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China National Offshore Oil Corp. (CNOOC)

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News

Exxon Surprises with Smaller FPSO for Guyana’s Hammerhead Project

Exxon Mobil Corp. announced plans for its seventh development offshore Guyana, Hammerhead, which will add 120,000 bbl/d to 180,000 bbl/d of production capacity starting in 2029.

E&P Highlights: July 15, 2024

Here’s a roundup of the latest E&P headlines, including Freeport LNG’s restart after Hurricane Beryl and ADNOC’s deployment of AI-powered tech at its offshore fields.

CNOOC’s Bohai Bay Well Achieves High Yield

CNOOC’s Bozhong 19-6 Condensate Gas Field D1 well, the first ultra-deep well in China’s Bohai Bay, is currently producing approximately 6,300 boe/d.

Offshore Guyana: ‘The Place to Spend Money’

Exxon Mobil, Hess and CNOOC are prepared to pump as much as $105 billion into the vast potential of the Stabroek Block.

E&P Highlights: July 1, 2024

Here’s a roundup of the latest E&P headlines, including the Israeli government approving increased gas export at the Leviathan Field and Equinor winning a FEED contract for the all-electric Fram Sør Field.

Hess Shareholders Approve Chevron Merger

Hess Corp. stockholders voted in favor of the company’s merger with Chevron Corp. during Hess’ May 28 special meeting.

Proxy Vote Preview: Chevron, Hess and Guyana Uncertainty

Chevron Corp. stockholders will vote on May 28 and Hess’ stakeholders on May 29 on a $53 million combination that largely centers on Hess’ stake offshore Guyana.

Exxon Mobil Keeps Its Options Open in Guyana and Globally

Exxon Mobil Guyana Ltd.’s President Alistair Routledge said the company is seeking resources offshore Guyana that compete financially within its portfolio.

Chevron-Hess Deal: To Vote or Not to Vote, That is the Question

A Hess Corp. proxy vote related to the company’s proposed $53 billion all-stock merger with Chevron Corp. has divided shareholders ahead of a May 28 deadline.

Petrobras Not in a Race with Guyana to Boost Production, CEO Says

While Brazil and Guyana aren’t necessarily competing to see which country can produce more oil, Petrobras’ CEO Jean Paul Prates jokingly said Brazil was winning, while adding that Bolivia’s falling production was an opportunity for Argentina.

E&P Highlights: May 13, 2024

Here’s a roundup of the latest E&P headlines, with a couple fields coming online, as well as new contract awards.

Enverus: Permian Gains Will Sustain US Oil Production Through 2030

Crude output gains from the Permian Basin will keep U.S. oil production relatively flat entering the 2030s, offsetting declines from mature oily basins, according to Enverus Intelligence Research.

Wirth: Chevron Won’t Put ‘New Capital into Venezuela’

California-based Chevron Corp. doesn’t plan on allocating more capex into its operations in Venezuela even though it still has U.S. approval to operate there, despite Washington sanctions.

Chevron CEO: Permian, D-J Basin Production Fuels US Output Growth

Chevron continues to prioritize Permian Basin investment for new production and is seeing D-J Basin growth after closing its $6.3 billion acquisition of PDC Energy last year, CEO Mike Wirth said.

Guyana’s Stabroek Boosts Production as Chevron Watches, Waits

Chevron Corp.’s planned $53 billion acquisition of Hess Corp. could potentially close in 2025, but in the meantime, the California-based energy giant is in a “read only” mode as an Exxon Mobil-led consortium boosts Guyana production.