SBM Offshore’s H1 core profit misses estimates, falls below 2022 level

(Reuters) - Dutch oil and gas services company SBM Offshore (SBMO.AS) reported on Thursday half-year earnings before interest, tax, depreciation and amortisation (EBITDA) that missed consensus estimates and fell below the year-earlier level. It partly attributed the drop to ongoing supply chain challenges and a reduced contribution from the Almirante Tamandaré floating production, storage and offloading (FPSO)... Continue Reading →

August 10, 2023 0

50,000 bpd Refinery Planned to Tap Guyana’s Offshore Oil Wealth

(Reuters) Guyana and the Dominican Republic on Tuesday signed a memorandum of understanding to cooperate on recruiting companies to build a 50,000-barrel-per-day refinery in Guyana that would tap the country's oil wealth. Any project would be at least 51% owned by the Dominican Republic government, according to the terms of the preliminary agreement, which was... Continue Reading →

August 9, 2023 0

Amazon Nations Summit Faces Fault Lines on Oil, Deforestation

(OE) Eight Amazon rainforest nations are expected to face divisions over proposals to block new oil drilling and end deforestation when they meet on Tuesday for their first summit in 14 years. The meeting of the Amazon Cooperation Treaty Organization (ACTO) gathers heads of state from Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname and Venezuela... Continue Reading →

August 8, 2023 0

APA’s Appraisal Well Confirms Extension of Oil Resources Offshore Suriname

(Reuters) APA Corp. said on Wednesday its most recent appraisal well in Block 58 off Suriname's coast confirmed the extension of oil resources 14 kilometers from the discovery well. APA's exploration in Suriname has been closely watched as it could become Suriname's first commercial deepwater project. Massive discoveries and fast-growing oil production in neighboring Guyana... Continue Reading →

August 4, 2023 0

Colombian oil and gas sector braced for higher taxes

(OM) Colombia’s new President Gustavo Petro has pledged to position his country as a leader of the energy transition. According to Wood Mackenzie, his plans for fiscal reform involve higher taxes for extractive industries, and hydrocarbons provide the primary source of Colombia’s revenue. At the same time, the country has to address the long-standing challenge... Continue Reading →

August 3, 2023 0

ExxonMobil places all Argentinian shale assets under review

(Bloomberg) – ExxonMobil Corp., which once planned to bet big on Argentina’s oil and gas riches, has put all of its shale assets in the country under review. Exxon is involved in six areas of Argentina’s heralded Vaca Muerta — Spanish for Dead Cow — formation in Patagonia. The company’s plans to ramp up development... Continue Reading →

August 3, 2023 0

Rystad: Offshore Sector Dominates Oil & Gas Exploration Spending, But Results Disappointing in 2023

(OE) Spending on conventional oil and gas exploration is on the rise and is set to top $50 billion this year, led by offshore investments, however, discovery volumes are falling to new lows, despite the rising investments. This is according to Rystad Energy, a Norway-based energy industry intelligence group. Rystad's estimates show that in the... Continue Reading →

August 2, 2023 0

Exxon Posts 56% Profit Slump, Joins Peers in Energy Price Hit

(Reuters) Exxon Mobil Corp joined its rivals in reporting a 56% slump in second-quarter profit from a year ago, hurt by a drop in energy prices, in line with the midpoint of the company's earnings preview released earlier this month. Oil majors' profits fell sharply in the quarter from record levels a year earlier as oil and gas... Continue Reading →

July 28, 2023 0

Guyana Extends Offshore Oil Block Bids Deadline to Attract New Explorers

(Reuters) Guyana extended to Sept. 12 a deadline for companies to submit bids for its first competitive auction of oil blocks, the government said in a statement on Wednesday. The South American nation has delayed the offer of 14 offshore blocks four times before. The round is intended to recruit new explorers and lessen the... Continue Reading →

July 28, 2023 0

Oil producer Hess beats profit estimates as production jumps

(Reuters) - Oil and gas producer Hess Corp (HES.N) on Wednesday beat Wall Street estimates for second-quarter profit, buoyed by higher production and disclosed a new oil discovery in the Gulf of Mexico. Crude prices have slipped from the multi-year highs hit last year following Russia's invasion of Ukraine but remain strong enough to encourage oil and... Continue Reading →

July 26, 2023 0