Hess Sale Raises $505 Million To Pay for Guyana Development
With oil prices still low, Hess decided to sell a stake in one offshore project to help pay to develop a much larger one.
ExxonMobil Marks 18th Subsea Discovery Offshore Guyana
This latest find means the offshore driller has averaged at least three new discoveries each year since it began drilling offshore Guyana where it plans to recover up to 8 billion barrels of crude.
ExxonMobil Weighs Global Job Cuts After Unveiling Australian Layoff Plan
Company cites COVID-19-driven decline in fuel demand in move following announcement of Australian layoff plan as latest cost-cutting measure.
ExxonMobil Looking at a 20% Reserve Reduction
ExxonMobil is reluctant to join other big oil companies writing down the value of their reserves. It could chop its reserves by 20%, but it has not made a final decision.
Shell, Chevron Combined Quarterly Losses Top $25 Billion
Shell and Chevron lead the pack in a slew of Q2 losses with $18.1 billion and $8.3 billion, respectively. ExxonMobil, ConocoPhillips, Royal Dutch Shell, Petrobras, and Repsol also posted losses. The tally of these global majors’ losses in a single quarter tops $30 billion.
Price-Plunge Fallout: Let’s Make a Deal
Nearly everything’s on the table as companies aim to shore up portfolios by curtailing investments and dumping low-priority assets.
Staking Energy and ESG Positions
What’s driving ESG investment?
ExxonMobil, Pioneer Propose A Methane Monitoring Network For Texas Oil Fields
Tracking down fugitive emissions has traditionally relied on small-scale detection efforts. This new project seeks to buck the trend by covering the Permian Basin with sensors.
Finding Oil Is Really Hard, Making Money Even Harder
Putting together the billions of dollars needed to develop deepwater finds has become tougher, but when the discoveries are huge, companies will make every effort to find a way to tap what may be a cheap source of oil.
Offshore Enters Uncharted Waters
For the offshore sector, the collapse in oil demand and prices came just as the market was beginning to look up. Now many companies are focused on survival. This article discusses how various market segments, regions, and companies are faring in “the new reality.”
Offshore Discoveries Continue Even as Shale Slows
Four recent deepwater offshore discoveries show exploration is not dead, it is just concentrated offshore.
ExxonMobil Field Tests New Methane Leak Detection Systems
As studies point to increased emissions, ExxonMobil is stepping up efforts to detect and mitigate methane release.
Further Cuts Announced Due to Low Oil Price, Supply/Demand Imbalance
ExxonMobil and Halliburton made additional cuts in spending and personnel.
Drilling Automation Is the Future, But ExxonMobil Finds Gaps To Fill
ExxonMobil’s rig automation experiment is accelerating, with plans to push the number of rigs in the system from three to nine. Drilling efficiency was improved by use of an automated pipe-handling system, which reduced the median time required for connection at one location by 20%.
ExxonMobil Shares Blueprint for Stricter Regulations of Methane Emissions
The largest oil and gas major in the US is calling for tighter rules around methane monitoring, wellhead venting, and the replacement of equipment components with “high-leak potential.”
First IPTC in Saudi Arabia Attracts Top Executives, Breaks Attendance Record
The first interdisciplinary oil and gas conference to be held in Saudi Arabia, the 12th International Petroleum Technology Conference, was the largest in its history in attendance. This features highlights of the panel and technical sessions, and an interview with Saudi Aramco CEO Amin Nasser.
ExxonMobil: Another Guyana Discovery, Ups Recoverable Reserves, Adding a Drillship
Guyana continues to strengthen its reputation as the world’s fastest growing offshore exploration hotspot.
Oil and Gas Discoveries Reach Four-Year High in 2019: Rystad
A total of 12.2 billion BOE was discovered worldwide in 2019—the highest volume in 4 years, with offshore regions dominating the list of new deposits.
Egypt Awards Oil Majors First Red Sea Blocks
The Arab world’s most populous country has awarded a string of concessions in a bid to become the region’s next major supplier of natural gas.
