year, the company said.

LNG Project Sanctions Set Records in 2019

Graph: Rystad Energy

Rystad Energy expects LNG greenfield investment in 2019 to reach almost $103 billion, which will be the biggest investment year for the burgeoning industry to date.A total of 33 million tpa of liquefaction capacity and $29 billion of Capex has been sanctioned so far this year, from Golden Pass LNG (US)…

Deepwater Leads in Discovered Oil and Gas

© alexpolo / Adobe Stock

Half of the 6.7 billion barrels of oil equivalent (boe) new conventional oil and gas discoveries in the first half of 2019 were deepwater finds, signalling a return for explorers to high-risk frontier deepwater plays, said analyst Rystad Energy.Year-to-date average monthly discovered…

Dominican Republic Kicks Off Licensing Round

© namning / Adobe Stock

The Dominican Republic's first oil licensing round will be a success if it awards more than two of the 14 blocks on offer this year, a government official said at an event disclosing the Caribbean nation's fiscal terms.The licensing round, which began on Wednesday with disclosure of contract terms…

Shell, Exxon Eye Somalia's Offshore

© Mark Rubens / Adobe Stock

Royal Dutch Shell and Exxon Mobil are looking to return to Somalia ahead of an oil block bid round later this year, the East African country's oil ministry said.Shell and Exxon Mobil had a joint venture on five offshore blocks in Somalia prior to the toppling of dictator Mohamed Siad…

Anadarko Approves $20 Bln Mozambique LNG Project

(File photo: Anadarko)

U.S. energy firm Anadarko Petroleum Corp gave the go-ahead on Tuesday for the construction of a $20 billion gas liquefaction and export terminal in Mozambique, the largest single LNG project approved in Africa, according to the government of Mozambique and energy consultancy Wood Mackenzie.The announcement…

US Leads World Oil Reserves

Graph: Rystad Energy

The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially…

Norway Wealth Fund to Drop ConocoPhillips, Hess

(Photo: ConocoPhillips)

Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's portfolio.As part of Norway's efforts to shift its $1 trillion "rainy day" fund away from oil…

Exxon to Proceed with Argentina Development

(Photo: ExxonMobil)

US based ExxonMobil said on Tuesday it is proceeding with a long-term oil development in Argentina’s Bajo del Choique-La Invernada block.The project is expected to produce up to 55,000 oil-equivalent barrels per day within five years and will include 90 wells, a central production…

Chinese Buyers Leave US LNG

Graph: Rystad Energy

Chinese buyers have avoided US LNG projects even before the tariffs hiked to 25%, said a report by  Rystad Energy.Despite the Chinese tariffs, there is still appetite for US LNG from other countries. Since the first tariff of 10% was introduced on US LNG in September 2019, the US…