Exxon Banks Record $56B Profit in ’22

(Reuters) Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and... Continue Reading →

ExxonMobil’s new oil discovery off Guyana could underpin future development

U.S.-headquartered energy giant ExxonMobil has made a significant new oil discovery at the Stabroek block, which boosts the block’s hydrocarbon resources, fortifying the oil major’s existing portfolio of extensive development opportunities offshore Guyana. The new oil discovery, made at the Fangtooth SE-1 well on the Stabroek block, was disclosed on Wednesday, 25 January 2023, by ExxonMobil’s partner... Continue Reading →

Suriname’s Oil Boom Hits A $10 Billion Snag

(OP) A series of high-quality oil discoveries in Block 58 offshore Suriname combined with investment bank Morgan Stanley estimating that the block contains 6.5 billion barrels of oil sparked optimism that Suriname will replicate Guyana’s immense oil boom. This is bolstered by evidence that the U.S. Geological Survey grossly underestimated the Guyana-Suriname Basin’s oil resources. Disappointingly, after... Continue Reading →

CGX, Frontera JV Spuds Wei-1 Offshore Guyana

A CGX Energy Inc. and Frontera Energy Corporation consortium has started drilling the Wei-1 well, on the Corentyne block, approximately 200 kilometers offshore from Georgetown, Guyana. To remind, under the Corentyne block license terms, the joint venture was previously required to spud Wei-1, the second of two commitment wells on the block, by November 27,... Continue Reading →

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