Guyana Hits New Milestones
First oil from the 120,000-B/D Liza Destiny FPSO is flowing ahead of schedule.
ExxonMobil, Hess To Start Production Off Guyana by Year’s End
First oil from the 120,000-B/D Liza Destiny floating production, storage, and offloading vessel, which arrived on the block in late August, is targeted for December.
ExxonMobil, Tullow Lift Guyana Offshore Discovery Count to 16
ExxonMobil has now made 14 discoveries offshore Guyana, while Tullow's announcement of its second find in the basin comes just a month after reporting its first.
Drilling Change Requires Changing Drillers
Drilling change requires training drillers. Leadership matters, as does motivation, engaging displays, and understanding office politics. Four different looks at the human side of drilling productivity improvement.
Third Oil Spill Reported Off Newfoundland and Labrador
Production from the Hibernia platform was shut down again on 17 August after its second oil spill in a month, while Husky Energy began to ramp up output from the White Rose field following the largest-ever spill off Canada’s easternmost province.
W&T Offshore To Acquire ExxonMobil’s Assets Off Alabama
The deal consists of stakes in nine shallow-water producing fields covering 108,000 gross acres in 10–50 m of water.
US Leads World in Oil Reserves
Ranking places US ahead of Saudi Arabia and Russia.
ExxonMobil Proceeds with Long-Term Vaca Muerta Shale Oil Development
Up to 55,000 BOE/D of output is expected from the ExxonMobil-operated Bajo del Choique-La Invernada block in the Argentine shale play, with a possible second phase producing up to 75,000 BOE/D.
ExxonMobil Moves Forward With Second Guyana Development
Expected to start up in mid-2022, Liza Phase 2 will produce up to 220,000 B/D of oil.
ExxonMobil’s Guyana Offshore Discovery Count Rises to 13
Yellowtail-1 is the fifth discovery in the Turbot area, where ExxonMobil plans another Stabroek Block development hub.
Majors, IOCs Win Blocks in Argentine Offshore Bid Round
Thirteen companies placed bids on 18 blocks in the Austral, North Argentina, and Malvinas West basins as part of Argentina’s first open bid round for offshore acreage in more than 20 years.
Majors Drive Increase in Global Oil and Gas Discovered Resources
Conventional oil and gas discovered resources in 2019 are on pace to rise 30% from last year and reach their highest level since the beginning of the industry downturn. Here, a recap of the first quarter's 15 biggest oil and gas discoveries, which altogether are propelling the increase.
Repsol, ExxonMobil Latest to Add Colombian E&P Blocks
Colombia now counts Repsol, ExxonMobil, Shell, and Noble Energy as companies committed to exploration in its portion of the Caribbean Sea.
ExxonMobil, Chevron Target Nearly 2 Million BOE/D in Permian Production
The US majors plan to produce around 1 million BOE/D each from the basin, which has become a primary focus of their upstream operations.
One Industry of Global Citizens
An assortment of sustainability initiatives shows how the oil and gas industry, leveraging its reach, diversity, and resources, is going well beyond just supplying energy to impact the world for the better.
ExxonMobil Makes Huge Gas Discovery Offshore Cyprus
The discovery is world’s third-largest natural gas discovery in the past 2 years.
ExxonMobil Streamlines Upstream Organization to Support Growth Plans
Exxon Mobil is reorganizing and creating three new upstream companies and a global projects company.
Natural Gas is Up, Except Where It’s Down
Natural gas prices have risen in the US but not in west Texas. The contrast is a sign of the growing pains that come with explosive growth changing this increasingly competitive market.
ExxonMobil Makes 10th Discovery Off Guyana, Lifts Resource Estimate by Another Billion Barrels
The Pluma-1 discovery could turn the southeast portion of Stabroek Block off Guyana "into a major new development area," the company says.
