Oil Exploration








North America

Fossil Fuels

Chevron-target Hess reports Q1 earnings beat on higher production

Hess Corp reported a. firstquarter revenue on Thursday that beat analysts' price quotes,. helped by greater production from the oil and gas business that is. set to be acquired by U.S. energy major Chevron in a $53. billion deal. Net production at Hess leapt 27.3% to 476,000 barrels of. oil comparable each day (boepd) in the quarter, mainly due to. higher production in Guyana and the Bakken oil field in the. United States. Hess' rewarding properties in oil-rich Guyana have actually stimulated a. significant business tug-of-war amongst big North American energy. companies. Chevron's acquisition will provide it control over Hess'...

Natural Gas

Colombia to loosen regulation for gas expedition, supply simply put term

Colombia will aim to loosen up guideline on gas exploration and supply to satisfy its needs in 2026 and 2027, Mines and Energy Minister Andres Camacho said on Wednesday. The South American nation needs to solve a gas deficit in the middle of rising need, with measures to include buying more liquefied gas and potentially importing from surrounding Venezuela. We have actually been working to make regulative terms more flexible and ensure enabling conditions to advertise off-shore gas this year so that we can advance in the supply plan needed in 2026 and 2027, Camacho stated at an event organized...

Oil Exploration

EnQuest selling stake in North Sea Golden Eagle oilfield, sources say

Britain's EnQuest is wanting to offer its 27% stake in the Golden Eagle oilfield in the British North Sea as it looks for to reduce debt levels, 2 sources informed on Tuesday. It was uncertain just how much the sale of the non-operated stake would raise. The process is being run by financial investment bank Jefferies, the sources said. A spokesperson for EnQuest declined to comment. A. spokesperson for Jefferies likewise decreased to comment. Shares in the business rose about 4.5% on Tuesday. EnQuest purchased the Golden Eagle stake from Suncor in. 2021 for $325 million - roughly equivalent to...

Oil & Gas Exploration

Marathon Oil beats earnings estimates on greater production

Marathon Oil beat Wall Street estimates for fourthquarter profit on Wednesday as the U.S. shale manufacturer got a boost from greater production. Marathon reported a rise in its oil and gas output to 404,000 barrels of oil comparable per day (boepd) from 333,000 boepd in the previous year. This boost in production assisted balance out decline in unrefined costs, which fell from their 2022 peaks. However, crude costs are still at levels where companies can produce beneficially. Marathon stated it U.S. average crude realized rate fell to $77.28 per barrel in the noted quarter, from $84.29 per barrel, in previous...

Oil & Gas Equipment

CERAWEEK-Exxon CEO states not trying to buy Hess however considers its Guyana stake

Exxon Mobil CEO Darren Woods on Monday stated his business is attempting to establish it has rights over Hess Corp's Guyana properties in its dispute with Chevron, not buy the company itself. In his very first public remarks on the company's pursuit of an arbitration case that might obstruct Chevron's $53 billion offer for Hess, Woods stated Exxon would not have actually waited for Chevron to reveal its Hess offer if it had actually wished to purchase Hess. We're basically defending what our company believe is a. fundamental right, Woods informed at the CERAWeek energy. conference in Houston. Exxon is...

Fossil Fuels

TotalEnergies, QatarEnergy broaden Orange Basin holdings to South Africa

TotalEnergies and QatarEnergy on Wednesday stated they had accepted purchase a stake in a licence to seek oil and gas off South Africa as part of their plans to develop the Orange basin location in neighbouring Namibia. The French company will purchase a 33% stake in the licence to drill in overseas block 3B/4B, which extends over about 18,000 square kilometres, while state-owned QatarEnergy will hold a 24%. stake, TotalEnergies stated without disclosing the value of the. offer. The rest will be managed by the existing owners of. the task: Africa Oil, Azinam and Ricocure. TotalEnergies and QatarEnergy have longstanding...

Natural Gas

Hess says evaluating timeline for closing Chevron's takeover deal

U.S. oil producer Hess said on Thursday it was examining the timeline for closing its takeover deal by Chevron after oil significant Exxon signified a prospective counter offer for Hess's Guyana possessions. Exxon on Wednesday submitted an agreement arbitration claim related to Hess' suggested sale of its Guyana oil homes and suggested it might counter Chevron's pending offer for the possessions. The disagreement between the top U.S. oil manufacturers could end the Hess takeover deal, Chevron cautioned in a securities filing last month. If the offer falls part, Hess might be liable for a $1.7. billion break up fee. The...

Oil & Gas

Trinidad and Tobago extends deadline for shallow-water oil and gas auction

Trinidad and Tobago on Thursday extended by almost 2 months a due date to submit quotes for an auction of shallowwater oil and gas blocks, the government said. Trinidad is Latin America's biggest producer of liquefied gas (LNG) with set up capacity of 15 million metric heaps each year, and one of the world's greatest exporters of methanol and ammonia, but its plants have been operating listed below capability in the last few years due to an absence of gas supply. The new due date was set for May 27, offering companies more time to submit bids for the blocks....

