(AP, 27.May.2018) – Venezuela’s former oil czar said crude production in the OPEC nation will continue to plummet in the aftermath of President Nicolas Maduro’s re-election, as the embattled socialist leader takes the country down an increasingly authoritarian path that scares off private investment and leads to more international sanctions […]
Tag: ExxonMobil
Jamaica Encouraged by 3D Oil, Gas Surveys
(Amsterdam News, Bert Wilkinson, 24.May.2018) – Jamaica is fancying its chances of becoming the latest Caribbean Community nation after Guyana to find commercial quantities of oil and gas in the wake of encouraging indications from the most recent round of offshore surveys. Jamaican authorities said on the weekend that they […]
The insignificance of Venezuela’s 342-year R/P ratio
(Energy Analytics Institute, Pietro D. Pitts, 24.May.2018) – Venezuela’s reserves-to-production or R/P ratio was a remarkable 342 times in 2016 based on reserves of 300.9 billion barrels and production of 2.41 million barrels per day (MMb/d), according to BP’s Statistical Review of World Energy. Today, in a best-case scenario, Venezuela’s […]
Exxon Mobil: Second Well has no Commercial Quantities of Oil
(Asianet-Pakistan, 28.Apr.2018) – ‘Unfortunately, the well did not encounter commercial quantities of hydrocarbons. Exploration wells come with a certain amount of risk and this is particularly true in frontier areas like Guyana. Success is not guaranteed,’ the local office of ExxonMobil said in a statement. The well is the second […]
Favorable Terms To Help Guyana Prove Potential
(Rystad, 19.Apr.2018) — Rystad Energy analysis shows that Guyana’s fiscal regime is favorable to oil companies when compared to mature oil and gas development countries but is in line when compared with other countries of equivalent maturity. The International Monetary Fund, quoted early last week by Reuters, argued that the […]
ExxonMobil Announces Seventh Oil Discovery Offshore Guyana
(Exxon Mobil, 28.Feb.2018) – Exxon Mobil Corporation announced its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well. ExxonMobil encountered approximately 65 feet (20 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,363 feet (5,597 meters) depth in 6,781 feet (2,067 meters) of […]
Vaca Muerta Megaproject – A Fracking Carbon Bomb In Patagonia
(Observatorio Petrolero Sur, 5.Feb.2018) — Vaca Muerta is a leading case for the next generation of fossil fuels. Big Oil and Gas companies are keen to turn it into a success story —which is why we collectively need to put a stop to this if we are serious about restricting […]
Total Enters Prolific Guyana Basin With Three Licences
(Total, 5.Feb.2018) — Total has signed agreements to acquire interests into two exploration licenses offshore Guyana, the Canje Block and the Kanuku Block. These agreements come after entering into an option agreement for the nearby Orinduik Block. Subject to the approval of relevant authorities, Total will thus own exploration rights […]
Mexico Tops BP Growth Plans
(Reuters, Jessica Resnick-Ault, 17.Jan.2018) – BP is expanding its retail presence with plans to open 3,000 branded retail stations globally in the next five years, half in Mexico, as that market becomes increasingly open to international business. The company already has over 100 retail outlets in Mexico, many operated by […]
ExxonMobil Announces Sixth Oil Discovery Offshore Guyana
(Exxon Mobil, 5.Jan.2018) – Exxon Mobil Corporation announced positive results from its Ranger-1 exploration well, marking ExxonMobil’s sixth oil discovery offshore Guyana since 2015. The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion […]
The Caribbean Poised To Become Major Oil Region
(OilPrice.com, Haley Zaremba, 22.Aug.2017) – In the future, we may be hearing about the Caribbean a whole lot more when talking about oil and gas. Previously, the area was virtually off the map for the fossil fuels industry, despite its proximity to the vast oil reserves of Venezuela. Now, the […]
ExxonMobil Announces New Oil Discovery Offshore Guyana
(Exxon Mobil, 30.Mar.2017) – Exxon Mobil Corporation announced positive results on the Snoek well offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara. “The latest discovery at Snoek demonstrates the continued success we have achieved […]
ExxonMobil: About Guyana
