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(OET) Joint venture (JV) partners in the Corentyne block – Canada’s CGX Energy and Frontera Energy – are on the lookout for partners to enable the development of discoveries on the Corentyne block offshore Guyana, as exploration results support the potential for a standalone shallow oil resource development across the block. CGX and Frontera highlight... Continue Reading →
Venezuela has begun contacting energy firms involved in an long-idled offshore gas project to push them to begin new exploration and operations near its maritime border with Guyana, five people close to the talks said. The request to act on blocks that have not been touched in more than a decade comes amid an escalating... Continue Reading →
(Bloomberg) President Luiz Inacio Lula da Silva, who has long tried to position himself as an independent arbiter in global conflicts, now faces the uncomfortable task of mediating a crisis between Brazil’s northern neighbors Venezuela and Guyana. Escalating tensions over Essequibo, an oil-rich region roughly the size of Florida that’s controlled by Guyana but claimed... Continue Reading →
(Reuters) Oil major Chevron Corp said on Wednesday that it expects to spend between $18.5 billion and $19.5 billion next year on new oil and gas projects, an 11% increase on this year. Its 2024 budget and that of rival ExxonMobil reflect the industry's continuing rebound after pandemic-influenced pullbacks, recent acquisitions and carbon reduction initiatives. Exxon plans... Continue Reading →
(Reuters) Venezuelan President Nicolas Maduro said he would authorize oil exploration in an area subject to a dispute with Guyana, which said it would report his comments to the United Nations and the International Court of Justice (ICJ). Maduro's pledge to permit development around the Esequibo river came after his government held a referendum over the weekend... Continue Reading →
(Reuters) - Exxon Mobil (XOM.N) CEO Darren Woods' first five years at the oil company were marred by missed oil production targets, an investor rebellion and the company's biggest-ever financial loss. Redemption came this year when - aided by a share price pumped up by high oil prices - he clinched a $60 billion deal to buy shale rival... Continue Reading →
(Bloomberg) Exxon Mobil Corp. Chief Executive Officer Darren Woods said the Texas energy giant is focusing on producing oil in Guyana as efficiently as possible to help the South American country in its border dispute with Venezuela. “I’m not sure the press has captured the true intensity of the situation there, but we’re keeping an... Continue Reading →
(OET) Italy’s engineering, drilling, and construction services provider Saipem has tucked under its belt two new offshore contracts worth approximately $1.9 billion for work with ExxonMobil’s subsidiary ExxonMobil Guyana Limited and Equinor. As a result, the Italian player will carry out operations for the U.S. oil major in Guyana while the assignment with the Norwegian state-owned... Continue Reading →
(Reuters) Brazil's environment protection agency Ibama is expected to decide by early next year if state-run oil company Petrobras PETR4.SA can drill near the mouth of the Amazon River, Ibama's president Rodrigo Agostinho said on Wednesday. The area is part of Brazil's Equatorial Margin, which Petrobras considers its most promising new frontier for oil and... Continue Reading →
(OET) U.S.-headquartered energy giant ExxonMobil is taking several steps to slash its greenhouse gas emissions. The oil major’s CEO believes that renewables are not up to the task of handling emissions on their own, thus, the use of other technologies is seen as key to curbing emissions during the transition to a low-carbon and green... Continue Reading →
Brazil Energy Insight 