ExxonMobil and Chevron could gain access to Algeria’s vast natural gas resources as the U.S. supermajors are in advanced talks for exploration and production deals in the North African country, The Wall Street Journal reported on Friday, quoting sources with knowledge of the talks and Algerian Energy Minister Mohamed Arkab. …
Read More »Exxon is Ramping up Activity in Offshore Guyana as the Economy Soars
With more than 35 oil discoveries since 2015 the impoverished South American microstate of Guyana has emerged as the world’s hottest frontier drilling location. Global energy supermajor ExxonMobil is leading the charge by exploiting the prolific offshore Stabroek Block where it has discovered over 11 billion barrels of oil resources. …
Read More »Exxon and Partners Made $5.8 Billion in Guyana in 2022
Exxon and its partners in the offshore Stabroek Block in Guyana have made almost $6 billion from their operations. Citing official documents, Reuters says audited financial results show that Exxon, Hess Corp., and CNOOC earned a combined 5.8 billion from the Guyana business in 2022. Exxon’s individual share of the …
Read More »Exxon Delivers Record First-Quarter Profit on Higher Output
Exxon Mobil Corp on Friday reported a record first-quarter profit that was more than double a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels. Oil companies are riding a wave of strong demand and cost-cutting tied …
Read More »ExxonMobil Withdraws from Colombia Block Deal
An ExxonMobil spokesperson has confirmed to Rigzone that the company has exercised its right to withdraw from its joint operating agreement with Patriot Energy for Block VMM37 in Colombia. “We notified the Agencia Nacional de Hidrocarbons of our intent to withdraw from the E&P contract for VMM37, and to discuss …
Read More »Exxon Launches New Unit at Beaumont Refinery
Exxon this week started a new crude oil distillation unit at its Beaumont refinery, boosting its daily capacity to almost 620,000 bpd. This makes the Beaumont facility the second-largest refinery in the United States after Aramco’s Motiva, Reuters reported. The new unit itself will have a capacity of 250,000 barrels …
Read More »ExxonMobil Deal Enables QatarEnergy to Add more Offshore Acreage to Its Oil & Gas Portfolio
Qatar’s state-owned energy giant QatarEnergy has entered into a farm-in agreement for two exploration licenses offshore Newfoundland and Labrador in Canada with ExxonMobil Canada, a subsidiary of the U.S. oil major ExxonMobil. This deal allows the Qatari player to expand its offshore exploration portfolio in Atlantic Canada. QatarEnergy revealed on …
Read More »Chad Nationalizes all Assets Owned by Exxon Mobil
The nationalization of Exxon Mobil’s assets in Chad comes after the oil giants divested from them in December 2022, media have reported. Chad has nationalized all the assets and rights, including hydrocarbon permits and exploration and production authorizations, that belonged to a subsidiary of Exxon Mobil, the West African nation’s …
Read More »ExxonMobil’s Low-Carbon Hydrogen Project in Texas Gains Ground
ExxonMobil’s low-carbon hydrogen project in Baytown, Texas, has entered a new stage with a contract award to Technip Energies for front-end engineering and design (FEED). The low-carbon hydrogen, ammonia, and carbon capture facility is expected to produce one billion cubic feet of low-carbon hydrogen per day, making it the largest …
Read More »Big Oil Saw Record $199Bn Profits in 2022 but 2023 will be Different
ExxonMobil, Chevron, Shell, TotalEnergies, and BP reaped almost $200 billion collectively last year but fears of an economic slowdown, plunging natural gas prices, cost inflation and uncertainty over China’s re-opening are dimming the outlook for 2023. The five companies are expected to report $198.7 billion in combined 2022 profit in …
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