Wood Mackenzie Forecasts Continued Growth in the Permian Basin in the United States
One of the world’s largest oil provinces—the leading shale basin in the United States—continues to ramp up production. According to Wood Mackenzie analysts, crude oil and condensate production in the basin is expected to increase by 200,000 barrels per day this year, reaching 6.6 million barrels per day, despite operators …
Bloomberg Reports Possible 60-Day Extension of Chevron’s License to Operate in the Bolivarian Republic of Venezuela
The administration of U.S. President Donald Trump is prepared to extend the license granted to Chevron Corporation for oil production and export activities in the Bolivarian Republic of Venezuela by an additional 60 days, Bloomberg reported, citing sources familiar with the matter. The extension is being considered in the context …
Ministry of Energy of the Republic of Kazakhstan: The Tengiz Field Will No Longer Increase Oil Production
Oil production in the Republic of Kazakhstan rose by 2% from the April average, reaching 1.86 million barrels per day (bpd) between May 1 and May 19, according to Reuters. The Tengiz field alone contributed 932,000 bpd to this total. In April, Kazakhstan reduced its oil output by 3% month-on-month, …
Chevron Corporation and Companies from the European Union Are Requesting Approval from the United States Administration for Projects in the Bolivarian Republic of Venezuela
Chevron Corporation of the United States and European energy companies are currently engaged in negotiations with the administration of President Donald Trump to retain their stakes in joint ventures with PDVSA, the state-owned oil and gas company of the Bolivarian Republic of Venezuela, according to a report by Reuters. The …
Chevron Corporation Plans to Drill Another Exploration Well Off the Coast of the Republic of Namibia
Chevron Corporation is considering the possibility of drilling an exploration well in the Walvis Basin, located off the coast of the Republic of Namibia, in the year 2026 or 2027, according to a report by Reuters, citing the American oil company. Chevron’s wholly owned subsidiary, Chevron Namibia Exploration Limited, is …
Cyprus Is Making Another Attempt to Develop the Aphrodite Offshore Field
The Government of Cyprus has received a new plan for the development of the Aphrodite offshore field. Partners in the Aphrodite offshore project (“Aphrodite“), American Chevron, British Shell and Israeli NewMed Energy have submitted to the Cabinet of Ministers of Cyprus a new plan for the development of deposits worth …
Chevron and QazaqGaz to Conduct Exploration Work at the Zhalibek Subsoil Site in Kazakhstan
Kazakhstan national company QazaqGaz and Chevron (through its subsidiary Chevron Munaygaz Inc.) signed a cooperation agreement on geological exploration work (GEW) at the Zhalibek subsoil site in the Aktobe region near the Zhanazhol and Urikhtau fields. This was reported by the press service of QazaqGaz. It is noted that negotiations …
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 …
Hess-Chevron Deal May Be Suspended Until 2025
A transaction arbitration panel that could have blocked or green-lit the $53 billion sale of Hess to Chevron has not made a decision three months after ExxonMobil filed a claim for pre-emptive rights to buy Hess’ assets in Guyana as a co-owner of the project. The third and final arbitrator …
Chevron Expands Angola Assets
Chevron has signed two risk service contracts (RSCs) for Block 49 and Block 50 in the ultra-deepwater Lower Congo Basin of Angola through its Angolan subsidiary Cabinda Gulf Oil Company Limited, kicking off exploration work and laying the groundwork for development of the blocks, the African Energy Chamber said in …