Shell is in advanced discussions to buy LLOG Exploration, say sources. The deal will cost more than $3 billion.
Shell is in advanced discussions to buy LLOG?Exploration offshore in a deal valued at more than $3 billion. This would increase the oil major's portfolio of upstream oil and gas producers by acquiring one of the biggest privately owned oil and natural gas producers in the U.S. Gulf.
Exxon predicts increased earnings and oil production by 2030
Tuesday, Exxon Mobil announced that it would target a $25 billion?earnings increase from 2024-2030. The company will also?increase its oil and gas production. Exxon's earnings forecast represents a $5-billion increase over its previous plan. However, Exxon plans…
Shell is ready to invest in Italy more if drilling rights are unlocked
Shell is willing to increase its investment in Italy to boost the hydrocarbon production. The head of Shell's Italian division said this on Wednesday. He urged the government to permit new drilling. Shell spends approximately 500 million euros (578 million dollars)…
Chevron aims to increase cash flow by 10% annually through 2030 and cut costs even more.
Chevron announced on Wednesday its plans to increase oil and gas production and grow free cash flow annually by more than 10 percent through 2030, all while reducing costs and capital spending. Chevron announced its new guidance on Wednesday at their investor day.
Chevron targets 10% cash flow growth annually through 2030 and higher cost reduction
Chevron announced on Wednesday its plans to increase free cash flow and oil and gas production by over 10% per year through 2030, and reduce costs and capital expenditures. Chevron announced new guidance on its investor day as part of an effort to improve the efficiency…
Chevron Investor Day puts the spotlight on post Hess strategy
Portfolio managers will be interested to hear what CEO Mike Wirth has planned to reap the rewards of the Hess purchase and start a new growth phase when Chevron executives, top shareholders and the oil producer gather in New York City for its investor day on Wednesday.
Ovintiv expands its Montney shale business with NuVista $2.7 billion deal
Ovintiv announced on Tuesday that it will buy the remainder of NuVista in a cash and stock deal valued at $2.7 Billion, including debt. This move will strengthen the presence of the Canadian shale producers in the Montney basin. The North American firm acquired…
Cenovus Reports Rise in Q3 Profit
Cenovus Energy reported a rise in third-quarter profit on Friday, driven by record oil sands production and near-full refinery utilization that helped offset weaker crude prices.The Calgary, Canada-based oil and gas producer pursues a major expansion through its…
Canada's Imperial Oil surpasses profit expectations on record production and strong refining
Canada's Imperial Oil announced a higher-than-expected profit for the third quarter on Friday. Record production and refinery output offset lower crude oil prices. Canadian oil sands companies such as Imperial Oil, have been resilient in the face of a global oil downturn.
Exxon exceeds Q3 profit expectations on higher Guyana and Permian production
Exxon Mobil surpassed Wall Street expectations for the third quarter earnings on Friday. This was due to higher oil and natural gas production in Guyana, and the Permian basin, which helped offset lower oil prices. LSEG data shows that adjusted earnings for the quarter July-September were $8.1 billion or $1.88 a share.
Woodside Energy reaches two-week peak after increasing 2025 production forecast
Woodside Energy shares rose to their highest level in two weeks on Wednesday, despite a 9.4% drop in revenue for the third quarter due to lower average realized prices. The largest independent energy company in the country expects its fiscal 2025 production will be between 192 and 197 millions barrels of oil-equivalent…
Santos reduces 2025 production forecast on technical issue at Barossa Project
Santos Australia has lowered its output forecasts for the second time in this year after a technical problem delayed ramp-up at its Barossa project. Inclement weather also hampered recovery of the Cooper Basin project. No. 2 independent oil and gas producer in…
As US onshore oil growth slows, will improved drilling boost Gulf of Mexico offshore oil production?
Analysts and consultants predict that offshore investment will continue to grow as new technology and more friendly regulations encourage investment. In recent years, the offshore oil and natural gas sector has been overshadowed by shale because it requires more upfront investment and years of construction.
Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy
Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for exploration and development of oil and gas in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years.
Kuwait announces its third offshore discovery as it seeks a boost in output
Kuwait Oil Company announced on Monday that it had made its third offshore find with a production capacity of over 29 million cubic feet of natural gas per day. This is a major boost for the desert nation, which has been struggling to increase output. KOC released…
Eni will launch a joint venture with Petronas Gas in 2026
Guido Brusco said that Eni's gas joint venture will be up and running by the end of next year. He is the chief operating officer for global natural resources at Eni. Both companies announced in January that they would be moving forward with the project of developing gas assets in Malaysia, Indonesia and other countries.
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.
Chevron anticipates a quarterly impact of up to $400 Million from the Hess Deal
Chevron, the U.S. energy giant, said it expected to suffer a loss of between $200 million and $400 million during the third quarter due to the Hess transaction. Chevron completed its $55 billion purchase of Hess, after winning a landmark court battle with larger…
Guyana's Oil Output Rose in August
Guyana's oil production increased to 685,000 barrels per day in August from 664,000 bpd the previous month, boosted by the start-up of the fourth floating output facility in the South American country, government data seen on Wednesday showed.A consortium led by U.S.
Exxon begins production on its fourth floating oil tanker in Guyana
Exxon Mobil said that a consortium led by it began production on a fourth floating vessel, which is a production, storage, and offloading vessel, at the Stabroek Block, in Guyana, on Friday. This brings the total production capacity of the oilfield up to more than 900,000 bbls per day.