Exxon Taps Ocean Infinity to Survey the Stabroek Block
development of the acreage and ultimately to meet the region’s growing energy demand. This contract award is further evidence of Ocean Infinity’s ability to provide pioneering, eco-friendly solutions to major players within the energy sector.”An ExxonMobil-led consortium including Hess Corp and China’s CNOOC began producing from the Liza well within Guyana’s coveted Stabroek block in December 2019. The partners are expected to produce 750,000 bpd from the block by 2025, ExxonMobil has said.In late January, the supermajor announced its 16th discovery at the Stabroek
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
New Offshore Oil Investments Needed to Avoid Shortages -Hess
Higher investments in offshore oil production are critical to avoiding a supply squeeze by 2020, as expanding shale output will not match projected demand increases in the next few years, U.S. oil producer Hess Corp said on Thursday. The past four years of low oil prices have major producers pulling back on needed offshore investment, and the gap between supply and demand should help prices rebound, Hess Chief Operating Officer Greg Hill said at an energy conference at Rice University's Baker Institute. "The world is going to have to invest in more than shale," said Hill
Hess to Spend More on Exploration and Production This Year
Hess Corp said it expected to spend $2.25 billion on exploration and production this year, higher than the $1.9 billion it spent in 2016, in one of the first signs that oil firms will raise their budgets in 2017 after years of declines. Global oil and gas companies are expected to raise exploration and production (E&P) spending in 2017 by 7 percent, Barclays said on Monday. Oil prices are recovering after a more than two-year slump, partly due to an agreement OPEC signed in November to curb supply. Hess said on Thursday its budget would go toward deploying additional rigs in North Dakota's
Hess Seeks $30-40 Mln from Schlumberger in Well Valve Dispute
Hess Corp said on Wednesday it was pursuing legal action against Schlumberger NV for as much as $40 million, claiming the oilfield service provider supplied a defective valve for a U.S. Gulf of Mexico oilfield that shuttered three wells and crimped production. Hess took the unusual step of announcing the move on its quarterly earnings conference call, publicly mentioning Schlumberger and decrying the quality of service and parts provided. Oil producers such as Hess have been battling with Schlumberger and other oilfield service providers over price and other financial matters at a
Chevron: No Production Impact from US Gulf Storm
non-essential workers 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
Exxon Discovers Oil in Guyana Offshore Block
; Exxon's country manager for Guyana said the company was still evaluating the commercial viability of the discovery. A Venezuelan foreign ministry official said the ministry was aware of the situation but had no immediate comment. The exploration project is led by Exxon, with Hess Corp and a subsidiary of China National Offshore Oil Company also participating. Exxon signed an agreement with Guyana to explore the 26,800 square kilometer (10,350 square mile) block, 160 to 320 kilometers (100 to 200 miles) offshore, in 1999. Guyana in 2013 said Venezuela's navy
Diamond Offshore Revenue Rises on Ultra-deepwater Demand
Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 4.5 percent rise in third-quarter revenue, helped by higher demand and improved rates for its ultra-deepwater rigs. The company also said on Thursday it contracted two new-build rigs to oil producer Hess Corp at a rate much lower than previous client Murphy Oil Corp would have paid if they continued the lease. "... Contracting seventh-gen rigs at $400,000 per day suggests some desperation on the part of management to secure tenor at the expense of rate," Barclays analysts wrote in a note
February 2024
