Offshore

Source: Reuters

ExxonMobil has “no interest” in Hess purchase amidst Chevron dispute, CEO says

World Oil


(Bloomberg) – The boss of Exxon Mobil Corp. said Monday that it has no interest in buying Hess Corp. outright, despite taking Chevron Corp. to arbitration over its proposed $52 billion merger with the other company.

“If we …

Source: Reuters

BP partners with Venezuela on Trinidad gas field

Oil Price


BP and Venezuela are jointly discussing the development of a gas field in Trinidad and Tobago, which the island nation shares with Venezuela.

“BP can confirm that it is in discussions with the government of Trinidad and Tobago …

Source: Talos Energy

Talos Energy increases 2024 production predictions early following $1.3 billion QuarterNorth Energy acquisition

World Oil


(WO) – Talos Energy Inc. provided updated 2024 operational guidance to reflect the closing of the QuarterNorth Energy Inc. acquisition earlier than expected.

For the full year 2024, Talos expects average daily production between 89,000 and 95,000 boed, …

Source: Oil Price

Big oil pursues African expansion despite challenges

Oil Price


Investments in new oil production have been stalling since about 2014. This has led many to suggest that higher prices for longer are on the cards, supported by anti-oil industry energy policies in key jurisdictions that are home …

Source: Reuters

Nord Stream sues insurers in London over 2022 pipeline blasts

Nasdaq


LONDON – Nord Stream is seeking more than 400 million euros ($436 million) from its insurers over explosions in 2022 which ruptured pipelines designed to transport Russian gas to Germany, court filings show.

Nord Stream AG names Lloyd’s Insurance

Source: World Oil

Hess flags potential delay for Chevron Merger as ExxonMobil fights for “massive” oil discovery rights offshore Guyana

World Oil


(Bloomberg) – Hess Corp. signaled its $53 billion agreement to be bought by Chevron Corp. may be delayed after Exxon Mobil Corp. filed for arbitration over the deal to preserve its rights to a massive oil discovery off …

Source: World Oil

Hedge funds bet on Chevron amidst ExxonMobil’s claim to Hess’ stake in prolific oil field offshore Guyana

World Oil


(Bloomberg) – Hedge fund managers that wagered billions on Chevron Corp.’s October deal to buy Hess Corp. are sticking to their bets despite another roadblock that could potentially torpedo the acquisition.

Exxon Mobil Corp. said last week it

Source: Reuters

TotalEnergies and Qatar expand Namibia oil exploration into South Africa

Oil Price


TotalEnergies and QatarEnergy are expanding their efforts to explore for oil and gas in the Orange Basin offshore Namibia by acquiring a nearby license in the basin in South African waters.

TotalEnergies and its partner QatarEnergy have signed …

Source: World Oil

Chevron, Challenger Energy partner to develop “promising” exploration region offshore Uruguay

World Oil


(WO) – Challenger Energy and its wholly-owned Uruguayan subsidiary, CEG Uruguay SA, have entered into a farm-out agreement with Chevron Uruguay Exploration Limited (“Chevron”), a wholly-owned subsidiary of Chevron Corporation, related to a 60% interest in the AREA …

Source: Talos Energy

Talos Energy adds deepwater assets to portfolio following completion of QuarterNorth Energy acquisition

World Oil


(WO) – Talos Energy Inc. announced the completion of the acquisition of QuarterNorth Energy Inc.

After completing the acquisition, Talos has approximately 183.0 million shares of common stock outstanding, including approximately 24.4 million shares issued to the QuarterNorth …

bp prepares to drill pre-salt deepwater well offshore Brazil following unsuccessful exploration attempts by Shell, ExxonMobil

bp prepares to drill pre-salt deepwater well offshore Brazil following unsuccessful exploration attempts by Shell, ExxonMobil

World Oil


(Bloomberg) – bp Plc is preparing to drill a deepwater well in Brazil in the latest attempt to break a streak of bad luck by oil majors who have paid billions for exploration rights and have little to …

Source: World Oil

VAALCO Energy joins ExxonMobil, Chevron offshore West Africa with $66.5 million Svenska Petroleum Exploration acquisition

World Oil


(WO) – VAALCO Energy, Inc. has entered into a sales and purchase agreement (“SPA”) to acquire Svenska Petroleum Exploration AB (“Svenska”), a privately-held exploration and production (“E&P”) company based in Stockholm, Sweden. Svenska’s primary asset is a 27.39% …

Source: Reuters

ANALYSIS-Exxon’s curveball move in Guyana alters Chevron-Hess deal prospects

Nasdaq


HOUSTON – 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 …

Source: Reuters

Colombian offshore natural gas discovery smaller than anticipated, Ecopetrol determines

World Oil


(Bloomberg) – Colombia’s state energy company, Ecopetrol SA, has determined that a natural gas deposit in the Caribbean Sea that officials were counting on to shore up the nation’s dwindling reserves is significantly smaller than initially estimated.

Officials …

Source: World Oil

Guyana President calls for “immediate” development of natural gas resources

World Oil


(Bloomberg) – Guyana President Irfaan Ali called for the “immediate” development of its natural gas resources to make the South American country a regional energy powerhouse on top of its rapidly-growing oil exports.

