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 …
ExxonMobil and Partners Discovered Oil in Block 15 Offshore Angola
The Angolan National Agency of Oil, Gas and Biofuels (ANPG) reported the successful drilling of the Likembe-01 exploration well, located in the Kizomba B development zone, Block 15, operated by ExxonMobil in partnership with Azule Energy, Equinor and Sonangol. Likembe-01 is located at a depth of 1200 meters, intersecting Miocene …
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 …
ExxonMobil Receives FTC Approval to Acquire Pioneer Natural Resources
American energy company ExxonMobil has received approval from the US Federal Trade Commission (FTC) to acquire Pioneer Natural Resources, an operator of the Permian shale basin, for $64.5 billion. The Federal Trade Commission said it resolved antitrust issues related to the deal by approving the consent decree. At the same …
ExxonMobil Will Continue Development of Whiptail, the Sixth Project in the Stabroek Block Offshore Guyana
ExxonMobil said it has made a final investment decision to proceed with the development of Whiptail, the sixth project in the Stabroek block in Guyana, following receipt of the necessary government and regulatory approvals. The Whiptail project, which will use a FPSO (product storage and offloading vessel), will require an …
ExxonMobil Has Found Another Offshore Field In Guyana
The company says it has discovered new oil in Guyanese waters. The discovery in question is called Bluefin in the Stabroek block offshore Guyana. This is the company’s first new find in 2024. Stabroek is the main production area of a large field discovered by Exxon off the coast of …
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, …
BP Is Preparing To Drill A Deepwater Well Offshore Of Brazil After Exploration Attempts By Shell And ExxonMobil Failed
BP is preparing to drill a deepwater well on the Brazilian continental shelf in an attempt to break a string of failures for other oil and gas majors. The company’s press service reports this. Drilling work Drilling operations are planned at the Pau Brasil field in the Santos Basin. On …
ExxonMobil Has Finally Left Iraq
The American oil company has finally abandoned the West Qurna 1 project in southern Iraq, transferring operational functions at one of the world’s largest oil fields to PetroChina. In 2023, the Iraqi authorities approved an agreement to transfer ExxonMobil’s 22.7% share in the West Qurna-1 project to the state-owned Basra …