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(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 →
(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 →
(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 →
(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 →
(Reuters) Guyana's Vice President Bharrat Jagdeo on Thursday said the government will not take action against a local Exxon Mobil Corp contractor after Reuters reported its owners are under a U.S. criminal investigation. Last Friday, Reuters disclosed that U.S. government officials repeatedly warned Exxon against doing business with two Guyanese mining magnates who are involved in a... Continue Reading →
(Reuters) The Big three oilfield services (OFS) companies will likely report higher profits for the second quarter as resurgent demand in international markets and strong offshore drilling helped counter tepid activity in North America. Baker Hughes, Halliburton, and SLB are set to post a combined second-quarter adjusted profit of $2.04 billion, according to Refinitiv data,... Continue Reading →
(ON) Brazil was able to cop a total of US$12.882 billion in signing bonuses from 15 block awards in its pre-salt area since the state-owned Petrobras made the first discovery back in 2006. This is according to the recent Economic Commission for Latin America and the Caribbean (ECLAC) report. The pre-salt is a sequence of... Continue Reading →
(Reuters) U.S. government officials repeatedly warned Exxon Mobil to avoid doing business with two mining magnates in Guyana, who face a U.S. investigation on suspicions of money laundering, drug trafficking and gold smuggling, according to five people with knowledge of the matter and two intelligence reports seen by Reuters. The Texas-based oil giant ignored the... Continue Reading →
(Reuters) Suriname said on Thursday it signed a memorandum of understanding with Trinidad and Tobago that aims to increase energy cooperation, and people familiar with the matter said it could lead to natural gas from Suriname being piped to Trinidad and Tobago. Trinidad and Tobago has been searching for ways to expand its supplies of... Continue Reading →
Offshore drilling contractor Noble Corporation has won a new contract with Petronas Suriname E&P, a subsidiary of Malaysia’s energy giant Petronas, for one of the semi-submersible rigs in its fleet, which is being hired for drilling activities offshore Suriname. According to Noble, this one-well contract, which was awarded for the Noble Discoverer semi-submersible deepwater rig to drill an... Continue Reading →
