Oil and Gas Companies Pull Out of UK North Sea Sector Due to Tax Pressure
Oil and gas companies operating in Britain’s North Sea offshore sector are consolidating and moving overseas as Britain’s windfall tax cuts into profits and the opposition Labor Party threatens to increase taxes if it wins the next general election. This was reported by Reuters. A change in strategy could accelerate …
Chevron Will Leave the UK North Sea after More than 55 Years of Operation
American Chevron Corp. will sell its remaining oil and gas assets in the British part of the North Sea, where it has operated for more than 55 years, the Financial Times writes, citing a company statement. The decision follows a review of Chevron’s global portfolio to identify strategic and competitive …
Exxon and Chevron Are Ahead of European Rivals Due to Production in Guyana and the United States
ExxonMobil and Chevron are increasing production in some production regions, with oil becoming the driver of growth. ExxonMobil and Chevron forecast that their production in the Permian Basin will increase by 10% this year. Exxon also reported that oil production in Guyana in the first quarter increased by 70% compared …
Hess Has Decided on a New Field in Guyana
Has Hess decided to wrest Whiptail from Exxon? Hess has received approval for its sixth project in the Stabroek block, Whiptail, offshore Guyana. She enlisted the support of the country’s authorities. Already at the end of 2027, Whiptail’s capacity should increase by 250 thousand b/d. Resources at Whiptail are 850 …
Chevron Abandons Yadana Gas Field Offshore Myanmar
American Chevron left the Yadana field offshore Myanmar. This was reported by Reuters with reference to a company representative. Reason for leaving Chevron’s share in the project was 41.1%. The shares were not sold, the company distributed them among the remaining shareholders: – Thai company PTT Exploration and Production (PTTEP); …
Venezuelan PDVSA Chevron Joint Venture Launches New Drilling Plan
Petroindependentcia, a joint venture between Venezuelan state oil company PDVSA and US company Chevron, has begun a new drilling campaign, PDVSA said in a statement on Monday. The United States eased oil sanctions on Venezuela in October following an agreement to guarantee elections between the South American country’s government and …
Costs For Tengiz Increased By Another $1.5 Billion
The operator of the project for the development of the Kazakh Tengiz field, American Chevron, has again increased the amount of necessary investments in the expansion of the project. The cost of expanding production at the giant Tengiz oil field in Kazakhstan has increased by another $1.5 billion, Bloomberg writes, …
Chevron Resumes Drilling In Key Venezuelan Oil Field
American Chevron Corp. has resumed drilling at an untapped deposit in Venezuela in a bid to boost output as Washington threatens to tighten its grip on the sanctions-hit country. Bloomberg reports this. Petroindependencia project According to sources familiar with the situation, work on the Petroindependencia field in the Orinoco Belt, …
The Venezuelan Parliament Extended The Work of Two Joint Ventures PDVSA And Chevron
Another 17 joint ventures with the Venezuelan state oil company are in line to extend their work. Deputies of the Venezuelan National Assembly voted to extend the life of two joint ventures (JVs) between the national oil company PDVSA and the American Chevron. The agreement will be extended for 15 …
Indonesia Approves Rokan Block Development Plan
Indonesia has approved a development plan for the Rokan block, which involves increasing oil recovery by displacing oil with steam. Reuters reports this. Let us recall that steam displacement of oil is a method of enhanced oil recovery (EOR) of formations, the most common when displacing high-viscosity oil. The volume …