Exxon consortium executive: Guyana's oil production at 770,000 barrels per day
The chief of Exxon Mobil's South American subsidiary said that oil production in Guyana by the consortium led by Exxon Mobil has increased to 770,000 barrels a day (bpd). This is after the launch of the fourth floating output facility. According to government and consortium data, the average production of The Exxon Group, which controls all the crude and gas in Guyana was 685,000 barrels per day (bpd) in August, and 740,000 in September. It is the largest operation in the portfolio of the U.S. Energy Major. Since it began crude production in 2019, it has increased offshore output and exported rapidly.
Occidental CEO: Chemical divestiture to improve core oil and gas business
CEO Vicki Hollub said in an interview with the Associated Press on Thursday that Occidental Petroleum would be better positioned to invest in the core oil and natural gas business following the divestiture of a chemical unit. The company will also be able replace the cash flow lost from the division within two and a quarter years. Occidental shares fell more than 7% after Occidental announced earlier that day that they would sell their OxyChem division to Warren Buffett’s Berkshire Hathaway unit for $9.7billion and use the money to pay down debt. Some analysts pointed out that the division is expected to drive future growth.
Sources say that the daily oil production of Kazakhstan's Karachaganak fell by 24 percent in September m/m.
Two industry sources and calculations show that the production of oil in Kazakhstan's Karachaganak gas field dropped to 200,000 barrels a day (bpd), from 264 300 bpd, in August. This coincided with maintenance at Russia’s Orenburg Gas Processing Plant (GPP). According to sources, the production of oil and condensate from Karachaganak, a light oil type, fell by 24% between September 8 and 30 as Gazprom, Russia, carried out scheduled maintenance at its Orenburg processing facility. The plant processes the raw gas from Karachaganak - one of Kazakhstan's biggest fields. Karachaganak's oil and gas production are tightly linked.
Slim's Grupo Carso signs $2 billion deal for Ixachi oil wells with Mexico's Pemex
Grupo Carso, controlled by Carlos Slim's family, announced on Monday that it had reached an agreement with the state oil company Pemex for the drilling of 32 onshore deep wells in the eastern part of Mexico. The deal is worth up to $1.99billion. Wells will be drilled in Mexico's Ixachi field, which is one of the top natural gas fields of the country. It's located in Veracruz, about 70 km (44 mi) south of Gulf Coast. Slim's Companies as the Government seeks to increase private partnerships with state-owned producer. Ixachi reserves were hailed as one of Mexico's most significant discoveries in the past 25 years, as it strives to become energy self-sufficient.
BP approves $5 billion Tiber Guadalupe project in US Gulf
British oil giant BP announced on Monday that it would move forward with a $5 Billion offshore drilling project called Tiber-Guadalupe in the U.S. Gulf of Mexico. This marks another step in BP's new strategy to refocus its oil and gas core business. The project is expected to start oil and gas production by 2030. It will include a floating platform that can produce 80,000 barrels per day of crude oil. BP, which has been underperforming its rivals Shell and Exxon Mobil with increasing debt in recent years, announced in February that it would cut investment in renewable energies and increase oil and gas production in order to turn around the business and win investors back.
Oilfield executives sour in Dallas Fed survey
According to a Federal Reserve Bank of Dallas survey published on Wednesday, oil and gas production in Texas, Louisiana, and New Mexico, the three states that produce the most, declined in the third-quarter as executives expressed a more negative outlook. The decline in oil and gas activity is due to the uncertainty surrounding oil prices, as well as increased frustration towards President Donald Trump and his administration. The executives blamed Trump policies such as tariffs, and his promise to lower oil price, for the decline in activity. Over…
Guyana's oil production rose to 685 barrels per day during August
The government released data on Wednesday showing that Guyana's oil output increased from 664,000 barrels per day to 685,000 bpd in August, up from 664,000 the previous month. This was boosted by opening the fourth floating production facility in this South American nation. The Floating Production, Storage, and Offloading facility One Guyana was delivered to a consortium led by Exxon Mobil in the United States, which controls all of Guyana's oil and gas production. This increased output beyond 900,000. According to data and an announcement from Guyana's maritime regulator, the new facility began production on August 7 and produced an average of 75 000 barrels per day last month.
Exxon approves Hammerhead investment in Guyana
Exxon Mobil announced on Monday that they had approved the investment decision of their seventh development project, Hammerhead in Guyana. The project is expected to start oil and gas production by 2029. Exxon Mobil announced on Monday that it had approved the investment decision for its seventh development project in Guyana called Hammerhead, which is expected to begin oil and gas production in 2029. Exxon announced that the Hammerhead project will utilize a floating storage and offloading vessel capable of producing about 150,000 barrels per day. Exxon holds a 45% stake in the Stabroek block. Chevron holds 30%, while CNOOC has 25%.
IEA: Global oil and gas production is declining rapidly, IEA reports
International Energy Agency (IEA) said Tuesday that the decline in oil and gas production from mature fields around the world is increasing due to a greater reliance on deep-ocean and shale resources. This means companies will need to invest even more to maintain output. Donald Trump's administration has criticized the IEA for its recent shift in focus to clean energy policy. According to a report from the IEA for 2021, there should be no new investment in oil, coal and gas projects if we are serious about meeting our climate targets. The report released…
The IEA reports that the decline rates of global oil and gas fields are increasing.
International Energy Agency reported on Tuesday that the natural rate of decline for oil and gas production is increasing, due to a greater reliance on deep-ocean and shale resources. The International Energy Agency said on Tuesday that companies would need to increase their investment pace to maintain the same output. In a press release, the IEA, an agency that advises industrialised nations, warned that without continuing investment in existing fields the world would lose each year the equivalent oil production of Brazil and Norway combined, with consequences for markets and energy safety.
