Oil Exploration

Marathon Oil beat Wall Street estimates for fourthquarter profit on Wednesday as the U.S. shale manufacturer got a boost from greater production. Marathon reported a rise in its oil and gas output to 404,000 barrels of oil comparable per day (boepd) from 333,000 boepd in the previous year. This boost in production assisted balance out decline in unrefined costs, which fell from their 2022 peaks. However, crude costs are still at levels where companies can produce beneficially. Marathon stated it U.S. average crude realized rate fell to $77.28 per barrel in the noted quarter, from $84.29 per barrel, in previous...

Exxon Mobil CEO Darren Woods on Monday stated his business is attempting to establish it has rights over Hess Corp's Guyana properties in its dispute with Chevron, not buy the company itself. In his very first public remarks on the company's pursuit of an arbitration case that might obstruct Chevron's $53 billion offer for Hess, Woods stated Exxon would not have actually waited for Chevron to reveal its Hess offer if it had actually wished to purchase Hess. We're basically defending what our company believe is a. fundamental right, Woods informed at the CERAWeek energy. conference in Houston. Exxon is...

TotalEnergies and QatarEnergy on Wednesday stated they had accepted purchase a stake in a licence to seek oil and gas off South Africa as part of their plans to develop the Orange basin location in neighbouring Namibia. The French company will purchase a 33% stake in the licence to drill in overseas block 3B/4B, which extends over about 18,000 square kilometres, while state-owned QatarEnergy will hold a 24%. stake, TotalEnergies stated without disclosing the value of the. offer. The rest will be managed by the existing owners of. the task: Africa Oil, Azinam and Ricocure. TotalEnergies and QatarEnergy have longstanding...

U.S. oil producer Hess said on Thursday it was examining the timeline for closing its takeover deal by Chevron after oil significant Exxon signified a prospective counter offer for Hess's Guyana possessions. Exxon on Wednesday submitted an agreement arbitration claim related to Hess' suggested sale of its Guyana oil homes and suggested it might counter Chevron's pending offer for the possessions. The disagreement between the top U.S. oil manufacturers could end the Hess takeover deal, Chevron cautioned in a securities filing last month. If the offer falls part, Hess might be liable for a $1.7. billion break up fee. The...

Trinidad and Tobago on Thursday extended by almost 2 months a due date to submit quotes for an auction of shallowwater oil and gas blocks, the government said. Trinidad is Latin America's biggest producer of liquefied gas (LNG) with set up capacity of 15 million metric heaps each year, and one of the world's greatest exporters of methanol and ammonia, but its plants have been operating listed below capability in the last few years due to an absence of gas supply. The new due date was set for May 27, offering companies more time to submit bids for the blocks....

A continuous consolidation in the U.S. shale industry has actually increased worldwide M&A deal worth in the oil and gas expedition sector to its greatest firstquarter level in seven years, industry specialists stated. Offers worth more than $55 billion have been announced in the 2 months of 2024, according to analytics firm Enverus, as publicly traded companies make the most of their high share rate to demolish smaller sized companies. A few of the significant offers include Diamondback Energy's. $ 26 billion deal to obtain Venture Energy Partners. previously this month and APA Corp agreeing to buy Callon. Petroleum for...

Indian oil business ONGC Videsh Ltd (OVL) remains in talks with the Russian federal government to pay its contribution to the Sakhalin1 abandonment fund in roubles, a business official said on Monday. The contribution is a requirement for OVL to take a 20%. stake in the job, which is run by a brand-new Russian entity. We are at an advance stage of attempting to pursue Rosneft. to accept the desertion obligation of OVL for. returning its 20% share (in the Sakhalin 1 job), Vinod. Hallan, a finance executive at OVL, informed an experts' call. An abandonment fund is used for...

Guyana plans to divulge winners of the nation's first competitive auction of offshore oil blocks by the end of March, an official with the country's. Ministry of Natural Resources said on Monday. The government continues to examine propositions and evaluate. documents provided by six of eight groups that placed bids in an. oil auction last September, Senior Petroleum Planner Bobby. Gossai Jr. told at the country's annual energy. conference. His remarks came at an energy conference designed to. highlight the nation's rise as the world's fastest-growing oil. manufacturer. Officials utilized the very first day of the conference to lay. out...

Chinese overseas oil and gas major CNOOC stated it had filed an arbitration claim to develop a right over Hess' stake in the huge Guyana oilfield Stabroek in case of the U.S. company's sale to Chevron. CNOOC filed the arbitration application on March 15, following a similar move by its other Stabroek partner Exxon Mobil, Xu Yugao, CNOOC's board of directors secretary, informed a revenues briefing late on Thursday. We have a joint operating arrangement with partners relating to the Stabroek block. We will deal with pertinent problems based on the appropriate arbitration terms, Xu stated. Exxon, the operator of...

The following are the leading stories on the New york city Times organization pages. has not validated these stories and does not attest their accuracy. - The Department of Justice has weighed in on a court fight over an oil and gas pipeline in Wisconsin, saying that Enbridge , a Canadian oil company has actually been willfully trespassing on tribal lands in the state for more than a years. - The Chinese company NetEase stated on Wednesday that it had actually struck an offer to disperse titles from Microsoft's. Blizzard Home entertainment, restoring access to popular. computer game like World...

An Exxon Mobil led oil consortium has actually attained peak production of 252,000 barrels per day from its Liza Unity production vessel, Exxon Guyana Nation Supervisor Alistair Routledge stated on Wednesday. The consortium, which includes Exxon, Hess and CNOOC , anticipates to inaugurate output next year using its most recent vessel, called One Guyana, Routledge stated in remarks at the Offshore Innovation Conference in Houston. New wells in the deepwater Stabroek block, home to the largest oil discovery in nearly a decade, are being completed in approximately 35 days, a record low for deepwater tasks, he said. Guyana will end...