(WoodMac, 21.Nov.2024) — Investment in oil and gas exploration has plummeted two-thirds in the last decade, but the industry still has a critical role to play in decarbonisation efforts and providing advantaged barrels in the energy transition, according to the latest Horizons report from Wood Mackenzie. According to the report, […]
Category: Guyana
Guyana energy
LatAm NRG matters: Mexico launches hydrocarbon sector strategy
HOUSTON, TEXAS (By Energy Analytics Institute, 15.Nov.2024, Words: 329) — LatAm NRG highlights, headlines and “heard on the street,” for the week ended 15 Nov. 2024. —Argentina: The Argentine govt changed the name of the Gasoducto NĂ©stor Kirchner to Gasoducto Perito Moreno.
Exxon, Hess and CNOOC Hit 500 MMbbls Milestone Offshore Guyana
HOUSTON, TEXAS (Pietro D. Pitts, Energy Analytics Institute, 13.Nov.2024) — ExxonMobil Guyana Limited and its Stabroek Block co-venturers, Hess Corporation and CNOOC reached an offshore oil production milestone of 500 million barrels of oil in under 5 years. “Our unrivaled success in developing Guyana’s oil resources at an industry-leading pace, […]
LatAm NRG Matters: Highlights, Heard for the Week Ended 8 Nov. 2024
(Energy Analytics Institute, 8.Nov.2024) — LatAm NRG highlights, headlines and “heard on the street,” for the week ended 8 Nov. 2024. —Argentina: YPF execs. met in Buenos Aires w/ the Chancellor of Hungry to discuss the Argentina LNG project. —Ecuador: Ecuador is looking to acquire 195MW from private cos. in […]
Frontera Reports 3Q:24 Results, Updates on LatAm Portfolio (PDF Download)
(Frontera, 6.Nov.2024) — Frontera Energy Corporation reported financial and operational results for the third quarter ended 30 Sep. 2024. All financial amounts in this news release are in United States dollars, unless otherwise stated. Gabriel de Alba, Chairman of the Board of Directors, commented: “Frontera remains focused on the execution […]
Noble Reports 3Q:24 Results, Updates on Diamond (PDF Download)
(Noble, 5.Nov.2024) — Noble Corporation plc reported third-quarter 2024 (3Q:24) results. The company also announced an increased capital return program with additional share repurchase authorization of $400mn, and provided revenue, adjusted EBITDA and capital additions guidance for the 4Q:24 along with other details. ____________________
Guyana and Suriname Could Provide 12 mmtpa of LNG in the 2030s
(Wood Mackenzie, 4.Nov.2024) — Several gas developments are underway in Guyana and Suriname that could offer new competitive LNG supply sources early next decade, according to a new report from Wood Mackenzie. According to Wood Mackenzie’s report “Can Guyana and Suriname LNG compete against new global supply?”, Guyana and Suriname […]
LatAm NRG matters: highlights, heard from Pampa Energia to Ecopetrol and Petrobras
HOUSTON, TEXAS (Editors at Energy Analytics Institute, 1.Nov.2024, Words: 489) — LatAm NRG highlights, headlines and “heard on the street,” for the week ended 1 Nov. 2024. —Argentina: Citigroup downgraded Pampa Energia to neutral from buy, adjusted its price target to $75/shr v $58/shr; Citigroup also upgraded YPF to buy […]
Chevron Eyes More Non-core Asset Divestments, Wirth Says
(Energy Analytics Institute, 1.Nov.2024) — California-based Chevron Corporation plans to continue to divest non-core assets as part of its ongoing portfolio optimization efforts. This, as the Federal Trade Commission (FTC) completed its review of Chevron’s merger with New York City-based Hess Corporation, and as the company recently announced several other […]
ExxonMobil Reports 3Q:24 Earnings of $8.6bn (PDF Downloads)
(ExxonMobil, 1.Nov.2024) — Exxon Mobil Corporation announced third-quarter 2024 earnings of $8.6bn, or $1.92 per share assuming dilution. Cash flow from operating activities was $17.6bn and free cash flow was $11.3bn. Capital and exploration expenditures were $7.2bn in the third quarter, bringing year-to-date 2024 expenditures to $20bn, in line with […]
