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.
Poll shows that the majority of Brazilians are opposed to oil drilling near Amazon coast
According to a Datafolha poll commissioned by Eko (a corporate accountability group), a majority of Brazilians think President Luiz inacio Lula da Silveira should ban oil exploration near the Amazon rainforest coast, which is a sensitive eco-system and Brazil's most promising frontier for oil. The survey was conducted early in September as Brazil is preparing to host world leaders at this year's United Nations Climate Summit, COP30, in the Amazonian town of Belem. Brazil's position as host allows it to encourage the international community, and the world at large, to move away from fossil fuels.
Equinor abandons offshore electrification due to rising costs
Equinor, citing rising costs, informed the Norwegian government that it had scrapped its plans to reduce greenhouse gas emissions through the connection of several offshore platforms with the onshore grid. Norway's oil and gas industry is the largest contributor to climate change emissions. It accounts for about one quarter of all emissions. Gas turbines that power offshore installations account for 80% of all industry emissions. The key strategy for decarbonisation has been to replace them with renewable energy from the shore.
Minister: Greece wants to complete the Chevron gas exploration agreement this year
The Greek energy minister announced on Friday that the country is working to complete a contract by the end the year with U.S. major oil company Chevron, and its Greek partner Helleniq Energy. This agreement will cover energy exploration off the coast of Greece. Chevron, Greece's largest oil refiner Helleniq and other companies submitted a joint offer in an annual Greek tender to search for gas in deep sea blocks near the Peloponnese Peninsula and Crete. Stavros papastavrou, Energy Minister at Greek Television Action24 said: "We are working with the U.S.
Ghana's crude output drops 25.9% during the first half of 2025
The Public Interest and Accountability Committee (PIAC) of Ghana said that the crude oil production in Ghana fell by 25.9% on an annual basis during the first half of 2025. This was the lowest level for a half-year since 2016. Lower production at major fields is the reason, according to the committee. Ghana, Africa's largest gold producer, started producing crude oil in 2010. However, output dropped to a 5-year low by 2023, due to declines in production from existing fields. The Jubilee South East Project of Tullow Energy and Kosmos was the main driver for this increase in output.
Chevron expands India Hub to boost AI and digital capabilities
Chevron India opened a 312,000 square foot facility for its Engineering and Innovation Excellence Center in Bengaluru on Thursday, a year and a half after launching this unit. The unit was launched to consolidate its technical work and enhance its digital and AI capabilities. India is playing a growing role in energy transition, as technology plays a central role in cost reduction and competition. The U.S. oil giant also targets cost savings of up to $3 billion by 2026, and streamlines its global operations. Akshay Sahni is the country head of Chevron India. He said that they were decentralized until recently.
Peru Minister touts Saudi mining interests and Chevron offshore Potential
A top minister announced on Tuesday that Peru is seeking major investments from Saudi Arabia, as well as the U.S. oil company Chevron, to develop its energy and mining resources. This is part of a broader strategy to revitalize this sector. Peru, the third largest copper producer in the world, is pushing to jumpstart investments, which have slowed down over recent years due to political unrest and social conflict. In an interview with the, Energy and Mines minister Jorge Luis Montero stated that he expects to sign a Memorandum of Understanding with Saudi Arabia by November for developing projects for lithium and strategic minerals.
Court rules that Biden's ban on offshore drilling is illegal
Former U.S. A federal judge in Louisiana found that the president had exceeded his authority when he withdrawn large areas of U.S. coasts from offshore oil and natural gas development. U.S. District judge James Cain, in Lake Charles in Louisiana, sided against Republican states and groups from the oil and gas industries who sued to stop Biden's plan to protect federal waters along the East and West Coasts, in the Gulf of Mexico, and in the northern Bering Sea of Alaska. Under the 70-year old Outer Continental Shelf Lands Act, the areas were withdrawn. Donald Trump signed an Executive Order repealing this effort.
