Investing NEW YORK (Reuters) -Oil prices eased on Tuesday after traders learned that prolonged supply disruptions from Hurricane Beryl were unlikely after a U.S. oil-producing hub in Texas suffered less storm damage than feared. Brent futures for September delivery fell 31 cents to $85.44 a barrel by 11:17 a.m. EDT (1517 GMT). U.S. crude fell 23 cents to $82.10 per barrel. Although some
World Oil (Bloomberg) – A company controlled by Mexico’s richest person, Carlos Slim, is investing $1.2 billion to develop a vast field in the Gulf of Mexico that is expected to produce gas around 2026, a potential model for how Mexico’s state oil company will work with private enterprise. Slim’s Grupo Carso SAB agreed to a deal with Mexico’s state-run
World Oil (WO) – According to Reuters, a three-person arbitration panel has been finalized to address ExxonMobil’s claim against Chevron’s $53 billion purchase of Hess Corp over oil-rich assets offshore Guyana. This marks a significant step in resolving the uncertainty surrounding the merger, which Chevron and Hess hoped to complete in early 2024. ExxonMobil filed the claim with the International
Oil Price Shell announced on Wednesday that it had safely paused some drilling operations in the Gulf of Mexico as Hurricane Beryl was preparing to deliver a massive blow to Jamaica, Reuters reported, noting that so far no impact on GOM production had been noted. On Wednesday, Shell said it had begun evacuating non-essential crew at its Perdido asset in
Oil Price The Winterfell development in the U.S. Gulf of Mexico has started up oil production, one of the partners in the oilfield, Kosmos Energy, said on Wednesday. Winterfell, located in the Green Canyon area in the Gulf of Mexico, was discovered in 2021 at a water depth of approximately 5,400 feet (about 1,600 meters). The field has been developed via a
World Oil Publisher’s Note: Chevron will be a presenter at the upcoming EnerCom Denver – The Energy Investment Conference on August 18-21, 2024. Register to attend. (WO) – The arbitration process to determine whether ExxonMobil can block the $53 billion sale of Hess Corp to Chevron is stalled due to the incomplete appointment of a third arbitrator, according to
World Oil (WO) – Chevron, through its subsidiary Cabinda Gulf Oil Company Limited, has signed two Risk Service Contracts (RSC) for Block 49 and Block 50 offshore Angola, in the ultra-deep waters of the Lower Congo Basin. These contracts, awarded January 2024, mark the beginning of exploration and development in these offshore blocks. Announced by the African Energy Chamber (AEC),
World Oil (WO) – Texas, Louisiana, and Mississippi have sued the U.S. government to block a proposed rule by the Biden administration that would require offshore oil and gas companies to provide nearly $7 billion in financial assurances for decommissioning old infrastructure. The decommissioning rule, targeting smaller companies lacking investment-grade ratings or sufficient proven reserves, supposedly “protects” taxpayers from covering
World Oil Publisher’s Note: ReconAfrica will present at the EnerCom Denver—The Energy Investment Conference on August 18-21, 2024. Register to attend. (WO) – Reconnaissance Energy Africa Ltd. announced an operations update relating to Petroleum Exploration Licence 73 (“PEL 73”), onshore northeast Namibia. The move of the working camp and the drilling rig from the Wisdom Farm 5-1 location are wrapping
World Oil (WO) – Viridien, formerly CGG, announced that its Sensing & Monitoring business line, marketed under the Sercel brand, has made a sale of its innovative Marlin vessel monitoring and alert system to ExxonMobil Guyana Ltd. to support its offshore operations in Guyana. As part of the wider Sercel Marlin software suite for optimizing offshore operations, the Marlin vessel
Oil and Gas 360 SUGAR LAND, Texas, June 10, 2024 /PRNewswire/ — Noble Corporation plc (“Noble”) (CSE: NOBLE) (NYSE: NE) and Diamond Offshore Drilling, Inc (“Diamond”) (NYSE: DO) announced today that they have entered into a definitive merger agreement under which Noble will acquire Diamond in a stock plus cash transaction. As part of the transaction, Diamond shareholders will receive 0.2316 shares
World Oil (WO) – Baker Hughes announced a significant order from Petrobras for workover and plug and abandonment (P&A) services in pre-salt and post-salt fields offshore Brazil. The multi-year offshore project, set to start in the first half of 2025, will be managed with Baker Hughes’ integrated solutions portfolio to optimize performance for Petrobras. Baker Hughes’ integrated approach will deploy
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