New company plans to invest $8 billion over 5 years Italian based energy company Eni and Norwegian based private equity investor HitecVision have announced an agreement to merge Point Resources AS into Eni Norge AS, which will be renamed as Vår Energi AS. History of Point Resources AS Point Resources was established early in 2016 following the merger of Pure E&P,
Northern California U.S. District Judge William Alsup has dismissed the climate change lawsuits filed against BP (NYSE: BP), Chevron (NYSE: CVX), ConocoPhillips (NYSE: COP), Exxon Mobil (NYSE: XOM), and Shell (NYSE: RDS.A) by the cities of San Francisco and Oakland. The lawsuits were filed last September against the five big oil companies alleging that the carbon emissions from their fossil
From Bloomberg Big Oil’s fortunes are becoming tied more closely to natural gas than ever before. Majors including Royal Dutch Shell Plc and BP Plc have boosted their proportion of gas output in recent years, helping them trim Exxon Mobil Corp.’s lead as the world’s most valuable oil company. Meanwhile Chevron Corp. added two giant Australian liquefied natural gas projects
Hess Corporation (NYSE: HES) today announced an eighth oil discovery offshore Guyana at the Longtail-1 exploration well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The well encountered approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,057 feet (5,504 meters) depth in 6,365 feet (1,940
From Reuters Exxon Mobil Corp (XOM.N) is pushing deeper into energy trading, building a global cadre of experienced traders and beefing up risk-management systems to lift profit, according to executive recruiters and people familiar with the business. The development is a sea change for a company that has stood out from rivals by limiting its past activity out of concern
Stabroek play offers an estimated 3.2 billion BOE Liza Phase 1 Project The Liza phase 1 development is approximately 120 miles offshore of Guyana in water depths of 5000-6200 feet. The play being developed is the Starbroek Block, which is estimated to hold more than 3.2 billion oil-equivalent barrels within its 6.6 million acres. Drilling began in May for the
Last Friday, ExxonMobil announced some changes to its executive team. Michael J. Dolan, senior vice president of ExxonMobil and former President of ExxonMobil Chemical, has announced his intention to retire effective August 1, 2018. Dolan’s entire 38-year career was spent at ExxonMobil, where he first began as a research engineer in Paulsboro, NJ. He was appointed to his current position
From Reuters RIO DE JANEIRO (Reuters) – Norway’s Equinor ASA and other oil majors bet big on pre-salt blocks in Brazil on Thursday, grabbing stakes in some of the world’s most alluring offshore geology despite renewed concerns about political meddling in the country’s energy sector. A consortium of Equinor, Exxon Mobil Corp and Petroleos de Portugal made the most aggressive
From Business Wire Exxon Mobile Corporation said today that Jeff Woodbury, vice president of investor relations and secretary, has elected to retire after 35 years of service. The board of directors has elected Neil Hansen, downstream controller, as vice president of investor relations and secretary, effective July 1. Woodbury joined Exxon Company USA in 1983 and has held various managerial
Exxon CEO says the company can more than double its profit and will invest in production even if policies to limit climate change take hold; says world will need oil and gas for decades From AP/US News DALLAS (AP) — Exxon’s CEO says the company can more than double its earnings by 2025 and will invest in new oil and
From Bloomberg Chevron result took full advantage of crude’s price rally Exxon, in rebuilding mode, misses estimates on production Chevron Beats Estimates, Exxon Mobil Falls Short For the biggest U.S. oil explorers, the first quarter was a study in contrasts: Chevron Corp. beat every analyst estimate, while larger rival Exxon Mobil Corp. fell short on both production and profit. The performances underscore the challenges
From the Associated Press MOSCOW (AP) — Exxon Mobil will end a joint venture with Russia’s state-controlled Rosneft due to U.S. and European sanctions against Moscow. Exxon revealed in a regulatory filing that it decided to end the partnership late last year after the U.S. expanded sanctions against Russia. The company plans to begin unwinding the joint venture this year.
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