(Argus, 8.Jun.2020) â Opposition parties pledging oil policy changes in Guyana and Suriname are close to taking power, but incumbents are signaling reluctance to step down. Guyana’s opposition People’s Progressive Party (PPP), which is leading a recount of votes from 2 March parliamentary elections, reaffirmed to Argus today that it […]
Tag: Exxon Mobil Corp
Petronas Farms Down 50% In Block 52 to Exxon
(Petronas, 19.May.2020) â Petronas through its subsidiary, Petronas Suriname Exploration & Production B.V. (PSEPBV), has completed the farm-down of 50 per cent of its participating interest to ExxonMobil Exploration and Production Suriname B.V. (ExxonMobil) from a 100 per cent participating interest in Block 52, offshore Suriname. Block 52 is located […]
Over 30 Cos Vie For Guyana Oil Trading Contract
(Reuters, 21.Apr.2020) â More than 30 companies, including commodities traders like Gunvor and Vitol as well as units of oil majors like Exxon Mobil and Royal Dutch Shell, submitted expressions of interest for a contract to market the Guyanese governmentâs share of the countryâs crude, the government said on Tuesday. […]
Guyana Needs Protection From Selling Oil At A Loss
(Stabroek News, 14.Apr.2020) â Before we approve Payara and Hammer-head, letâs renegotiate the contract to include control of how much oil is being pumped given market conditions. Dear Editor, Many of the worldâs oil producers have recently agreed to cut back oil production by 10 million barrels a day. The […]
Petrobras Finds Oil At AraucĂĄria Prospect
(Petrobras, 2.Apr.2020) â Petrobras informs that it has identified the presence of oil in the pioneer well of the Uirapuru block, located in the Santos Basin pre-salt. The pioneer well is located about 200 km off the coast of the city of Santos (SP), at a water depth of 1,995 […]
As Guyana Elections Remain Up In The Air
(News America, 8.Mar.2020) â As tension continues in Guyana one week after its general elections and a top court upheld an injunction blocking the elections commission from proclaiming a winner amid fraud accusations, a non-profit environment and rights campaign group, is accusing the World Bank of engaging in conflict of […]
Guyanaâs Burgeoning Oil Wealth Kindles Contract Row
(S&P Global Platts, 30.Jan.2020) â ExxonMobil’s growing oil discoveries offshore Guyana are amplifying domestic calls for a review of production-sharing contract terms on the eve of the small South American country’s first elections as an oil exporter. Opposition political parties vying to unseat the ruling coalition in 2 March parliamentary […]
Hess Announces Oil Discovery At Uaru
(Hess, 27.Jan.2020) â Hess announced another oil discovery offshore Guyana at the Uaru well, the 16th discovery on the Stabroek Block. The company also announced an increase in the estimated gross discovered recoverable resources for the block to more than 8 billion barrels of oil equivalent, up from the previous […]
Guyana Searches For Firm To Trade Its Crude
(Reuters, 23.Jan.2020) â Guyanaâs government next month plans to begin a search for an oil company or trading firm to market its share of the South American countryâs crude, the director of the Department of Energy, Mark Bynoe, said in an interview. The government is entitled to a portion of […]
CNOOC Says Liza Field Offshore Starts Production
(CNOOC, 20.Dec.2019) â CNOOC Limited announced 20 Dec. that Liza field offshore Guyana has safely commenced production ahead of schedule. Liza Phase 1 development project is located in the Stabroek block offshore Guyana and has one FPSO and 17 subsea wells. It is expected to reach its peak production of […]
ExxonMobil Plans 31-Well Program In Guyana
(Zacks Equity Research, 6.Dec.2019) â Exxon Mobil Corporation is planning to commence a 31-well exploration campaign offshore Guyana, per Argus. The company has submitted requests to the Environmental Protection Agency of Guyana for this drilling program, which will be executed in the Stabroek, Kaieteur and Canje blocks. Drilling from these […]
Why ExxonMobil’s Guyana Success May Have Hurt Petrobras
(The Motley Fool, John Bromels, 20.Nov.2019) â Oil is a big business with even bigger money attached. That’s why governments that control oil assets are eager to auction them off to the highest bidder in the hopes of getting a major payout. But Brazil’s recent oil block auction didn’t go […]
Saipem Inks Subsea Contract In Guyana
(Saipem, 14.Nov.2019) â Milan-based Saipem has been awarded a subsea contract by ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (EEPGL) for the proposed Payara development project located in the Stabroek block offshore Guyana at a water depth of around 2000 metres. The contract scope includes Subsea Structures, Risers and […]
Rosneft Cool On Venezuelaâs Sweeter Gas Terms, For Now
