Guyana – Page 2 – Oil & Gas 360

Exxon delivers $9.2 billion second-quarter profit, raises output target

August 2, 2024

BOE Report Exxon Mobil on Friday posted a better-than-expected $9.2 billion second-quarter profit based on rising output from its purchase this year of shale oil firm Pioneer Natural Resources. Higher profit “was driven by record production both in Guyana and in the Permian,” which offset lower natural gas and fuel prices, Chief Financial Officer Kathryn Mikells said. Net income was $9.24

BREAKING NEWS- Chevron’s $53 billion Hess merger delayed again as ExxonMobil arbitration drags into 2025

August 1, 2024

World Oil (Bloomberg) – Chevron Corp.’s $53 billion proposed takeover of Hess Corp. suffered another setback as an arbitration hearing to settle an ownership dispute with Exxon Mobil Corp. won’t be held until next year. The international arbitration panel handling Exxon’s claim that Chevron’s acquisition does not give it the right to control Hess’ stake in a Guyanese oil project

Namibia gets ready to become the world’s newest oil hotspot

July 18, 2024

Yahoo Finance (Bloomberg) — Off a busy pier in Namibia’s main port of Walvis Bay, the seeds of an economic boom are being planted. As workers heave fish from boats, or unload cargoes of sulfur and Congolese copper, a massive cylindrical drilling segment is hauled by extended trailer to a storage area. Between the more typical consignments of raw minerals

BREAKING NEWS: ExxonMobil unveils 30-well drilling campaign for seventh oil and gas project offshore Guyana

July 16, 2024

World Oil (WO) – Reuters has reported that ExxonMobil is planning a potential 30-well drilling campaign for its seventh oil and gas project offshore Guyana, named Hammerhead. Hammerhead aims to start production in 2029, boosting Guyana’s oil production capacity to over 1.4 MMbpd. Exxon, along with partners Hess Corp and China’s CNOOC, expects Hammerhead to produce between 120,000 and 180,000

BREAKING NEWS: FTC to delay $53 billion Chevron-Hess deal until after ExxonMobil arbitration over assets offshore Guyana

July 11, 2024

World Oil (Bloomberg) – The U.S. Federal Trade Commission plans to delay its decision whether to block Chevron Corp.’s $53 billion takeover of Hess Corp. until after an arbitration case with Exxon Mobil Corp. is settled, according to people familiar with the matter. The case with Exxon, which claims to have a right of first refusal over Hess’s biggest asset

Chevron, Hess reach “significant” milestone in ExxonMobil arbitration over assets offshore Guyana

July 3, 2024

World Oil (WO) – According to Reuters, a three-person arbitration panel has been finalized to address ExxonMobil’s claim against Chevron’s $53 billion purchase of Hess Corp over oil-rich assets offshore Guyana. This marks a significant step in resolving the uncertainty surrounding the merger, which Chevron and Hess hoped to complete in early 2024. ExxonMobil filed the claim with the International

Exxon-led Guyana oil group’s net jumps in 2023, margins top Nvidia’s

June 25, 2024

Yahoo Finance GEORGETOWN/HOUSTON – Guyana’s lucrative agreement with an ExxonMobil-led consortium in the South American country last year generated $6.33 billion for the partners, government data showed, yielding a net margin larger than that of chip-maker Nvidia Corp. The trio’s combined net margin was 56%, greater than the 49% Nvidia earned in its most recent fiscal year. The Stabroek offshore

$53 billion Chevron-Hess deal may stall into 2025 over ExxonMobil’s claim to prolific assets offshore Guyana

June 24, 2024

World Oil Publisher’s Note: Chevron will be a presenter at the upcoming EnerCom Denver – The Energy Investment Conference on August 18-21, 2024. Register to attend. (WO) – The arbitration process to determine whether ExxonMobil can block the $53 billion sale of Hess Corp to Chevron is stalled due to the incomplete appointment of a third arbitrator, according to

ExxonMobil to deploy Sercel Marlin vessel monitoring and alert system offshore Guyana

June 14, 2024

World Oil (WO) – Viridien, formerly CGG, announced that its Sensing & Monitoring business line, marketed under the Sercel brand, has made a sale of its innovative Marlin vessel monitoring and alert system to ExxonMobil Guyana Ltd. to support its offshore operations in Guyana. As part of the wider Sercel Marlin software suite for optimizing offshore operations, the Marlin vessel

Oil giants Exxon, Chevron lean on big-ticket deals to build bigger reserves

May 31, 2024

Yahoo Finance Cash-rich Exxon Mobil and Chevron are bolstering their oil and gas drilling inventory with multi-billion-dollar takeovers as they bet on resilient demand for years to come. The consolidation wave sweeping through the U.S. energy sector that spurred deals worth $250 billion in 2023 shows no signs of slowing as companies rush to deploy their cash hoard from higher

Guyana’s economy surges on offshore success in prolific Stabroek block, EIA reports

May 22, 2024

World Oil (WO) – According to the U.S. Energy Information Administration’s latest report, Guyana has significantly boosted its crude oil production since it began in 2019, reaching 645,000 bpd by early 2024, all from its prolific offshore region, the Stabroek block. From 2020 to 2023, Guyana’s crude oil production grew by an average of 98,000 bpd annually, making it the

ExxonMobil CEO sees Chevron arbitration over Hess purchase, assets offshore Guyana going into 2025

May 6, 2024

World Oil (Bloomberg) – Exxon Mobil Corp. Chief Executive Officer Darren Woods foresees arbitration with Chevron Corp. over a premier asset offshore Guyana stretching into 2025 due to the importance of the case to both companies. The companies still need to appoint a third arbitrator before they go into the discovery phase, Woods said during an interview on CNBC on

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