Culture Change Needed To Realize Full Value of Digital
What does industry need to create successful ecosystems in a new digital reality? While companies identify and implement new technologies to streamline their operations, a greater focus on new cultures, skill sets, and mindsets may be necessary.
ExxonMobil, Guyana “Hit the Jackpot”
ExxonMobil’s ninth discovery offshore Guyana solidifies the area as a premium offshore basin.
Bids, Dollars Rise in Third Regionwide US Gulf of Mexico Lease Sale
ExxonMobil and Hess led the way in the most active regionwide US gulf lease sale thus far.
Odds on the World vs. Permian Fight Are Narrowing
While US onshore still holds an edge, international oil companies are finding attractive options for diversifying their portfolios, mixing onshore with offshore conventional fields, where finding and development costs are down , and the time it takes to bring them on line.
ExxonMobil’s Eighth Discovery off Guyana Adds Another Development Possibility
Already poised to produce more than 500,000 B/D offshore Guyana, ExxonMobil added yet another discovery to its bounty in the emerging regional oil powerhouse, meaning a fourth development phase could be in order.
Equinor, ExxonMobil Rack up More Brazilian Presalt Acreage
Equinor and ExxonMobil continued their aggressive pursuit of acreage offshore Brazil, collecting more blocks in the country's 4th pre-salt bid round.
Guyana and Suriname: What’s Next on the Horizon?
ExxonMobil’s hot streak of offshore discoveries have sparked investor interest in the Guyana-Suriname basin. How did the company get there, and why do industry representatives feel optimistic about future deepwater prospects in the region?
Making Money in Brazilian Oil Demands Patience, Persistence, and Problem Solving
Brazil’s large offshore discoveries and domestic demand for oil and gas are a combination that holds potential for explorers to make money on high-priced blocks. A series of offshore auctions offering more attractive properties at more reasonable terms have attracted aggressive bidding.
International Majors Expand Footprints in Brazil, Mexico
With presidential elections looming and energy reforms at a critical juncture, the two Latin American energy powers awarded a bevy of blocks to a who’s who of international oil companies.
ExxonMobil Exits Russian Ventures, Continues Success off Guyana
The US supermajor continues to evolve its global strategy by pulling out of once-promising Russian partnerships and adding to its offshore Guyana oil drilling bounty.
Operators Utilize Early, Strategic Planning for Successful Decommissioning
Many operators are taking a full-life-cycle approach to preparing for decommissioning—a shift borne of necessity amid cost and regulatory constraints.
ExxonMobil Plans to Triple Permian Output
The Irving, Texas-based supermajor plans to cash in on its expanded foothold in the Permian Basin, aided by a big reduction in the US corporate tax rate.
Sakhalin-1 Extended-Reach Well Eclipses 15,000 m
Advancements in extended-reach drilling continue from the ExxonMobil-operated Sakhalin-1 project. The latest “super complex” horizontal well stretches 15,000 m, which partner Rosneft says is a “world record.”
Drive for Innovative Technologies Leads Industry to Unconventional Sources
Emerging technologies from medical science and the aerospace industry could have a disruptive impact on oil and gas operations. A panel of scientists looked into these technologies and discussed their potential role in the industry.
CERAWeek: New ExxonMobil CEO Addresses Carbon Reduction, Expresses Optimism On US Gulf Coast Downstream
The new head of ExxonMobil used his first major public appearance to emphasize the major oil company's committment to environmental concerns through the development of emerging technologies.
Paying Close Attention to a Gas Lift System Can Be Rewarding
When a gas lift system starts performing poorly, there is a good chance no one will notice. It is not an event that demands attention like a broken pump. A gas lift system will continue injecting gas into wells and oil will continue to come out. Just not as much oil as there could be.
Company’s Revised Approach to Safety Strives To Make Standards More Natural
ExxonMobil has traditionally used industry standards driven by the US Occupational Safety and Health Administration (OSHA) to classify safety events on the basis of the treatment or restrictions provided. However, this treatment-based approach has limitations.
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13 October 2020
19 October 2020