Transocean to Buy Ocean Rig in $2.7 Bln Deal
emerging across the globe for the combined fleet (particularly in Brazil)," analysts at Tudor Pickering & Holt Co wrote in a note on Tuesday.Majors, including Norway's Equinor, Chevron Corp and BP, won bids for offshore blocks in Brazil, which hold billions of barrels of oil.Elsewhere, Exxon Mobil Corp said last month it had begun offshore exploration drilling off Australia's southeast coast, while also pursuing finds at its offshore Guyana discovery."The announcement is not a surprise. Industry consolidation is necessary to get these premium assets back to work over the next two
Exxon Expects More Oil from Guyana's Offshore Block
Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain about 25 percent more recoverable resources than estimated, they said on Monday.Exxon and U.S.-based partner Hess Corp said more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.The previous estimate was 3.2 billion barrels of oil equivalent, Exxon, the world's largest publicly traded oil producer, said.Besides Exxon and Hess, China's CNOOC is also part of the consortium that
Exxon Starts Drilling at Offshore Guyana Projects
Exxon Mobil Corp said it has commenced development drilling in the first of three offshore Guyana projects, which could produce more than 500,000 barrels of oil per day. Development drilling began in May for the first of 17 wells planned for Liza Phase 1, the company said.So far, Exxon Mobil and its co-venturers have discovered more than 3.2 billion oil-equivalent barrels estimated recoverable resources on the 6.6 million acre Stabroek Block.Liam Mallon, president of ExxonMobil Development Company, said, “We are well on our way to producing oil less than five years after our first discovery
As US Opens Up Offshore Waters, Eastern GoM Beckons
domestic energy resources in concert with enabling military operations, training and testing." Defense Department spokeswoman Major Carla Gleason said collaboration with Interior on the issue was "a priority." Major offshore producers such as Exxon Mobil Corp, BP Plc, Anadarko Petroleum Corp and ConocoPhillips declined to comment. Shell welcomed the expanded offshore prospects the Trump administration plans to make available, but has not committed to any new activity, said spokesman Curtis Smith. A Chevron spokeswoman, Veronica
Exxon, Petrobras Form Alliance to Develop Oil, Gas Projects
Exxon Mobil Corp and Petróleo Brasileiro SA, Brazil's state-controlled oil producer also known as Petrobras, said on Thursday they had formed an alliance to develop energy projects around the world. The deal, which was signed in Rio de Janeiro, will have the companies study ways they can cooperate on exploration, production and chemical ventures inside and outside of Brazil. The deal comes two months after Exxon and Petrobras were jointly awarded six oil-rich blocks in Brazilian coastal waters. (Reporting by Ernest Scheyder; editing by Diane Craft)
Exxon's Big Bet on Brazil Oil Could Signal Major Pre-salt Role
Exxon Mobil Corp's big bet on Brazil's offshore Campos basin shows its willingness to pay up to replenish its reserves and may pave the way for hefty bids in October auctions in the country's rich pre-salt areas, analysts said. Marking a return to Brazilian exploration after a five-year absence, Exxon took eight blocks in the coveted basin, one of Brazil's most productive, at an auction on Wednesday. Six were taken in partnership with state-run Petroleo Brasileiro (Petrobras). The auction's record take included an Exxon bid of 2.24 billion reais ($704 million) for one block, Brazil's
Latest Gulf of Mexico Auction Signals Offshore Return
requires higher prices for producers to break even. Royal Dutch Shell claimed the largest number of blocks, with 19 high bids valued at a combined $25.1 million. Chevron Corp followed with 15 high bids totaling $27.9 million. Anadarko Petroleum Corp won 10 blocks for $10.6 million. Exxon Mobil Corp took seven blocks of land for $20.4 million. Most of the bids were for deep water blocks, at depths of more than 1,600 meters. The auction drew interest from 27 oil companies, with 99 bids on 90 blocks in the Gulf of Mexico, according to the BOEM. "The deepwater industry
BP Doubles Down on Deepwater
, who have cooled on offshore investments in light of the lower costs and quicker returns of onshore shale plays. While BP has some onshore U.S. developments, the firm is notably absent from the industry's rush into shale oil fields of the West Texas Permian Basin. Majors including Exxon Mobil Corp, Chevron Corp and Royal Dutch Shell have maintained Gulf operations but focused expansions on U.S. shale. Exxon Mobil doubled its acreage in the Permian in a deal earlier this year. Freeport-McMoRan and Devon Energy Corp have pulled out of Gulf drilling entirely in recent years. Anadarko
US Offshore Regulator to Unveil Tougher Environmental Safeguards
to both the agency and the industry." If a company defaults on its financing obligations, the government will track down previous owners or operators of the wells, Orr said. Leases on many of the wells were originally owned by oil majors like BP, Royal Dutch Shell PLC, Exxon Mobil Corp and Chevron Corp. Balance Sheet Pressure Under the new rules, companies will be exempt from providing additional clean-up guarantees only if the total estimated liability is less than 10 percent of a company's net worth. It will be particularly difficult for companies to meet
February 2024