Chevron Reports 3Q:24 Details, Updates on Hess Merger (PDF Downloads)
(Chevron, 1.Nov.2024) — Chevron Corporation reported earnings of $4.5bn ($2.48 per share – diluted) for third quarter 2024, compared with $6.5bn ($3.48 per share – diluted) in third quarter 2023. Foreign currency effects decreased earnings by $44mn. Adjusted earnings of $4.5bn ($2.51 per share – diluted) in third quarter 2024 […]
Hess says net production in Guyana in 3Q:24 rose 57% year-over-year
HOUSTON, TEXAS (Pietro D. Pitts, Energy Analytics Institute, 30.Oct.2024) — New York City-based Hess Corporation said its net production in the prolific Stabroek block offshore Guyana was 170,000 b/d in the third-quarter 2024 (3Q:24), up 57% year-over-year (YOY) compared to 108,000 b/d in the 3Q:23. Higher production in the 3Q:24 […]
Hess Reports Higher 3Q:24 Adj. Net Income, Higher Bakken Output (PDF Download)
(Hess, 30.Oct.2024) — Hess Corporation reported net income of $498mn, or $1.62 per share, in the third quarter of 2024, compared with net income of $504mn, or $1.64 per share, in the third quarter of 2023. On an adjusted basis, the corporation reported net income of $660mn, or $2.14 per […]
CNOOC Reports Record High Net Production and Net Profit in 3Q:24
(CNOOC Limited, 28.Oct.2024) — CNOOC Limited and 80883 announces its operating results for the third quarter of 2024. In the first three quarters of 2024, CNOOC Limited continued to increase its reserves and production, while effectively controlling costs and enhancing efficiency. Net production and net profit rose remarkably year over […]
Aris Mining Prices $450mn Senior Notes Offering
(Energy Analytics Institute, 24.Oct.2024) — Aris Mining Corporation priced its offering of 8.000% Senior Notes due 2029. The offering, which was for $450mn, is expected to close on or about 31 Oct. 2024, said Aris, a gold miner in the Americas, in an official statement posted on its website on […]
Guyana’s President Ali Discusses National Healthcare Vision in Panel Session
(Hess Corp., 24.Oct.2024) — Guyana’s progress in building a model national healthcare system was the focus of a recent panel discussion at the Concordia Annual Summit in New York City. The panel featured Guyana’s President, H.E. Dr. Mohammed Irfaan Ali, who was joined by Hess Corporation CEO John Hess and […]
MODEC Completes Errea Wittu Hull Assembly
(Energy Analytics Institute, 23.Oct.2024) — MODEC, Inc. successfully completed the hull block assembly for the Errea Wittu FPSO 40 days ahead of the original schedule. The vessel to be designated for Guyana is under construction at the shipyard in China and is expected to start oil production in 2026, MODEC […]
![SLB Reports Rise in LatAm Revenues in 3Q:24 [PDF Downloads]](https://energy-analytics-institute.org/wp-content/uploads/2024/10/SLB_Signage_-_San_Filipe-2677.jpg)
SLB Reports Rise in LatAm Revenues in 3Q:24 [PDF Downloads]
(Energy Analytics Institute, 18.Oct.2024) — SLB announced that its revenue in Latin America reached $1.69bn in the third-quarter 2024, down 3% sequentially, reflecting lower production system sales in Brazil and reduced drilling activity in Mexico and Guyana. Year over year, SLB said 18 Oct. 2024 in its official third-quarter 2024 […]
LatAm NRG matters, highlights, heard: YPF partner search, Woodside acquires Tellurian
HOUSTON, TEXAS (Editors at Energy Analytics Institute, 11.Oct.2024, Words: 520) — LatAm NRG highlights, headlines and “heard on the street,” for the week ended 11 Oct. 2024. —Argentina: YPF S.A. continues to search the world over for potential partners to enter into the Argentina LNG project to be domiciled in […]
Hess gets HSR clearance for Chevron merger
NEW YORK CITY, NEW YORK (Hess Corp., 30.Sep.2024, Words: 381) — Hess Corporation announced that the Federal Trade Commission (FTC) antitrust review of the Chevron-Hess merger has been completed, satisfying one of the closing conditions for the transaction. “We are very pleased that our merger with Chevron has cleared this significant regulatory hurdle,” said CEO John Hess. […]
