Fourth oil production vessel to leave Guyana in Q1 of 2025
The CEO of U.S. oil producer Hess John Hess stated on Wednesday that Guyana's fourth floating production, storage and offloading facility (FPSO) is expected to depart the South American nation in the first quarter of next year. Yellowtail, the fourth project of the firm that is responsible for the oil and gas production throughout South America, will add an additional 250,000 barrels a day (bpd). Hess said at the Wolfe Research Oil and Gas Conference that Yellowtail is "the exciting thing for 2025".
Hess CEO will consider appealing FTC board seat ban in the future
Hess' CEO said that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat once the Trump Administration takes office. In September, the FTC barred John Hess's participation on Chevron’s board of directors as part a consent order allowing the proposed acquisition. Exxon Mobil, CNOOC and Hess's partners in the Guyana joint venture have challenged Hess over a contract arbitrage. The $53 billion acquisition has been delayed. The FTC imposed a ban citing his communication with the oil producer's group OPEC in its efforts to reduce production.
Hess CEO will consider appealing FTC board seat ban in the future
Hess' CEO said on Wednesday that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat once the Trump Administration takes office. As part of an agreement that allowed for the acquisition, the FTC banned John Hess's appointment to Chevron’s board. Exxon Mobil, CNOOC and Hess's joint venture partners Exxon Mobil have challenged the contract arbitration ruling that halted the $53 billion acquisition. The FTC cited his communications with the oil producers' group OPEC to reduce oil production as the reason for its ban.
Rystad reports that oil majors have over 40 biofuel projects planned by 2030.
Rystad, a consultancy, said that major oil and gas companies are investing more in biofuels, betting on sustainable aircraft fuel (SAF). By 2030, 43 projects should be completed, the report stated. Energy research firm says that industry giants like ExxonMobil and Shell could increase production by 286,000 barrels a day. SAF is produced by using wastes and residues like organic crops or used cooking oils. It emits the exact same amount of CO2 as kerosene. It is considered to be less polluting because it is made from plants or leftovers, rather than new oil that releases more greenhouse gases.
Euro Oil Giants Rethink Renewable Balance
Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay investor concerns over future profits.Rivals Shell and Norway's state-controlled Equinor are also scaling back energy transition plans set out earlier this decade. Their change of direction…
Exxon consortium in Guyana produces 500 million barrels of crude oil
ExxonMobil, the oil giant, announced on Wednesday that it has produced 500 million barrels from Guyana’s offshore Stabroek Block since commencing production in 2019. Exxon, Hess, and CNOOC Ltd. are part of the Exxon-led group that is responsible for production in this South American country. Once six offshore projects have been approved, they aim to increase production to over 1.3 million barrels per day by 2027. Exxon stated that the first three wells - Liza Phase 2, Liza Phase 1 and Payara -- pump an average of 650,000 barrels a day.
Oil drops as US storm threat subsides, China's stimulus disappoints
The oil prices continued to fall on Monday, as investors disappointed by China's stimulus program and the threat of disruptions in supply from a storm in the United States. Oil prices continued to fall on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. Brent crude futures fell 31 cents or 0.4% to $73.56 a bar by 0340 GMT, while U.S. West Texas intermediate crude futures were down 38 cents or 0.5% at $70 a bar. Last Friday, both benchmarks dropped more than 2%.
Angola LNG is considering expansion as gas supply increases
Angola Liquefied Natural Gas is looking at future expansion options, including adding a three-million-metric ton mini train, as gas supplies ramp up in the plant over the next year. The plant will reach full capacity by 2025, thanks to extra supplies from Chevron and the New Gas Consortium. Africa's second largest crude producer is planning to shift more towards natural gases to capture the growing demand on key markets in Europe, Asia and Africa. Angola's LNG plant was built at a cost $12 billion more than 10 years ago.
Trump's Victory Lifts Small-Caps, Banks
Donald Trump's second term as U.S. President on Wednesday lifted equity markets, on the back of bets on lower corporate taxes, favorable tariffs, and deregulation. This lifted shares of local small-cap companies, banks, and Trump Media.Elon Musk, the CEO of Tesla Motors, was appointed to head a government efficiency panel after Trump endorsed the billionaire during his election campaign. This led to an increase of 12.6% in Tesla's shares.Futures linked to the Russell 2000 small-cap index surged by 6%.
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions. The National Hurricane Center reported that winds could reach up to 100 miles per hour (161 km/h) on Tuesday. Earth Science Associates, an energy analytics firm, estimated that U.S.
Diamondback Energy misses Q3 profit estimates, raises annual production forecast
Diamondback Energy missed Monday's estimates for the third quarter profit as it was hit by lower prices. However, its forecast for production for this year got a boost thanks to its acquisition of Endeavor Energy for $26 billion. Oil prices dropped in the third quarter, after an interest rate reduction by the Federal Reserve that was larger than expected sparked concern about the U.S. economic situation as well as global demand. The company has been announcing its results for the month of September. Lower prices for its third quarter oil and gas production. This makes it the third U.S.
