(Oil Price) – Chevron is betting on the multi-billion acquisition of Hess Corp to boost its assets with high-quality Guyana acreage where billions of barrels of oil equivalent have been discovered. Chevron’s reserves replacement ratio has dropped in recent years and its oil and gas reserves have now declined to the lowest level in at least a decade, according to a Reuters
(World Oil) – Baker Hughes has secured a significant award from ExxonMobil Guyana to provide specialty chemicals and related services for its Uaru and Whiptail offshore greenfield developments in Guyana’s prolific Stabroek Block. The announcement was made during Baker Hughes’ 25th Annual Meeting in Florence, Italy. The multi-year contract includes all topsides, subsea, water injection and utility chemicals for the
(Oil Price) – Two of the world’s latest oil exploration hotspots, South American neighbors Guyana and Suriname, could become major LNG exporters early next decade if they develop the vast non-associated natural gas resources discovered in their offshore blocks. The resource is there, the costs could be competitive, and export destinations plentiful—from other countries in central and South America to Southeast
(Yahoo Finance) – HOUSTON – Five years ago, Chevron CEO Michael Wirth won Wall Street acclaim as the No. 2 U.S. oil company briefly achieved a market value larger than Exxon Mobil’s after he refused to get into a bidding war with Occidental Petroleum over a rival. He was ahead of the game when the pandemic hit oil and gas
(World Oil) – Chevron Corp. agreed that Hess Corp. Chief Executive Officer John Hess won’t join the company’s board as part of an agreement with the U.S. Federal Trade Commission, allowing the companies’ merger to proceed, people familiar with the matter said. The condition allows Chevron to move forward with its $53 billion acquisition of Hess, said the
(World Oil) – The U.S. Federal Trade Commission is expected to greenlight Chevron Corp.’s $53 billion deal to buy Hess Corp., according to Reuters. The FTC could announce the decision as soon as this week, Reuters reported, citing people familiar with the matter. Chevron would still need to win an arbitration case filed by Exxon Mobil Corp. in order to close
World Oil (Bloomberg) – President Irfaan Ali raised estimates for Guyana’s yearly growth to 42.8% from a prior 34.8%, as he projects “ramped up” investments from the public and private sectors. The nation’s economy grew by 49.7% in the first half of 2024, with the oil sector accounting for 67% of that growth, Ali said Saturday on a live webcast.
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
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
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
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
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