(Exxon, 20.Feb.2017) — Located on the northern mainland of South America, Guyana is bordered by the Atlantic Ocean to the north, Brazil to the south, Suriname to the east and Venezuela to the west. With 215,000 square kilometres (83,000 square miles), Guyana is the fourth-smallest and only English-speaking country on mainland […]
ExxonMobil Announces New Oil Discoveries Offshore Guyana
(Exxon Mobil, 12.Jan.2017) – Exxon Mobil Corporation announced positive results from its Payara-1 well offshore Guyana. Payara is ExxonMobil’s second oil discovery on the Stabroek Block and was drilled in a new reservoir. The Payara-1 well targeted similar aged reservoirs that were proven successful at the company’s Liza discovery. “This […]
ExxonMobil Awards Key Contracts for Liza in Guyana
(Exxon Mobil, 20.Dec.2016) – Exxon Mobil Corporation subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), announced that it has awarded contracts to SBM Offshore for a floating production, storage and offloading (FPSO) vessel, a key step in moving the Liza field toward first production. Under the contracts, SBM Offshore will […]
Next Hot Spot for Shale Drilling? Argentina
(CNN Money, 28.Jul.2016) – Argentina has exceptional hydrocarbon reserves, but politics has greatly affected its development. The economy in Argentina is best described as a “pendulum”, going from loose economic policies in the ’80s to Washington-consensus liberalisation in the ’90s and back again under the Kirchner regime. Since the current […]
ExxonMobil Sells Share of Chalmette Refining, LLC in Louisiana
(Exxon Mobil, 18.Jun.2016) – Exxon Mobil Corporation has reached an agreement with PBF Energy Inc. for the sale and purchase of its 50 percent interest in Chalmette Refining, LLC in Chalmette, Louisiana. PBF Energy will purchase 100 percent of Chalmette Refining, LLC, which is a joint venture between affiliates of […]
ExxonMobil to Invest $10 Billion In Vaca Muerta
(Energy Analytics Institute, Jared Yamin, 3.Jun.2016) – U.S.-based ExxonMobil plans to invest $10 billion over the next 20 years in the Vaca Muerta area in Argentina. The announcement was made by ExxonMobil President Rex Tillerson during a visit the Vaca Muerta area in Neuquén with Argentine President Mauricio Macri, reported […]
Guyana Cabinet Briefed on Oil Sector Management
(Guyana Government Information Agency, 4.Sep.2015) – Minister of Governance, Raphael Trotman, has briefed Cabinet on the strategic, legislative, regulatory and institutional arrangements for the management of upstream activities in the Petroleum Sector. This disclosure was made by Minister of State, Joseph Harmon, who briefed the media on the deliberations of […]
Moody’s Changes PBF Rating Outlook
(Moody’s, 22.Jun.2015) – Moody’s Investors Service changed PBF Holding Company LLC’s rating outlook to positive from stable. Moody’s also affirmed PBF’s Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating, and Ba3 senior secured notes ratings following its announced acquisition of the Chalmette refinery. “PBF’s positive rating outlook reflects […]
ExxonMobil Sells Share of Chalmette Refinery in Louisiana
(Exxon Mobil Corporation, 18.Jun.2015) – ExxonMobil reached an agreement with PBF Energy Inc. for the sale and purchase of its 50% interest in Chalmette Refining, LLC in Chalmette, Louisiana. “This decision is the result of a strategic assessment of the site and how it fits with our large US Gulf […]
T&T Energy Ministry Supports Expansion into Guyana
(Piero Stewart, Special for Energy Now, 1.Jun.2015) – Trinidad and Tobago will seek to capitalise on energy projects in the region as part of broader push outside of the country’s borders, and especially into Guyana, which has recently announced a significant offshore oil discovery. Oil field service companies from Trinidad […]
PDVSA initiates production at Dragon gas field
CARACAS, VENEZUELA (By Pietro D. Pitts, Energy Analytics Institute, 25.Aug.2013, Words: 650) – Development of the offshore fields Dragon, Patao, Mejillones and Rio Caribe located in the Northern Paria Peninsula will allow for initial production of 200 MMcf/d of gas and 20 Mb/d of condensates which will be destined initially […]
Q&A with Oil Outlook President Carl Larry
(Energy Analytics Institute, Pietro D. Pitts, 9.Aug.2013) – Oil Outlook President Carl Larry spoke with Energy Analytics Institute in a brief interview from Houston, Texas. What follows are excerpts from the brief interview. EAI: Are US refiners benefiting from PDVSA’s refinery problems in Venezuela? Larry: We have seen production in […]