Oil Exploration

Oil and gas upstream M&An offer worth strikes greatest Q1 levels because 2017

A continuous consolidation in the U.S. shale industry has actually increased worldwide M&A deal worth in the oil and gas expedition sector to its greatest firstquarter level in seven years, industry specialists stated. Offers worth more than $55 billion have been announced in the 2 months of 2024, according to analytics firm Enverus, as publicly traded companies make the most of their high share rate to demolish smaller sized companies. A few of the significant offers include Diamondback Energy's. $ 26 billion deal to obtain Venture Energy Partners. previously this month and APA Corp agreeing to buy Callon. Petroleum for...

Crude Oil

India's ONGC plans rouble payment for Sakhalin 1 stake

Indian oil business ONGC Videsh Ltd (OVL) remains in talks with the Russian federal government to pay its contribution to the Sakhalin1 abandonment fund in roubles, a business official said on Monday. The contribution is a requirement for OVL to take a 20%. stake in the job, which is run by a brand-new Russian entity. We are at an advance stage of attempting to pursue Rosneft. to accept the desertion obligation of OVL for. returning its 20% share (in the Sakhalin 1 job), Vinod. Hallan, a finance executive at OVL, informed an experts' call. An abandonment fund is used for...

Europe

Oil & Gas

OPEC thrilled about Namibia partnership, uses assistance

The Organization of the Petroleum Exporting Countries (OPEC) is thrilled about a. prospective partnership with Namibia and ready to support the. southern African country in its oil journey, OPEC Secretary. General Haitham Al Ghais stated on Wednesday. The OPEC+ oil producers' group, having lost Angola and other. players over the last few years, is looking at Namibia for possible. membership as it aims to begin pumping oil by the next years. following a string of huge discoveries. We are thrilled about the potential of the Namibian OPEC. collaboration and stand all set to use support at this important. point, Al...

Oil Exploration

TotalEnergies: Papua LNG project needs 'more work' to reach last investment choice

French oil and gas giant TotalEnergies on Monday said a prepared new liquefied gas (LNG) task in Papua New Guinea would require ' more work' before a final financial investment decision might be reached. TotalEnergies stated its President Patrick Pouyanne just recently told Papua New Guinea Prime Minister James Marape the job would require to work with third-party specialists to reach commercially practical engineering, procurement and construction agreements. In that view, the task will examine the structure of some packages and open the competitors to a bigger panel of Asian contractors. As an effect, FID (last investment decision) of Papua...

Oil Exploration

Britain's EnQuest trims loss and announces $15 mln share buyback

British North Seafocused oil manufacturer EnQuest narrowed its annual loss to $30.8. million last year, down from a $41.2 million loss in 2022, it. said on Thursday. The company likewise revealed its very first investor return in. the type of a $15 million share buyback this year. The company stated it posted a loss after tax due to the. energy profit levy (EPL) which was extended by one year by. British financing minister Jeremy Hunt previously this month. EnQuest has for years been protected from UK taxes as it. might offset costs versus reported tax losses, which stood at. $...

East Asia

Oil & Gas Exploration

Guyana to reveal winners of overseas oil-block auction by end of March

Guyana plans to divulge winners of the nation's first competitive auction of offshore oil blocks by the end of March, an official with the country's. Ministry of Natural Resources said on Monday. The government continues to examine propositions and evaluate. documents provided by six of eight groups that placed bids in an. oil auction last September, Senior Petroleum Planner Bobby. Gossai Jr. told at the country's annual energy. conference. His remarks came at an energy conference designed to. highlight the nation's rise as the world's fastest-growing oil. manufacturer. Officials utilized the very first day of the conference to lay. out...

Oil & Gas Refining

China's CNOOC files arbitration over Hess stake in Guyana oil block

Chinese overseas oil and gas major CNOOC stated it had filed an arbitration claim to develop a right over Hess' stake in the huge Guyana oilfield Stabroek in case of the U.S. company's sale to Chevron. CNOOC filed the arbitration application on March 15, following a similar move by its other Stabroek partner Exxon Mobil, Xu Yugao, CNOOC's board of directors secretary, informed a revenues briefing late on Thursday. We have a joint operating arrangement with partners relating to the Stabroek block. We will deal with pertinent problems based on the appropriate arbitration terms, Xu stated. Exxon, the operator of...

Oil & Gas Transportation

New york city Times company news - April 11

The following are the leading stories on the New york city Times organization pages. has not validated these stories and does not attest their accuracy. - The Department of Justice has weighed in on a court fight over an oil and gas pipeline in Wisconsin, saying that Enbridge , a Canadian oil company has actually been willfully trespassing on tribal lands in the state for more than a years. - The Chinese company NetEase stated on Wednesday that it had actually struck an offer to disperse titles from Microsoft's. Blizzard Home entertainment, restoring access to popular. computer game like World...

Oil Exploration

Exxon Mobil's Liza Unity FPSO in Guyana hit peak output of 252,000 bpd, executive says

An Exxon Mobil led oil consortium has actually attained peak production of 252,000 barrels per day from its Liza Unity production vessel, Exxon Guyana Nation Supervisor Alistair Routledge stated on Wednesday. The consortium, which includes Exxon, Hess and CNOOC , anticipates to inaugurate output next year using its most recent vessel, called One Guyana, Routledge stated in remarks at the Offshore Innovation Conference in Houston. New wells in the deepwater Stabroek block, home to the largest oil discovery in nearly a decade, are being completed in approximately 35 days, a record low for deepwater tasks, he said. Guyana will end...