Nasdaq LONDON – OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found on Monday. The Organization of the Petroleum Exporting Countries has pumped 27.34 million barrels per day (bpd) this month,
Nasdaq HOUSTON – Exxon Mobil Corp XOM.Nand Guyana are in talks over which unexplored offshore areas will be returned to the government, people close to the discussions said, as the nascent oil nation seeks to attract new operators to the country. The Exxon-led consortium that controls offshore production in Guyana this year was required to return 20% of unexplored acres, under the original 2016 production contract. he
Oil Price An appeals court has suspended an order issued by a lower court that could have seen supermajor Exxon lose its license to operate the Liza-1 offshore well that yields about half of the country’s oil output. According to its contract with the Guyanese government, the consortium that operates the Liza-1 well and explores in the whole Stabroek block,
Oil Price Exxon and its partners in the offshore Stabroek Block in Guyana made almost $6 billion from their operations there, Reuters has reported, citing official documents. According to the documents—audited financial results—Exxon, Hess Corp., and CNOOC earned a combined $5.8 billion from the Guyana business in 2022. Exxon’s individual share from the total was $2.74 billion, the Chinese state
World Oil (WO) – ExxonMobil made a final investment decision for the Uaru development offshore Guyana after receiving required government and regulatory approvals. The company expects Uaru, the fifth project on Guyana’s offshore Stabroek block, to add approximately 250,000 bbl of daily capacity after a targeted startup in 2026. The $12.7 billion Uaru project plans to include up to 10
Oil Price Hess Corporation (NYSE:HES) beat Wall Street estimates in its first-quarter earnings report released on Wednesday and added another discovery in offshore Guyana to its production portfolio, though the good news failed to boost share prices in early morning trading. Despite first-quarter oil prices that were some 20% lower than in 2022, Hess reported Q1 earnings of $346 million, or
World Oil (Bloomberg) — Eni Spa announced a new gas discovery in the East Mediterranean Sea in offshore Egypt, according to a company statement on Jan 15. The discovery is “significant,” but the amount wasn’t disclosed. The Italian energy giant said the gas discovery is in the 1,800 km2 (695 miles2) Nargis offshore area and can be developed leveraging the
Reuters Sudanese-British billionaire businessman Mo Ibrahim accused developed countries of hypocrisy in warning Africans against developing natural gas reserves while also eyeing such investments in response to the energy crisis in Europe. Speaking at the Reuters IMPACT climate conference in London, Ibrahim, who made his fortune in African telecommunications, criticized those in the global north for dictating how African
Oil and Gas 360 Publisher’s Note: Recon Africa was a presenter at the EnerCom Denver- The Energy Investment Conference this past week. Please click here for replays. VANCOUVER, BC, Aug. 17, 2022 /CNW/ – Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) announces that it has received a three year extension to its Environmental Clearance Certificate (the
World Oil (Bloomberg) — Nigerian President Muhammadu Buhari’s flip-flop over the sale of Exxon Mobil Corp.’s assets could discourage investment in Africa’s largest oil producer in the wake of industry reform meant to grow the sector. A $1.28 billion bid by Lagos and London-listed Seplat Energy Plc for shares in Exxon’s local subsidiary was initially backed by Buhari despite
World Oil TotalEnergies, OML99 operator (40%) in partnership with the Nigerian National Petroleum Corporation (NNPC, 60%), has announced the start of production from the Ikike field, in Nigeria. Located 20 km (12 miles) off the coast, at a depth of about 20 m (65 feet), the Ikike platform is tied back to the existing Amenam offshore facilities through a
World Oil (Bloomberg) — Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country where output had more than halved since mid-April. The OPEC member, home to Africa’s largest crude reserves, ramped up its production to a “little over” a million barrels a day, Oil Minister Mohamed Oun said. The
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