ExxonMobil flows oil from third project offshore Guyana as FPSO comes online ahead of schedule

(OET) U.S.-headquartered energy giant ExxonMobil has started production from its third oil development at the Stabroek block offshore Guyana, boosting total production capacity in the country to approximately 620,000 barrels per day. ExxonMobil made a final investment decision to proceed with the Payara field development, Guyana’s third offshore oil development on the Stabroek Block, at the end of September... Continue Reading →

November 14, 2023 0

KOTUG Bolsters Guyana Fleet with Three Offshore Terminal Tugs

(OE) KOTUG said Tuesday it had, via its Guyanese subsidiary KOTUG Guyana strengthened its position in Guyana with the arrival of three additional Offshore Terminal Tugs to support ExxonMobil Guyana’s offshore operations. With the arrival of KOTUG-owned ‘SD Grace’, ‘Seaways 20’ and ‘Seaways 22’, KOTUG will operate a total of five offshore terminal tugs in... Continue Reading →

November 14, 2023 0

BB Energy, JE Energy Win Tender to Market Guyana’s Share of Oil

(Reuters) British trading firms BB Energy and JE Energy on Thursday won two contracts to market Guyana's share of crude production through deals that will pay the South American country premium fees of between 26 cents and 70 cents per barrel over market prices, the energy minister said. Guyana's light sweet crude grades, Liza and... Continue Reading →

November 10, 2023 0

Well results showcase potential for standalone shallow oil development off Guyana

Two oil and gas players – Canada’s CGX Energy and Frontera Energy – have revealed the well results for a discovery in the Corentyne block offshore Guyana, which serve to further highlight the potential for a standalone shallow oil resource development across the block. According to CGX and Frontera, a total of 114 feet (35 meters)... Continue Reading →

November 10, 2023 0

FPSO Liza Unity Purchase by ExxonMobil Completed

SBM Offshore and ExxonMobil Guyana Limited, an affiliate of ExxonMobil Corporation, have completed the transaction related to the purchase of FPSO Liza Unity, a few months ahead of the end of the maximum lease term, in February 2024. The purchase allows ExxonMobil Guyana to assume ownership of the unit while SBM Offshore will continue to... Continue Reading →

November 9, 2023 0

SBM Offshore Upgrades Annual Revenue, Profit Outlook after ExxonMobil FPSO Sale

(Reuters) Dutch oil and gas services company SBM Offshore on Thursday upgraded its full-year revenue and core profit targets after ExxonMobil exercised its purchase option for a project in Guyana. The Amsterdam-based company now aims for a directional revenue of $4.4 billion for 2023, against a previous forecast of above $2.9 billion, and earnings before... Continue Reading →

November 9, 2023 0

Suriname state-oil firm says Petronas exploration well shows promise

(Reuters) - Malaysia's state-owned oil firm Petronas has discovered several oil-bearing layers in an exploration well off the coast of Suriname, state oil firm Staatsolie said in a statement on Thursday. Suriname's offshore exploration areas are adjacent to Guyana, home to the largest oil finds in more than decade. The Roystonea-1 well is part of... Continue Reading →

November 2, 2023 0

Shell takes axe to its eco-friendly business as oil giant focuses on digging up fossil fuels

(FOR) Shell has taken another axe to its once lofty decarbonization plans, as the U.K. oil giant’s pivot back to fossil fuels picks up steam. The group plans to cut at least 15% of staff working in its low-carbon solutions division while scaling back its hydrogen business, Reuters first reported Wednesday. The move will see 200 jobs go in... Continue Reading →

October 30, 2023 0

Exxon, TotalEnergies Bid for Shallow-water Guyana Oil and Gas Blocks

(Reuters) Oil production consortia led by TotalEnergies and Exxon Mobil bid on separate shallow-water oil and gas blocks in Guyana's first competitive auction, a government official said in a briefing on Thursday. The official disclosed which companies had bid on which of the 11 shallow and three deep-water territories made available this year. No further... Continue Reading →

October 27, 2023 0

Exxon posts $9.1 billion net, down from year-ago, up 15% from 2Q

(Reuters) - Exxon Mobil Corp (XOM.N) on Friday posted a $9.1 billion third-quarter profit, about a 54% drop from record earnings a year ago but up from the prior quarter as oil prices recovered. Earnings at the largest U.S. oil producer have benefited from higher crude oil prices compared to the previous quarter and demand for gasoline... Continue Reading →

October 27, 2023 0

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