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(Reuters) - Whether fuel pump prices fall in 2022 depends on two groups of producers who are struggling to increase oil output in the wake of the pandemic: OPEC and its allies and U.S. shale firms. The global oil industry's slow response to the surging demand in 2021 has contributed to soaring energy costs and... Continue Reading →
Dutch FPSO specialist SBM Offshore has won contracts to perform Front End Engineering and Design (FEED) for an FPSO for Exxon's Yellowtail development offshore Guyana. The FEED contract for what will be Guyana's fourth FPSO, and fourth delivered by SBM Offshore, triggers the initial release of funds by ExxonMobil to begin FEED activities and secure... Continue Reading →
TechnipFMC has secured a contract by Exxon Mobil Corporation affiliate Esso Exploration and Production Guyana to supply the subsea production system for the Yellowtail development in the Stabroek block. TechnipFMC will provide project management, engineering, manufacturing and testing capabilities to deliver the overall subsea production system. The scope includes 51 enhanced vertical deepwater trees (EVDT)... Continue Reading →
(Reuters) - Exxon Mobil (XOM.N) is in discussions with Dutch contractor SBM Offshore NV (SBMO.AS) to build a fourth multibillion-dollar production unit to develop its Guyana oil discoveries, two people close to the negotiations said. The talks include the potential for some future platform assembly in Guyana, the people said. Guyana hopes to develop an oil industry infrastructure to... Continue Reading →
(WO) Tullow Oil Plc is pushing ahead with plans to sell stakes in energy deposits in East Africa and Latin America. “We have pretty significant positions in emerging basins in Guyana and Argentina and we’re looking at farm-down opportunities there,” Chief Executive Officer Rahul Dhir said in an interview in Dubai, where he attended a... Continue Reading →
(PetroleoHoje) ExxonMobil is planning higher capex for the year 2022 due to the Yellowtail and Bacalhau projects, located in Guyana and Brazil, respectively, said senior vice president and CFO Kathy Mikells. If approved by Exxon's board of directors, next year's capex will jump from the current level of $16 billion to $19 billion to $20... Continue Reading →
Guyana plans to auction new blocks for offshore oil exploration by the third quarter of 2022, Vice President Bharrat Jagdeo said late on Monday. A consortium led by Exxon Mobil is responsible for all output in Guyana, Latin America's new oil frontier, since the vast Stabroek block began producing in 2019. About 10 billion barrels... Continue Reading →
Sapote-1, ExxonMobil's third well in the Canje Block offshore Guyana, has, after the first two wells, Bulletwood-1 and Jabillo-1, failed to unearth evidence of commercial hydrocarbon volumes, too. Westmount Energy, an indirect partner in the Canje Block through its stake in JHI Associates, the Sapote-1 well on the Canje Block was drilled in 2,549 meters of water by... Continue Reading →
(Reuters) - Guyana plans to meet an unprecedented growth expected in its power demand by building a new gas-fueled plant and expanding its hydropower capacity, a key step to leave behind fossil fuels for generating electricity, President Irfaan Ali said this week. Latin America's newest oil producer on Thursday launched a low-carbon strategy ahead of... Continue Reading →
Hess Corp expects to produce more than 1 million gross barrels of oil per day (bpd) in Guyana by 2027 from at least six production units, the U.S. oil producer said on Wednesday. The projection comes shortly after a second floating production system [Liza Unity] arrived in the South American country's waters. Hess added that it... Continue Reading →
Brazil Energy Insight 