White House review of waiver plan for biofuel pits refiners against farmers
The White House is reviewing an important rule that could change the balance between oil refiners, farmers and the Renewable Fuel Standard. It will determine how to redistribute large volumes of biofuel blend obligations that have been recently exempted. The result, which is expected in the next few weeks, will determine what happens to billions of gallons U.S. demand for ethanol and biodiesel. This demand is vital for farmers who provide the corn and soy beans to produce biofuels but expensive to oil refiners who ensure that the biofuels mix into the nation's gasoline supplies.
After staff cuts, US Energy Data Agency delays reports on uranium and international outlook
Energy Statistics, the U.S. Government's arm that collects and analyzes data about energy, has seen its staff reduced this year. On Thursday, it announced it would delay publishing important energy data, including international outlook, as well as key energy information on uranium. An Energy Information Administration spokesperson said that the International Energy Outlook, which was originally scheduled to be released in January, may not be available until September. The annual uranium report, which had been due in June, will now be published in september. The EIA has not responded to the question of whether staff reductions are the cause for the delays.
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures. Trump has a number of options, including releasing Russian assets, reopening U.S. loans to Russian corporations and banks, and allowing U.S.
CNOOC's first-half profits fall 13% due to lower oil prices
CNOOC, the Chinese offshore oil-and-gas major, reported a 13% drop in its interim net income as lower oil prices countered the impact of record oil and natural gas production. According to a Hong Kong Stock Exchange filing, the net profit attributable equity shareholders fell to 69.5 billion Yuan ($9.7billion) following a record-breaking interim profit in 2024. Sinopec, a domestic competitor, reported a 40% drop in earnings at $2.99 billion. PetroChina's net profit fell by 5.4% to $11.7 billion. CNOOC’s net production of gas and oil increased by 6%, reaching a record of 384.6 million barrels equivalent of oil during the period. Gas was up by 12% on an annual basis.
Sources say that China's Zhenhua Oil has doubled its crude oil purchases from the UAE as part of a new agreement.
Three Chinese sources claim that China's Zhenhua Oil will double its oil purchases from Abu Dhabi National Oil Co, to 200,000 barrels a day. This is after the company took on a new leadership role in developing one of Abu Dhabi's most important oilfields. Sources said that in January, China's smallest state oil company replaced TotalEnergies, a French major, after a bid process for the asset leadership of Bu Hasa, United Arab Emirates' largest onshore oilfield. Sources said that Zhenhua, with its new role as the company responsible for the development of Bu Hasa and for meeting production and cost goals…
Mexico shifts to fracking in order to boost Pemex oil production
Mexico plans to use hydraulic fracturing more to access unconventional hydrocarbons and boost oil and natural gas production, after years of declining production. This marks a change in Mexico's stance towards what some call a highly-polluting practice. Evaluation and development of unconventional hydrocarbon deposits hidden deep underground in complex geological formations are part of the 10-year plan to revitalize Petroleos Mexicanos (Pemex), Mexico's heavily indebted energy company. After a major energy reform in 2014 Mexico tried to exploit unconventional oil-and-gas plays that required hydraulic fracture, or fracking.
Exxon exceeds profit expectations with higher production despite low oil prices
Exxon Mobil - the United States’ largest oil producer - beat Wall Street expectations for the second quarter profit on Friday, as increased oil and gas production and low production costs compensated for the lower crude oil prices. Exxon Mobil reported that oil and gas production reached its highest level in any second quarter ever since Exxon Mobil was formed by the merger of Exxon Mobil and Exxon more than 25 year ago. LSEG data showed that adjusted earnings for the second quarter totaled $7.1 billion or $1.64 a share. This was higher than analyst consensus estimates of $1.56 a share. Energy sector is struggling with price volatility, as OPEC+ increased production.
Guyana's crude oil production fell to 664,000 barrels per day in June.
The government reported that the average crude oil production in Guyana, a country rich in oil, fell to 664,000 barrels a day (bpd), down from 667,000 the month before. Guyana, where the entire oil and gas production is controlled by Exxon Mobil, a U.S.-based major, since it began offshore production in 2019 expects to reach 900,000 barrels per day (bpd) capacity by the end of this year, once a new floating output facility starts operations. The figures show that in June production at Liza 2 increased, but not enough to compensate for a decline at Liza 1. The oil production of South America was 639,000 barrels per day (bpd) in the first six months of this year.
Equinor Q2 Core Profit drops as expected due to lower oil prices
Equinor reported on Wednesday that its second-quarter profits fell by 13% compared to a year ago, as expected, due to the decline in oil prices, which outweighed an increase in gas. Equinor's poll of 21 analysts predicted that the adjusted earnings for April-June would be $6.54 billion, down from $7.48 billion in the previous year. Equinor has maintained its projections that oil and gas production will increase by 4% in this year's compared to the previous year. It also kept its forecast of capital expenditures for 2025 at $13 billion. Equinor, like rivals Shell and BP, promised in February to increase oil and gas production while reducing investment in renewables.
Norway's total oil and gas production beats expectations in June
Norwegian Offshore Directorate, NOD, said that Norway's combined oil-and-gas production in June exceeded the official forecast by 2,3%. Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields. The total oil, gas liquids, condensate and natural gas production was 0.587 standard cubic metres per a day. This is equivalent to 3.69 millions barrels of crude oil. This represents a 10.9% decrease year-on-year, due primarily to increased maintenance.