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(Reuters) - Shell (SHEL.L), opens new tab exceeded analyst expectations on Friday, reporting a 28% drop in first-quarter net profit to $5.58 billion, while holding steady the pace of its share buyback programme despite falling oil prices and lower refining margins. That contrasts with rival BP (BP.L), opens new tab that cut its buybacks this year to try to strengthen its... Continue Reading →
(Reuters) - Chevron on Friday reported first-quarter earnings that met Wall Street estimates, but said it would spend less on share repurchases in the current quarter, reflecting the shaky economic outlook faced by Big Oil. The company's share repurchases this year could be between $11.5 billion and $13 billion, said Chevron Chief Financial Officer Eimear Bonner,... Continue Reading →
(Reuters) - Exxon Mobil on Friday beat Wall Street's estimate for first-quarter profit as higher oil and gas production from Guyana and the Permian basin helped boost earnings. The largest U.S. oil producer paid $4.3 billion in dividends and repurchased $4.8 billion in shares during the quarter. The buyback figure puts Exxon on track to meet... Continue Reading →
Suriname is experiencing renewed optimism for its oil industry with the approval of the GranMorgu project and significant investment from international energy companies. The country hopes to leverage its offshore oil discoveries to address economic challenges and reduce poverty, drawing inspiration from neighboring Guyana's successful oil boom. Several offshore blocks, including Block 58 and Block... Continue Reading →
(oilnow.gy) ExxonMobil will relinquish at least 9% of the vast Stabroek Block in Guyana as required by its petroleum agreement, according to the Ministry of Natural Resources. The Stabroek Block, spanning 26,800 square kilometers, is the centerpiece of Guyana’s deepwater oil boom. Exxon and its partners Hess and CNOOC have made over 30 discoveries on... Continue Reading →
(Reuters) Oil giant Shell will pull out of three offshore gas projects in Colombia's Caribbean, it owns together with Colombia's state-run oil company Ecopetrol, the groups said on Thursday. Shell had acquired a 50% operating stake in Col 5, Purple Angel and Fuerte Sur deepwater blocs in 2020. "They no longer fit our strategic ambitions.... Continue Reading →
(OE) MODEC has been awarded a contract by ExxonMobil Guyana to develop an FPSO for the Hammerhead project. The Hammerhead FPSO will have the capacity to produce 150,000 barrels of oil per day (BOPD), along with associated gas and water. It will be moored at a water depth of approximately 1,025 meters using a SOFEC... Continue Reading →
(Reuters) - A consortium led by U.S. oil major Exxon Mobil is about to begin installing its fourth floating oil production facility in Guyana, the South American country's maritime regulator said in a notice on Tuesday. The floating production storage and offloading (FPSO) facility 'One Guyana,' built by SBM Offshore with a 250,000 barrel-per-day capacity, departed Singapore... Continue Reading →
MODEC, Inc. [“MODEC”; TSE: 6269], a publicly listed company on the Tokyo Stock Exchange, and a leading floating solutions provider in the global floating production, storage and offloading (FPSO) industry, has officially opened its new execution center in Kuala Lumpur. This affirms MODEC’s commitment to Malaysia as a strategic hub for regional business operations, innovation,... Continue Reading →
(OE) Shell, through its subsidiaries, has awarded a contract to Stena Drilling for the Mobile Offshore Drilling Unit (MODU) Stena DrillMAX, which will be put to work offshore Suriname. KE STP Company and BG International Limited Suriname Branch, subsidiaries of Shell, have selected Stena DrillMAX for a drilling campaign, expected to start in the second... Continue Reading →
Brazil Energy Insight 