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(Reuters) Exxon Mobil on Friday posted a better-than-expected $9.2 billion second-quarter profit based on rising output from its purchase this year of shale oil firm Pioneer Natural Resources. Exxon delivered a $2.14 a share profit that beat analysts' estimates on oil production and pricing gains that offset refining weakness. Results mirrored profit beats by rivals... Continue Reading →
(Reuters) - Shell reported second-quarter profit of $6.3 billion, a drop of 19% from the previous three months as refining margins and oil and gas trading weakened, though still beating analysts' forecasts. The results were lifted by strong performances in the oil and gas production and retail marketing businesses and the profit was nearly 25% higher... Continue Reading →
(Reuters) French oil major TotalEnergies reported a 6% fall in second-quarter earnings on Thursday, worse than analysts expected, hurt by lower refined product and gas sales and as European refining margins tumbled. Adjusted net income for the three months to June 30 was $4.7 billion, down from $4.96 billion a year earlier and $5.1 billion... Continue Reading →
(Reuters) Exxon Mobil's legal bid to stop Chevron's proposed $53 billion acquisition of Hess rests on whether the transaction would involve a change of control of Hess' prize subsidiary in Guyana, according to people knowledgeable about the argument. The two top U.S. oil producers are in an arbitration battle over the world's largest oil discovery... Continue Reading →
(Offshore-energy.biz) After ExxonMobil Guyana Limited (EMGL), a subsidiary of the U.S.-headquartered energy giant ExxonMobil, applied for environmental authorization to undertake the development of its seventh oil project in the Stabroek block, off the coast of Guyana, the country’s Environmental Protection Agency (EPA) has reviewed the application, concluding that it needs further insights into the potential... Continue Reading →
(Reuters) BP expects oil demand to peak next year and wind and solar capacity to grow rapidly in both of the two main scenarios in its annual Energy Outlook, a study of the evolution of the global energy system to 2050 it published on Wednesday. Carbon emissions, caused predominantly by the burning of fossil fuels,... Continue Reading →
(OE) Shell Trinidad and Tobago, a subsidiary of Shell, has taken Final Investment Decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago. Manatee will allow Shell to competitively grow its Integrated Gas business by building on development efforts in the ECMA, one of... Continue Reading →
(Reuters) - More than 12 oil companies, including Exxon, Shell and Brazil's national oil company, have expressed interest in buying a 40% stake in Galp Energia's major oil discovery offshore Namibia, sources close to the sale process said. Galp's Mopane discovery, which is estimated to hold at least 10 billion barrels of oil and gas equivalent,... Continue Reading →
(Offshore-energy.biz) Joint venture (JV) partners, Canada’s CGX Energy and Frontera Energy, are seeking to undertake additional action to tap into and unleash the hydrocarbon resources on the Corentyne block offshore Guyana, given the potential for a standalone shallow oil resource development across the block, which their exploration results highlighted. As a result, the JV has... Continue Reading →
(Oil Now) Cost recovery for investments into the Stabroek Block petroleum operations are set to accumulate to approximately US$31 billion by the end of 2024. The Stabroek Block Production Sharing Agreement, inked by the Guyana government, ExxonMobil, Hess and CNOOC, allows the co-venturers to recover investments by taking up to 75% of annual production as... Continue Reading →
Brazil Energy Insight 