Oil Production in Gayana Overtook the Production of Chips by Profitability
The net profit of the enterprise of the American Exxon and Hess and the Chinese CNOOC in a joint venture at the Gayan shelf, led by Exxon, increased sharply in 2023, and profitability exceeded the NVIDIA indicator, Reuters writes.
The beneficial agreement of Gayana with a consortium led by Exxonmobil last year brought partners $ 6.33 billion. The total net profit of the consortium led by Exxon amounted to 56%, which was more than 49% earned by NVIDIA in the last fiscal year. And the manufacturer of the NVIDIA chips, we recall, on June 18, he suddenly overtook Microsoft’s capitalization and became the most expensive company in the world (though at the moment he has already sank to third place among the world corporations).
But as for the oil industry and last year, the revenue of the naval oil joint venture developing the Gayan StabroEK block increased by 23% compared to the previous year, to $ 11.25 billion, since the addition of the third operational vessel increased the volume of production. The group produces about 630 thousand b/s from three floating platforms and plans to put on the shelf of Gayana three more of these.
It is noteworthy that the HESS profit from a joint venture in Gayana grew faster than the rest of the partners, increasing by 22% last year with a proportionally lower cost tax costs than Exxon and Cnooc. Hess also exceeded $ 1.62 billion earned by the South American country in oil. This is probably one of the reasons why EXXON wants to get a 30 percent share in Gayan joint venture and requires the realization of its pre-emptive redemption rights through the courts during the merger of HESS and Chevron. What this story ends is not yet clear, but the merger of the claims of Exxon can even transfer to the next year.
Favorable terms of the contract were obtained from Gayana, when intelligence risks were high, and the country’s oil potential was unknown, said Marcelo de Assis, an oil consultant specializing in Latin America. Since then, Gayana revised the terms of her oil contract, which will approximately double the share of the government up to 27.5%, but they are used only outside the stabruck block.
However, Assis is waiting for a decrease in the profit of the joint venture of foreigners on the Gayan block. “The profit will be high at the investment stage. After the costs are reimbursed, the group will pay more taxes, and the profit will fall, ” Reuters quotes the words of consultant.
