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(Reuters) Chevron’s deal to buy Hess will unlock $15 billion worth of tax benefits that had once been relegated to the accounting dustbin, as the combined company takes advantage of Hess’s past losses to cut future payments, according to the company and tax experts. The tax shield is a little-known advantage to Chevron's mega-takeover of Hess... Continue Reading →
(OET) France’s energy giant TotalEnergies has published its new annual energy outlook, presenting scenarios for the evolution of demand and the global energy system to contribute to the energy transition’s debate in the run-up to COP28. While the decarbonization engine is not running smoothly and needs to be tweaked to reach full speed, the oil... Continue Reading →
(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 →
(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 →
Petro Services and its main subcontractor Ocean Installer, a marine construction and operations player, have secured a contract with TotalEnergies for umbilical recovery and reinstallation activities on a floating production, storage, and offloading (FPSO) vessel in Angola. The new contract, awarded by TotalEnergies EP Angola and its Block 17 partners, will enable the two players to execute an... Continue Reading →
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 →
(OET) Offshore drilling contractor Valaris has secured a plethora of new contracts and extensions for four floaters and five jack-ups in its rig fleet with TotalEnergies, Petrobras, ExxonMobil, Eni, BP, TAQA, and Perenco. These deals will enable the rig owner to carry out operations in Brazil, Angola, Mexico, Trinidad, Indonesia, the Netherlands, and the UK.... Continue Reading →
(Reuters) Shell on Thursday reported third-quarter earnings of $6.2 billion, in line with expectations, on higher refining margins and strong liquefied natural gas (LNG) trading. The company announced share buybacks of $3.5 billion over the next three months, up from $2.7 billion in the previous three months. It maintained its dividend unchanged at $0.331 per... Continue Reading →
(Reuters) BP on Tuesday reported third-quarter earnings of $3.3 billion, missing analysts' forecasts as strong oil trading and refining margins were offset by weak gas results and the write down of a large chunk of a U.S. windfarm project. The British company maintained its dividend at 7.27 cents per share and extended its $1.5 billion... Continue Reading →
(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 →
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