(Argus, 6.Nov.2019) â Venezuela is offering sweeter fiscal terms to Russia’s state-controlled Rosneft for two offshore natural gas fields that are well-positioned to supply nearby Trinidad and Tobago, but the company has yet to make an investment commitment. The National Constituent Assembly (ANC), a rubber-stamp entity controlled by Venezuelan president […]
Brazil’s $50bn Oil Boom Is Falling Apart
(Oilprice.com Julianne Geiger, 31.Oct.2019) â Exxon may not be interested in stepping up to the bidding plate at Brazilâs massive $50 billion transfer of rights auction next week, because the oilfields up for grabs come with a hefty price tag, Exxonâs president of exploration, Stephen Greenlee said in an interview […]
ANP 16th Round Attracts Record R$8.9bn Signings
(ANP, 10.Oct.2019) â The 16th Bidding Round collected R$ 8.9 billions in signature bonuses, a record value among the concession rounds already held in Brazil. The round will generate investments of at least R$ 1.58 billion in the first phase of the concession contracts alone (exploration phase). Twelve of the […]
Exxon Mobil Bars Use Of Oil Tankers Linked To Venezuela
(Reuters, Jonathan Saul and Collin Eaton, 4.Oct.2019) â Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the U.S. sanctioned country and on global crude freight rates. […]
Guyana Must Learn To Use Its Riches
(Upstream, Gareth Chetwynd, 26.Sep.2019) â As development on Guyanaâs Stabroek block continues apace, it is worth considering that the Liza development took form in an era when low oil prices demanded that offshore projects attain new levels of efficiency. ExxonMobil adopted a strategy of achieving the most aggressive ramp-up ever […]
Four Colombia fracking Projects Could Attract $5bn In Yearly Investments
(Reuters, 24.Sep.2019) â Four fracking pilot projects in Colombia could bring in $5 billion annually in investment once they are in the production phase, industry leaders said on Tuesday, as the country awaits regulation that will allow the projects to begin. The potential use of fracking in the Andean country […]
Hess Says Liza Destiny FPSO Arrives Offshore Guyana
(Hess, 29.Aug.2019) â Hess Corporation announced that the Liza Destiny, Guyanaâs first oil production vessel, has arrived at the Stabroek Block. The Floating, Production, Storage and Offloading (FPSO) vessel arrived following a 42 day journey from Singapore. This FPSO is a significant component of the Liza Phase 1 development, which […]
Suriname Seeking Funds for Offshore Exploration
(Reuters, 16.Aug.2019) â Suriname’s state-owned oil company is planning a bond sale next year to finance offshore oil exploration, its chief executive said on Thursday, as it seeks to capitalize on growing hype over neighboring Guyana’s looming oil boom. The company, Staatsolie Maatschappij Suriname, would also consider listing some of […]
Guyana Find Progresses Amid Political Tensions
(Forbes, David Blackmon, 29.Jul.2019) â Nothing is ever easy or simple in the world of international offshore oil and gas development. That axiom is proving to be true for the most prolific offshore oil discovery in recent years off the coast of the tiny South American nation of Guyana. Political […]
US’ Refineries Need Mexican Crude Oil
(CNN, Matt Egan, 5.Jun.2019) â The Trump administration’s threatened tariffs on Mexico couldn’t come at a worse time for America’s oil refineries. Mexico is the No. 2 foreign source of oil to the United States, supplying an average of 658,000 barrels of crude a day in March to ExxonMobil, Valero […]
Hess Sanctions Liza Phase 2 Development Offshore Guyana
(Hess, 3.May.2019) â Hess Corporation today announced it has received regulatory approval from the government of Guyana and has made a final investment decision to proceed with the second phase of development of the Liza Field on the Stabroek Block, offshore Guyana. Liza Phase 2 will utilize the Liza Unity […]
CNOOC Limited Announces Key 1Q:19 Operational Statistics
(CNOOC Ltd. 25Apr.2019) â CNOOC Limited announced its key operational statistics for the first quarter of 2019. The Company achieved a total net production of 120.1 million barrels of oil equivalent (“BOE”) for the first quarter of 2019, remaining stable compared to the same period last year. Production from offshore […]
Qatar Petroleum Wins Exploration Rights In 5 Offshore Blocks In Argentina
(Qatar Petroleum, 16.Apr.2019) â Qatar Petroleum has won exploration rights in five offshore blocks in the North Argentina, and Malvinas West basins in Argentina. The winning bids were announced today by Argentinaâs Secretariat of Government of Energy (âSGEâ) at the end of a public tender process that started in November […]
Mexicoâs New President Throws Down Gauntlet To Oil Majors
(Reuters, Frank Jack Daniel and David Alire Garcia, 5.Dec.2018) â Mexicoâs new president, Andres Manuel Lopez Obrador, said on Wednesday he would not cancel contracts issued to foreign and national oil companies by his predecessor but challenged them to pump oil quickly or no further oil fields would be offered. […]