Exxon and Chevron are expected to top Q3 profits as US oil production hits a record high
Exxon Mobil, a U.S.-based oil producer, and Chevron, a U.S.-based fuel company, posted higher-than-expected profits for the third quarter on Friday. This was due to soaring U.S. crude oil production, which cushioned soaring fuel prices. Both companies focused on increasing oil and gas production, while rivals BP & Shell invested heavily in wind, solar & renewables. These investments have not yet paid off. The two U.S. firms have both benefited from the acquisition of smaller oil companies.
Chevron exceeds expectations for quarterly profits on the back of higher oil production
Chevron Corp. beat Wall Street expectations for the third quarter profit on Friday. However, its earnings dropped from a previous year. Chevron Corp, which has had its proposed $53 billion takeover of Hess delayed by Exxon Mobil Ltd and CNOOC Ltd due to their challenge, reported a profit adjusted of $4.53 billion. This compares to $5.72 million a year earlier. The shares rose by 2.6% ahead of normal trading hours. The oil industry has seen profits fall this year as a result of lower crude prices and a weaker growth in fuel demand. Oil futures for the quarter ending Sept.
Sources say ConocoPhillips is exploring the sale of Permian Shale assets worth more than $1 billion.
ConocoPhillips has been looking at selling some of its Permian basin shale assets worth more than $1billion, after two unsuccessful years of trying to sell the same assets. Houston-based oil producer, Texas, is preparing to complete its $22.5 billion acquisition of Marathon Oil before the end of the year. As part of the deal it will assume approximately $5.4 billion in debt from Marathon Oil and plans to raise an additional $2 billion by selling assets. Sources said that ConocoPhillips had hired investment bankers from RBC Capital Markets in order to manage a sale of the Permian assets.
Hess reports a quarterly profit increase as Guyana's oil production remains strong
Hess Corp, a leading oil producer in Guyana, beat expectations for the third quarter profit on Wednesday. The Guyana assets have been at the heart of a dispute between Exxon and Chevron that has delayed Chevron’s $53 billion purchase of Hess. Hess agreed on the buyout in October last year, but Exxon has challenged the deal. They claim a right over the company's Guyana-based assets. Exxon will be able to exercise its right of first refusal in May next year after the deal has been approved by the U.S. Federal Trade Commission.
Deep sea oil drilling drillers are now subject to new safety regulations in the US
The Bureau of Safety and Environmental Enforcement, or BSEE, released new rules on Tuesday for U.S. off-shore drillers. This is because breakthrough technology allows them to operate in extreme subsea conditions and unlock untapped oil reserves worth billions of dollars. BSEE final rule was issued after Chevron, in August, started production on its Anchor asset. It is owned by TotalEnergies and it was the first project ever to operate with 20,000 pounds per sq inch (PSI) pressure. The reservoir depths reached 34,000 feet (10.363 m).
Sources: At least 18 injured by fire at Venezuelan La Salina oil terminal
Sources familiar with the operations of Venezuela's La Salina Oil Terminal said that at least 18 people, including workers, neighbours and firefighters, were reported injured by a fire in a crude oil storage tank. The fire started early on in the morning during a thunderstorm and raged through the afternoon. The facility is near Cabimas, a western city on the shores of Lake Maracaibo, and is operated by the state oil company PDVSA. PDVSA has not responded to a comment request. According to video footage…
Nigeria's Belemaoil resumes oil lease 55 operations after a three-year hiatus
The Nigerian independent producer Belemaoil Producing announced on Monday that it has resumed its operations at Oil Mining Lease 55, after a three year shutdown due to theft-related damage. Belemaoil purchased OML 55 from Chevron Corporation in February 2015, which is located in an area of swampy to shallow waters, about 40km west of Bonny's oil export terminal. Belemaoil's spokesperson stated that the OML 55 operations were stopped in 2021 because of rampant thefts from the delivery line leading to Bonny.
Sources say that a top Kazakh oilfield has reached a record production amid tensions between OPEC+ and the country.
Sources say that Tengiz, Kazakhstan's largest oil field, operated by U.S. giant Chevron, increased output to a new record in October. This could complicate the future efforts of Kazakhstan to meet its OPEC+ quota. OPEC+ named Kazakhstan, Iraq, and Russia among the top 10 oil producers in the world as having repeatedly failed to meet its commitments to reduce oil production for this year. Two industry sources said that Tengiz increased its daily production from 687,000 to 699,000 BPD in early October. The output had risen by 30% since August, after maintenance was completed.
Exxon has secured over 271,000 acres of land in Texas waters to capture CO2 offshore
Exxon Mobil announced on Thursday that it had acquired state leases covering over 271,000 acres of Texas state waters to conduct an offshore CO2 capture operation. Exxon won the lease from the Texas General Land Office after it bid in 2021 for federal land near the Texas coast to capture CO2, and then emerged as the highest bidder in 2023 for 69 blocks of shallow water in the U.S. Gulf of Mexico, in order to expand its carbon storage area. Oil companies such as Chevron and Occidental Petroleum have adopted carbon capture…