The government is requesting that …

Source: Reuters

Shipping giants warn of worsening Red Sea security situation

Oil Price


Security threats to commercial shipping in the Red Sea are not abating, they are escalating instead, and disruptions to maritime trade are expected to last up to a year, according to some of the biggest shipping companies in …

Source: World Oil

Biden officials headed to Guyana amidst Venezuelan dispute over oil wealth

World Oil


(Bloomberg) – Key Biden administration national-security officials traveled to Guyana on Sunday as the U.S. works to prevent the country’s dispute with Venezuela over oil and mineral riches from sliding into armed conflict.

Jon Finer, the principal deputy …

Source: Reuters

Hess reports estimated results for the fourth quarter of 2023

Oil and Gas 360


Key Development:

  • Commenced production from the Payara development at the Stabroek Block, offshore Guyana, in November; Payara reached its initial production capacity of approximately 220,000 gross barrels of oil per day (bopd) in January 2024

Fourth …

Source: World Oil

QatarEnergy to increase production from Qatar’s largest oil field with $6 billion contract packages

World Oil


(WO) – QatarEnergy has announced the award of the four main Engineering, Procurement, Construction, and Installation (EPCI) contract packages related to the next development phase of the offshore Al-Shaheen field (Qatar’s largest oil field) to increase production by …

Source: Reuters

Oil prices rise as U.S. stocks decline and Red Sea tensions increase

Oil Price


Oil prices rose by more than 1% early on Thursday, buoyed by a larger-than-expected U.S. crude draw, Chinese stimulus, and continued attacks by the Houthis in and near the Red Sea.

As of 10:50 a.m. ET on Thursday, …

Source: Reuters

W&T Offshore announces closing of accretive acquisition of six Gulf of Mexico fields

Oil and Gas 360


HOUSTON, Jan. 22, 2024 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (the “Company” or “W&T”) today announced that the Company has completed the accretive acquisition of six fields in shallow waters of the Gulf of …

Source: World Oil

Philippines to begin exploration activities in oil-rich sea amidst China tension with U.S. as defense ally

World Oil


(Bloomberg) – The Philippines is building defense alliances with the U.S. and other security partners to help pave the way for resource exploration in the oil-and-gas-rich South China Sea, the nation’s top defense official said, prompting a warning …

Oil rises 3% as some tankers avoid Red Sea after strikes

Oil rises 3% as some tankers avoid Red Sea after strikes

Investing


LONDON – Oil prices climbed about 3% on Friday, as some oil tankers diverted course from the Red Sea following overnight air and sea strikes by the United States and Britain on Houthi targets in Yemen after attacks on …

Source: Reuters

Enbridge eyes France for offshore wind investments and will avoid US

Nasdaq


WINNIPEG, Canada – Canadian pipeline company Enbridge ENB.TO is keen on further offshore wind investments in France, but will avoid the United States, where cost and supply chain problems have contributed to offshore projects collapsing, a senior executive said.…

January 11, 2024 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, Offshore, Wind
U.S. defense official visits Guyana over threat to oil-rich Essequibo

U.S. defense official visits Guyana over threat to oil-rich Essequibo

Oil Price


As tensions with Venezuela continue to simmer over President Nicolas Maduro’s attempt to annex oil-rich Essequibo from Guyana, the U.S. is sending a top defense official to Guyana to discuss the situation.

U.S. Deputy Assistant Secretary of Defense …

Exxon earnings to drop on California offshore exit, weaker prices

Exxon earnings to drop on California offshore exit, weaker prices

Yahoo Finance


HOUSTON – Exxon Mobil Corp warned on Thursday it would write down about $2.5 billion of California assets in the fourth quarter, and said lower energy prices reduced operating profits.

The snapshot by the largest U.S. oil producer …

bp renews drilling logistical services contract with Danos for Gulf of Mexico assets

bp renews drilling logistical services contract with Danos for Gulf of Mexico assets

World Oil


(WO) – Danos has secured a contract with bp to renew its comprehensive drilling logistical services for the integrated energy company’s Gulf of Mexico assets, building on a relationship that began in 2017.

Leveraging the company’s 76 years …

Source: Reuters

Hess and Oxy emerge as top winners in Gulf of Mexico oil lease sale

World Oil


(Bloomberg) — Hess Corp. was the high bidder in a U.S. auction for drilling rights in the Gulf of Mexico, which raised a total of $382 million from oil giants before the Biden administration imposes a two-year hiatus …

Source: Reuters

Shell advances Gulf of Mexico growth with Sparta project investment

World Oil


(WO) — Shell Offshore Inc., a subsidiary of Shell plc, has made a final investment decision (FID) for Sparta, a deepwater development in the U.S. Gulf of Mexico that represents our competitive approach to simplifying and replicating projects.…

Source: World Oil

NOIA president urges congressional action in response to Gulf of Mexico Lease Sale 261

World Oil


(WO) — In a pivotal moment for American energy policy, National Ocean Industries Association (NOIA) President Erik Milito emphasizes the urgency of Congressional intervention following the conclusion of Gulf of Mexico Lease Sale 261. Milito issued the following …