Stabroek

ExxonMobil profits for the first three months of this year are expected to dip sharply year/year and be down sequentially in part because of weak natural gas and oil prices, the integrated major said. Shell plc also has revised its expectations.  In a Securities and Exchange Commission Form 8-K filing, ExxonMobil noted that commodity prices…

Guyanese officials have played down any threats to foreign investment while talking up the possibility of developing the country’s natural gas resources. At the Guyana Energy Conference and Supply Chain Expo last week, Vice President Bharrat Jagdeo told the audience, “I want to assure you that your investments will be safe.” The reassurances come amid…

Chevron Corp. agreed Monday to snap up Hess Corp. in an all-stock transaction valued at $53 billion, enlarging the supermajor’s Lower 48 and Gulf of Mexico portfolios and giving it entry into rich discoveries offshore Guyana in the Stabroek block. The total enterprise value, including debt, is $60 billion. The agreement nearly matches the estimated…

The global natural gas and oil exploration sector had its strongest year in 2022 in a decade as national oil companies and majors focused on taking advantage of what might be a short-term window of opportunity. The sector created some $33 billion of value at $60/bbl Brent prices last year, according to a report from…

At a time when oil prices are surging and global supply is struggling to meet fast recovering energy demand, ExxonMobil and its partners have added 220,000 b/d oil production capacity to their offshore Guyana project. Production has begun at the second offshore oil development at the prolific Stabroek block. The Liza Phase 2 development is…

ExxonMobil said last week it has added two oil and natural gas discoveries offshore Guyana in the prolific Stabroek block. The Fangtooth-1 well, drilled in 6,030 feet of water, encountered 164 feet (50 meters) of oil-bearing sandstone reservoirs, the energy major said. The Lau Lau-1 well, in 4,793 feet of water, encountered 315 feet of…

Natural gas and oil explorers discovered up to 13 billion boe worldwide in 2019, the most volumes since 2015, with most in deepwater and three-quarters weighted to gas.