Guyana – Oil & Gas 360

Guyana, Suriname could emerge as key LNG exporters by 2030s

November 12, 2024

(Oil Price) – Two of the world’s latest oil exploration hotspots, South American neighbors Guyana and Suriname, could become major LNG exporters early next decade if they develop the vast non-associated natural gas resources discovered in their offshore blocks. The resource is there, the costs could be competitive, and export destinations plentiful—from other countries in central and South America to Southeast

Chevron CEO under pressure to halt share slide as Hess deal stalls

October 31, 2024

(Yahoo Finance) – HOUSTON – Five years ago, Chevron CEO Michael Wirth won Wall Street acclaim as the No. 2 U.S. oil company briefly achieved a market value larger than Exxon Mobil’s after he refused to get into a bidding war with Occidental Petroleum over a rival. He was ahead of the game when the pandemic hit oil and gas

BREAKING NEWS: Hess CEO will not join Chevron’s board following $53 billion merger in deal with FTC

September 27, 2024

(World Oil) – Chevron Corp. agreed that Hess Corp. Chief Executive Officer John Hess won’t join the company’s board as part of an agreement with the U.S. Federal Trade Commission, allowing the companies’ merger to proceed, people familiar with the matter said. The condition allows Chevron to move forward with its $53 billion acquisition of Hess, said the

BREAKING NEWS: FTC to greenlight Chevron’s $53 billion Hess acquisition amid ExxonMobil arbitration

September 24, 2024

(World Oil) – The U.S. Federal Trade Commission is expected to greenlight Chevron Corp.’s $53 billion deal to buy Hess Corp., according to Reuters. The FTC could announce the decision as soon as this week, Reuters reported, citing people familiar with the matter. Chevron would still need to win an arbitration case filed by Exxon Mobil Corp. in order to close

Guyana raises growth estimates to 43% as offshore oil and gas production surges

September 3, 2024

World Oil (Bloomberg) – President Irfaan Ali raised estimates for Guyana’s yearly growth to 42.8% from a prior 34.8%, as he projects “ramped up” investments from the public and private sectors. The nation’s economy grew by 49.7% in the first half of 2024, with the oil sector accounting for 67% of that growth, Ali said Saturday on a live webcast.

Exxon delivers $9.2 billion second-quarter profit, raises output target

August 2, 2024

BOE Report Exxon Mobil on Friday posted a better-than-expected $9.2 billion second-quarter profit based on rising output from its purchase this year of shale oil firm Pioneer Natural Resources. Higher profit “was driven by record production both in Guyana and in the Permian,” which offset lower natural gas and fuel prices, Chief Financial Officer Kathryn Mikells said. Net income was $9.24

BREAKING NEWS- Chevron’s $53 billion Hess merger delayed again as ExxonMobil arbitration drags into 2025

August 1, 2024

World Oil (Bloomberg) – Chevron Corp.’s $53 billion proposed takeover of Hess Corp. suffered another setback as an arbitration hearing to settle an ownership dispute with Exxon Mobil Corp. won’t be held until next year. The international arbitration panel handling Exxon’s claim that Chevron’s acquisition does not give it the right to control Hess’ stake in a Guyanese oil project

Namibia gets ready to become the world’s newest oil hotspot

July 18, 2024

Yahoo Finance (Bloomberg) — Off a busy pier in Namibia’s main port of Walvis Bay, the seeds of an economic boom are being planted. As workers heave fish from boats, or unload cargoes of sulfur and Congolese copper, a massive cylindrical drilling segment is hauled by extended trailer to a storage area. Between the more typical consignments of raw minerals

BREAKING NEWS: ExxonMobil unveils 30-well drilling campaign for seventh oil and gas project offshore Guyana

July 16, 2024

World Oil (WO) – Reuters has reported that ExxonMobil is planning a potential 30-well drilling campaign for its seventh oil and gas project offshore Guyana, named Hammerhead. Hammerhead aims to start production in 2029, boosting Guyana’s oil production capacity to over 1.4 MMbpd. Exxon, along with partners Hess Corp and China’s CNOOC, expects Hammerhead to produce between 120,000 and 180,000

BREAKING NEWS: FTC to delay $53 billion Chevron-Hess deal until after ExxonMobil arbitration over assets offshore Guyana

July 11, 2024

World Oil (Bloomberg) – The U.S. Federal Trade Commission plans to delay its decision whether to block Chevron Corp.’s $53 billion takeover of Hess Corp. until after an arbitration case with Exxon Mobil Corp. is settled, according to people familiar with the matter. The case with Exxon, which claims to have a right of first refusal over Hess’s biggest asset

Chevron, Hess reach “significant” milestone in ExxonMobil arbitration over assets offshore Guyana

July 3, 2024

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

Exxon-led Guyana oil group’s net jumps in 2023, margins top Nvidia’s

June 25, 2024

Yahoo Finance GEORGETOWN/HOUSTON – Guyana’s lucrative agreement with an ExxonMobil-led consortium in the South American country last year generated $6.33 billion for the partners, government data showed, yielding a net margin larger than that of chip-maker Nvidia Corp. The trio’s combined net margin was 56%, greater than the 49% Nvidia earned in its most recent fiscal year. The Stabroek offshore

Premium Content