Occidental reduces debt by selling Berkshire's chemicals unit for $9.7 billion
Occidental Petroleum announced on Thursday that it will sell OxyChem, its chemicals division, to Warren Buffett’s Berkshire Hathaway, for $9.7 Billion. This is the largest divestment to date to reduce debt following years of expensive acquisitions. The deal would be Berkshire's largest since the $11.6 billion acquisition of Alleghany Corporation by Berkshire in 2022. It would also expand the chemical portfolio of Berkshire beyond Lubrizol. Berkshire, Occidental’s largest shareholder, began acquiring stakes in the U.S. producer of oil and gas in February 2022. This was around the time that Russia invaded Ukraine.
TotalEnergies sells Norwegian oil assets Vaar Energi to reduce debt
TotalEnergies announced on Wednesday that it had agreed to divest its interests in mature oil fields offshore Norway. This is the latest step in an overall divestment plan aimed at reducing debt. French oil major announced that the transaction should close by the end of the fourth quarter this year. In order to reduce the company's leverage, it is focusing on assets that are more profitable. Patrick Pouyanne, the group's CEO, mentioned "a small sale in Norway of an asset that is mature" during TotalEnergies investor day held on Monday.
Trinidad receives US support for cross-border energy projects
Trinidad and Tobago received U.S. assistance to develop the Dragon field in Venezuela. This could include a U.S. Treasury Department license, the U.S. Government and Trinidad announced on Tuesday. The announcement came after a meeting in Washington between U.S. Secretaries of State Marco Rubio and Kamla Persad Bissessar, Prime Minister of Trinidad and Tobago. Trinidad and Tobago wanted to develop the gas resources near the maritime border of the two countries in Venezuela, which is sanctioned by the United States. However, the project was put on hold earlier this year when the U.S. initial licenses were suspended. In April, the U.S.
BP and Total Deepen Commitments to US with Major Projects
BP and TotalEnergies, two European oil and natural gas companies, deepened their commitments towards the United States on Monday. BP approved a $5 billion offshore field for oil production and TotalEnergies bought into a gas field onshore. The goal of U.S. president Donald Trump to capitalize on hydrocarbon resources in the United States is aligned with increased investment in U.S. production of oil and gas. BP is increasingly reliant upon the United States for its oil and natural gas business, following a February strategic overhaul that shifted spending from renewables towards hydrocarbons. BP has pledged to increase U.S.
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…
Nigeria approves Shell and Agip's purchase of TotalEnergies stake in Bonga Oilfield
Nigeria's oil regulator approved a $510m deal for TotalEnergies, a company that owns 12.5% of the oil mining lease 118 (OML), which is home to the offshore Bonga Oilfield. The oilfield's operator Shell and Agip will receive the entire interest. The Nigerian Upstream Petroleum Regulatory Commission said TotalEnergies would transfer 10% of their interest to Shell for $408 million, while Agip would pay $102 millions for the remaining 2,5%. Shell has increased its stake in Bonga from 66.5% to 67.5%. This shows that it is still interested in offshore Nigerian production.
New Zealand opens up applications for oil and Gas Exploration Nationwide
New Zealand's Government announced on Thursday that it has opened applications for new permits for oil and gas exploration, following a ban in 2018 on new exploration of fossil fuels. In a press release, the government announced that it would not only invite applicants to bid for licences for oil exploration but also introduce a "new open market" which will allow companies to apply at any time for exploration permits. In a statement, Minister of Resources Shane Jones stated that the open market application system better balances the need to increase gas supply while maintaining robust competition.
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…
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%.
Trinidad and Tobago wins four deepwater oil and natural gas blocks
The auction of deepwater exploration and production blocks for oil and gas in Trinidad and Tobago failed to attract much interest from foreign investors. Only four out of 26 areas were offered. Trinidad's Ministry of Energy announced that the bidding round ended on Wednesday. The Chinese company CNOOC bid for three blocks and a group of smaller energy companies for another. Ernesto Kesar, Trinidad's junior energy minister, stated that with several auctions taking place in Latin America and a limited pool of deepwater energy companies, Trinidad has a realistic view of the difficulties of obtaining significant bids.
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.
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.