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(Reuters) - Exxon Mobil on Friday beat Wall Street's estimate for first-quarter profit as higher oil and gas production from Guyana and the Permian basin helped boost earnings. The largest U.S. oil producer paid $4.3 billion in dividends and repurchased $4.8 billion in shares during the quarter. The buyback figure puts Exxon on track to meet... Continue Reading →
Suriname is experiencing renewed optimism for its oil industry with the approval of the GranMorgu project and significant investment from international energy companies. The country hopes to leverage its offshore oil discoveries to address economic challenges and reduce poverty, drawing inspiration from neighboring Guyana's successful oil boom. Several offshore blocks, including Block 58 and Block... Continue Reading →
(Reuters) Chinese offshore oil and gas major CNOOC first-quarter net profit fell 7.9%, weighed down by weaker oil prices, though higher output helped stem the decline. Net income for January-March was 36.56 billion yuan ($5.03 billion), versus 39.7 billion yuan in the same period last year, according to a company filing with the Hong Kong... Continue Reading →
(oilnow.gy) ExxonMobil will relinquish at least 9% of the vast Stabroek Block in Guyana as required by its petroleum agreement, according to the Ministry of Natural Resources. The Stabroek Block, spanning 26,800 square kilometers, is the centerpiece of Guyana’s deepwater oil boom. Exxon and its partners Hess and CNOOC have made over 30 discoveries on... Continue Reading →
(Reuters) - Oil output in Guyana fell about 3% to 627,000 barrels per day (bpd) in March from the previous month, but the 631,000 bpd produced in the first quarter was 3% higher year-on-year, data from the country's energy ministry showed on Thursday. Guyana last year became Latin America's fifth largest oil exporter after Brazil, Mexico, Venezuela... Continue Reading →
(OE) MODEC has been awarded a contract by ExxonMobil Guyana to develop an FPSO for the Hammerhead project. The Hammerhead FPSO will have the capacity to produce 150,000 barrels of oil per day (BOPD), along with associated gas and water. It will be moored at a water depth of approximately 1,025 meters using a SOFEC... Continue Reading →
(oilnow.gy) International engineering giant Bechtel is working closely with the Government of Guyana to develop a deep-water port in Berbice, Region Rix (East Berbice-Corentyne). This is according to President of the South American country, Dr. Mohamed Irfaan Ali. The facility is expected to play a central role in the country’s expanding gas development and regional... Continue Reading →
(Reuters) - A consortium led by U.S. oil major Exxon Mobil is about to begin installing its fourth floating oil production facility in Guyana, the South American country's maritime regulator said in a notice on Tuesday. The floating production storage and offloading (FPSO) facility 'One Guyana,' built by SBM Offshore with a 250,000 barrel-per-day capacity, departed Singapore... Continue Reading →
(oilnow.gy) According to its 2024 annual report, Hess Corporation plans to return 94% of its net undeveloped acreage, primarily to Guyana and Suriname, over the next three years. In Guyana, Hess has a 30% stake in the 6.6-million-acre Stabroek Block. A relinquishment of 20% of the block is due, minus exploration and production acreage, as well as... Continue Reading →
(OE) Italian offshore energy services firm Saipem has secured new offshore contracts in Middle East and Guyana, worth approximately $720 million. The first contract encompasses the engineering, procurement, construction and installation (EPCI) activities for the repair of damaged subsea pipelines for a major client in Middle East. The duration of the project is expected to... Continue Reading →
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