(BOE Report)– ExxonMobil has lost its arbitration challenge to block Chevron’s $55 billion Hess acquisition deal, but the top U.S. oil producer managed to delay the tie-up by over a year, costing its rival billions in lost Guyana oil revenue and slowing integration. Chevron’s deal, first announced in October 2023, closed on Friday after a drawn-out dispute over Hess’s 30%
(BOE Report) – LONDON, July 18 – The high-stakes clash between Exxon Mobil and Chevron over a prized South American oilfield may be a sign of what’s to come in the oil and gas industry as competition for a shrinking pool of prime assets heats up. Chevron is set to finalize its $53 billion acquisition of U.S. rival Hess after the companies prevailed
(Oil Price)– Guyana’s government will reduce external borrowing for major infrastructure projects, Vice President Bharrat Jagdeo said, citing the country’s swelling oil revenues and a growing push for fiscal restraint. Speaking at a press briefing, Jagdeo said new revenue flows made it unnecessary to pursue as many external loans for transport and energy projects as previously planned, adding, “We have
(Oil Price)– Azule Energy, a joint venture of international majors BP and Eni, has discovered a major natural gas reservoir offshore Angola in the first gas-targeting exploration well in the oil-producing country. Azule Energy, the operator of Block 1/14, has announced a gas discovery at the Gajajeira-01 exploration well, located in the Lower Congo Basin in Angola’s waters. Initial assessments suggest gas
(World Oil)– The American international oil and gas company Hess (Suriname II) Exploration Limited (Hess) will relinquish Block 59 in offshore Suriname on 8 July 2025. The block will return to Staatsolie and become part of the open acreage. Hess fulfilled its minimum work obligations and has decided not to move forward to the next phase of the exploration period,
(World Oil)– Valaris Limited has been awarded a 940-day contract extension for drillship VALARIS DS-16, starting in June 2026, and a new 914-day contract for drillship VALARIS DS-18, the company announced Monday. The contract is expected to start in mid-fourth quarter 2026, with Anadarko Petroleum Corporation, a wholly-owned subsidiary of Occidental, in the Gulf of America/Gulf of Mexico. The combined
(Investing) – A consortium led by ExxonMobil (NYSE:XOM) has discovered a natural gas reservoir off the coast of Cyprus, according to a government announcement on Monday. The drilling operation found preliminary indications of a 350-meter gas-bearing reservoir at a depth of 1.9 kilometers in the Pegasus-1 well, Cypriot government spokesperson Konstantinos Letymbiotis said. “Further assessment will be required in the coming months to
(World Oil)– Germany has given the green light for drilling as much as 13 billion cubic meters (Bbcm) of natural gas at a protected marine site in the North Sea in a controversial step to bolster energy security. The cabinet approved a bilateral agreement with the Netherlands on hydrocarbon deposits off the island of Borkum, according to a statement from
(World Oil)– The Bureau of Ocean Energy Management (BOEM) has published a Proposed Notice of Sale (PNOS) for Lease Sale 262, the first of three offshore auctions in the Gulf of America under the 2024–29 Outer Continental Shelf Leasing Program. The sale would offer about 15,000 unleased blocks—roughly 80 million acres—located 3 to 231 miles offshore in water depths from
(World Oil) – Namibia will offer financial incentives to help kick-start the development of oil fields managed by a group led by TotalEnergies, according to a special adviser in the presidency. TotalEnergies and Shell Plc in 2022 made the first in a series of finds off the coast of the southwest African nation. But the explorers have also hit dry wells,
(Oil & Gas 360) – HOUSTON, June 17, 2025 /PRNewswire/ — Talos Energy Inc. (“Talos” or the “Company”) (NYSE: TALO) today announced its enhanced corporate strategy designed to position the Company as a leading pure-play offshore exploration and production company. Mr. Paul Goodfellow, the Company’s President and Chief Executive Officer, will provide additional details about the Company’s strategy during a conference call
(World Oil) – Petrobras, Exxon Mobil Corp. and Chevron Corp. have won exploration rights in Brazil’s Equatorial Margin, betting that the nation’s environmental regulator will finally open the promising offshore oil region for drilling after years of delay. Brazil sold 19 out of 47 blocks offered in Foz do Amazonas basin in deep waters near the equator, making it the