Chevron Agrees Hess CEO Will Not Join Board in Deal with US Regulator, Bloomberg Reports
(Reuters, 26.Sep.2024) — U.S. energy major Chevron has agreed Hess CEO John Hess will not join its board in an agreement with the U.S. Federal Trade Commission to proceed with the $53 billion takeover deal, Bloomberg News reported on Thursday citing people familiar with the matter. The proposed all-stock acquisition, […]
FTC set to greenlight Chevron’s $53bn buy of Hess
HOUSTON, TEXAS (By Reuters, 24.Sep.2024, Words: 429) — The U.S. Federal Trade Commission is expected to greenlight U.S. oil producer Chevron‘s purchase of Hess as soon as this week, two people familiar with the matter said, leaving Exxon Mobil‘s challenge to the $53 billion deal as its final hurdle. The […]
Groete Gold Project Permit Update
(Energy Analytics Institute, 17.Sep.2024) — Gold Port Corporation revealed that the 100% owned claim group comprising the Groete Gold Copper Project has been renewed for the ensuing year by the Guyana Geology and Mines Commission.  The three mining permits total 1,384 hectares and are now in effect until Jul. 2027.  During this […]
Noble Corp. Closes Diamond Acquisition
(Noble, 4.Sep.2024) — Noble Corporation plc announces the completion of its acquisition of Diamond Offshore Drilling, Inc. This transaction enhances Noble’s position as a leading offshore driller, creating the largest fleet of 7th generation dual-BOP drillships in the industry, and adding approximately $2bn of backlog. Following completion of the acquisition of Diamond, […]
Exxon plans new Guyana oil project to lift output into 2030s
(Bloomberg, 18.Jul.2024) — Exxon Mobil Corp. took the first step toward its seventh oil project in Guyana, a clear signal the supermajor intends to expand crude output from the South American nation into the next decade. The Hammerhead project will pump as much as 180,000 barrels a day as soon as […]
ExxonMobil’s 7th project could push Guyana’s output beyond 1.5 MMb/d by 2029
GEORGETOWN, GUYANA (DPI, 16.Jul.2024) — The Environmental Protection Agency (EPA) has commenced the review of an application from ExxonMobil Guyana to develop a seventh oil project at the Hammerhead field in the Stabroek Block. According to the project summary on the agency’s website, this project is expected to add 120,000 to […]
Monitoring of Offshore Produced Formation Water Releases
(EPA, 15.Jul.2024) — Produced Formation Water (PFW), sometimes called Produced Water (PW) is water trapped in underground formations that is brought to the surface during oil and gas extraction. This water has been in contact with the hydrocarbon-bearing formation and as a result, contains some of the chemical characteristics of […]
Scientists: Epoch Marked by human impact — the Anthropocene — Began in 1950s
(AP, 11.Jul.2024) — From climate change to species loss and pollution, humans have etched their impact on the Earth with such strength and permanence since the middle of the 20th century that a special team of scientists says a new geologic epoch began then. Called the Anthropocene — and derived […]
Exxon-Hess Arbitration Panel Incomplete, Hess Sale to Chevron Stalled
(Reuters, 20.Jun.2024) — A contract arbitration panel that could block or green-light the $53 billion sale of Hess Corp to Chevron remains incomplete three months after the case was filed, stalling a decision on whether Exxon Mobil has a right of first refusal over Hess’ Guyana operations. The third and final arbitrator has not […]
Fulcrum LNG Named to Help Guyana Develop its Gas Resources
(Reuters, 20.Jun.2024) — U.S. firm Fulcrum LNG was selected to help Guyana develop a plan to design, finance, construct and operate a natural gas processing facility in the South American country, President Irfaan Ali said on Thursday. The company’s proposal was selected from among 17 submitted to Guyana for the […]
