Exxon Mobil Corp News

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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

(Photo: ExxonMobil)

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

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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)

China Optimistic of Finding Gas off Vietnam

Hubbard, head of Asia oil and gas research at investment bank Macquarie in Hong Kong. "It's not a huge leap of faith to think they might be targeting a gas-prone structure," he said. Indeed, Vietnam has two fields to the left of the rig, much closer to its coast, where U.S. giant Exxon Mobil Corp discovered oil and gas in 2011 and 2012. A part of Vietnam's Blocks 118 and 119 fall within China's so-called nine-dash line, a boundary Beijing uses on its official maps to show its claim to 90 percent of the South China Sea. The controversial line extends deep into the heart of maritime

Exxon Discovers Oil in Guyana Offshore Block

Exxon Mobil Corp has discovered oil off the coast of Guyana, the company and the South American nation's government said on Thursday, potentially inflaming a long-running territorial dispute with neighboring Venezuela.   The discovery is located in the Stabroek Block off a border region that is claimed by Venezuela in a territorial controversy dating back more than a century, even though the area functions in practice as Guyanese territory.   The government said it is "optimistic of a hydrocarbon discovery of commercial quantities which will further transform Guyana's economy.

BP's Thunder Horse platform in the Gulf of Mexico (File photo: BP)

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

Chevron: No Production Impact from US Gulf Storm

ahead of the storm, such as cooks and maids, with no production impact from the weather.   Chevron is the No. 3 oil producer in the U.S. Gulf, and Shell is No. 1. No. 2 BP Plc said it was monitoring the storm, but operations continued as normal. Other operators, including Hess Corp and Exxon Mobil Corp also said they were watching the weather.     (Reporting By Kristen Hays; Editing by Terry Wade

Imperial Oil Defers Drilling in Canada's Beaufort Sea

Imperial Oil Ltd said on Friday it is deferring plans to drill an exploratory well in the Beaufort Sea in Canada's Arctic as it seeks an extension to the length of its exploration license in the region.   Pius Rolheiser, a spokesman for the company, said the license, which it shares with Exxon Mobil Corp and BP Plc, expires in 2020 and it is asking the Canadian government for a nine-year extension so it can complete the regulatory process and have adequate time to make a decision on how or when it will drill a well in the region.     (Reporting by Scott Haggett; Editing by Tom Brown

Photo Chevron

Imperial Oil/Exxon/BP Gr defer drilling in Canada's Arctic

  Imperial Oil Ltd said on Friday it and partners Exxon Mobil Corp  and BP Plc need more time before they can drill an exploratory well in Canadian Arctic waters and are seeking an extension to their exploration license in the region. Pius Rolheiser, a spokesman for Imperial, said the license for the group's exploration parcel in the Beaufort Sea, a section of the Arctic Ocean, expires in 2020. He said the group is asking the Canadian government for a seven-year extension so it can complete the requirements of the regulatory process and have adequate time to make a decision on how

© Mike Mareen / Adobe Stock

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

The Discoverer Enterprise, Q4000 and many other vessels work around the clock cleaning up the Deepwater Horizon oil spill in the Gulf of Mexico. (Photo: SGT Casey Ware, U.S. Army)

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

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

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