SEOGS: The Next Stage of Success
(SEOGS, 3.Jun.2024) — Taking place from 4-7 Jun. 2024, SEOGS will be hosted by Staatsolie under the theme: The Next Stage of Success. SEOGS is the market leading energy and offshore event in Suriname and one the largest energy events in the Caribbean attracting a regional and international audience. With the first developments on the […]
Hess Corp. Receives Stockholder Approval for Proposed $53bn Merger with Chevron
(Hess Corporation, 28.May.2024) — Hess Corporation (NYSE: HES) has received the necessary approval of its stockholders for closing the company’s merger with Chevron Corporation. At the special meeting of Hess stockholders held today, a majority of the outstanding shares of Hess common stock were voted in favor of the adoption of the […]
MODEC Updates on FPSO Errea Wittu
(Go Integrated Group, 26.May.2024) — MODEC recently announced that the keel laying for the FPSO Errea Wittu hull has been completed five weeks ahead of schedule. This is an important achievement for the vessel which will operate at the $12.7bn Uaru project, the fifth oil development in the ExxonMobil-operated Stabroek […]
John Hess Personally Calls Investors to Support Chevron Deal Before Vote
(Bloomberg, 22.May.2024) — John Hess, the boss of the oil company that bears his family name, is talking to directly with shareholders in a last-ditch effort to ensure enough support for a $53 billion takeover by Chevron Corp., according to people familiar with the matter. The Hess Corp. chief executive […]
Glass Lewis Urges Hess Shareholders to Vote for Chevron Deal
(Hess, 20.May.2024) — Hess Corporation (NYSE: HES) announced that independent proxy voting and corporate governance advisory firm Glass, Lewis & Co. has recommended that Hess shareholders vote FOR the proposed merger with Chevron. In its report, Glass Lewis notes “the strategic and financial merits of the proposed merger are sound and reasonable” and that […]
Aris Mining on Results of Annual Meeting
(Aris Mining, 16.May.2024) — Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) reports voting results from its Annual General Meeting of shareholders held earlier today. AGM Voting Results Shareholders holding 46,147,782 shares, being 32.54% of the outstanding shares of the company were represented by proxy at the meeting. The voting results from […]
CNOOC Limited Achieves Strong Growth
(CNOOC, 25.Apr.2024) — CNOOC Limited (SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announced its operating results for the first quarter of 2024. In the first quarter, the company pressed ahead with oil and gas exploration and development, advanced the enhancement of quality and efficiency, and consolidated its advantage […]
Hess Reports Net Production of 190,000 boe/d from Guyana
(Hess, 25.Apr.2024) — Hess Corporation reported that is net Guyana production was 190,000 b/d in the first quarter of 2024, up 70% from 112,000 b/d in the first quarter of 2023, while net Bakken production was 190,000 boe/d, up 17% from 163,000 boe/d in the first quarter of 2023. ____________________
G Mining Ventures and Reunion Gold Announce CombinationÂ
(G Mining, 22.Apr.2024) — G Mining Ventures Corp. (GMIN) (TSX: GMIN) (OTCQX: GMINF) and Reunion Gold Corporation (RGD) (TSXV: RGD) (OTCQX: RGDFF) entered into a definitive agreement to combine the two companies, setting the stage for the creation of a leading intermediate gold producer (the “Transaction“). All amounts are in CAD unless stated otherwise Sets the […]
SBM Awarded Contracts for ExxonMobil Guyana’s FPSO Jaguar
(SBM, 12.Apr.2024) — SBM Offshore announced that ExxonMobil Guyana Limited (EMGL) has confirmed the award of contracts for the Whiptail development project located in the Stabroek Block in Guyana. Under these contracts, SBM Offshore will construct and install FPSO Jaguar. Ownership will transfer to EMGL prior to the FPSO’s installation […]
ExxonMobil Guyana Takes $12.7bn FID with Sixth Project Whiptail
SPRING, TEXAS (ExxonMobil, 12.Apr.2024) — ExxonMobil has made a final investment decision for the Whiptail development offshore Guyana, after receiving the required government and regulatory approvals. Whiptail, the sixth project on the Stabroek block, is expected to add 250,000 barrels of daily capacity by the end of 2027. “Our sixth […]
Venezuela’s Parliament Approves Creation of State in Disputed Oil-Rich Essequibo
(AFP, 23.Mar.2024) — Caracas has long laid claim to Essequibo, which makes up about two-thirds of Guyana’s territory, but started taking active steps to retrieve the land after massive offshore oil deposits were discovered there in 2015. Lawmakers unanimously approved a law on Thursday that was drawn up after a December […]
ExxonMobil Guyana Reports New Oil Find
(ExxonMobil, 15.Mar.2024) — ExxonMobil Guyana announced a discovery at Bluefin in the Stabroek block offshore Guyana, the company’s first discovery of 2024. The Bluefin well encountered approximately 197 feet (60 metres) of hydrocarbon-bearing sandstone and was drilled by the Stena Drillmax drillship in 4,244 feet (1,294 metres) of water. The […]
Hess Updates Employees on Chevron Merger
(Hess, 7.Mar.2024) — Today, ExxonMobil announced that it is filing for arbitration regarding the applicability of a right of first refusal (ROFR) / pre-emption provision in the Stabroek joint operating agreement. We believe that the ROFR / pre-emption provision does not apply to the Chevron-Hess merger. We remain fully committed to […]
Exxon Signals Potential Counter Offer for Hess’s Guyana Assets
(Reuters, 6.Mar.2024) — Exxon Mobil Corp on Wednesday said it filed a contract arbitration claim related to Hess Corp‘s proposed sale of its Guyana oil properties, and suggested it may counter Chevron Corp‘s pending deal for the assets. The arbitration case seeks to preserve Exxon’s right to evaluate making a bid […]
EAI’s NRGBriefs for Feb. 2024: Guyana, Mexico, Uruguay and Venezuela
HOUSTON, TEXAS (By editors with Energy Analytics Institute, 29.Feb.2024, Words: 3,790) — Energy briefs as well as others related to finance and projects during Feb. 2024 including Exxon Mobil and CNOOC considering their pre-emption rights to Hess Corp.’s stake in the offshore Stabroek Block; increases in electricity for the majority […]
Exxon’s Curveball Move in Guyana Alters Chevron-Hess Deal Prospects
(Reuters, 28.Feb.2024) — Exxon Mobil‘s surprise challenge to Chevron‘s acquisition of Hess through a dispute over a stake in a major Guyana oil field could prove fruitful for the U.S. oil giant, even if it does not end up enlarging its holdings in the South American country. Exxon (XOM.N) said Monday it […]
Guyana not against Exxon acquiring Hess, VP Jagdeo says
GEORGETOWN, GUYANA (Reuters, 28.Feb.2024, Words: 95) — Guyana’s vice president Bharrat Jagdeo on Wednesday said the country will accept whatever is the result from discussions between Exxon Mobil Corp, Chevron Corp and Hess Corp regarding participation in the Stabroek block. Guyana is ready to welcome Chevron into the country, but would also accept […]
Chevron Deal to Buy Hess at Risk as Exxon, CNOOC Eye Guyana Stake
(MarketWatch, 27.Feb.2024) — Chevron warned it may not complete its planned buyout of Hess as Exxon Mobil and the China National Offshore Oil Corporation are saying the planned deal would trigger their right to boost their stakes in a Guyana venture. The warning came in a Securities and Exchange Commission […]
Exxon Raises Questions About Chevron’s $53bn Deal for Hess
(The New York Times, 27.Feb.2024) — America’s two largest energy companies, Exxon Mobil and Chevron, are jousting over a prized new source of oil in the waters off Guyana, in Latin America. The conflict is creating doubts over Chevron’s bid to acquire Hess for $53 billion, announced in October. Chevron this […]