Exxon’s Payara Hits 220,000 bbl/d Ceiling in Just Three Months
ExxonMobil Corp.’s third development offshore Guyana in the Stabroek Block — the Payara project— reached its nameplate production capacity of 220,000 bbl/d in January 2024, less than three months after commencing production and ahead of schedule.
After Megamerger, Canadian Pacific Kansas City Rail Ends 2023 on High
After the historic merger of two railways in April, revenues reached CA$3.8B for fourth-quarter 2023.
US Threatens to Not Renew Venezuelan Energy Sector License
The U.S. Department of State alerted Venezuela that it could decide not to renew General License No. 44 amid what Washington has labeled “anti-democratic actions.”
Element3 Extracts Lithium from Permian’s Double Eagle Wastewater
The field test was conducted with wastewater from a subsidiary of Double Eagle Energy Holdings’ produced water recycling facility.
E&P Highlights: Jan. 29, 2024
Here’s a roundup of the latest E&P headlines, including activity at the Ichthys Field offshore Australia and new contract awards.
Guyana’s Economy to Grow 34.3% in 2024, Finance Minister Says
Guyana’s economy is expected to grow 34.3% in 2024, exceeding growth of 33% in 2023, as an Exxon Mobil Corp.-led consortium ramps up offshore oil production, according to Guyana’s finance minister Ashni K. Singh.
PDVSA Contributed $6.2B to Government Coffers in 2023
Venezuela’s state-owned PDVSA contributed income equivalent to US$6.2 billion to government coffers in 2023, Venezuela’s President Nicolás Maduro Moros said during his annual National Assembly address.
IMF Grants Argentina Access to $4.7B as Inflation Surpasses 200%
With rampant inflation, the IMF granted Argentina access to $4.7 billion for policies to restore macroeconomic stability, a move that could lead to more international investment, including from oil and gas companies.
Ecoanalítica: Venezuelan Oil Production, Economy to Grow in 2024
Venezuelan consultancy Ecoanalítica expects the OPEC country’s oil production and economy to grow in 2024—aided primarily by a recent license granted to the benefit of oil and gas companies by the U.S. government.
Pitts: Is Vaca Muerta Argentina’s Permian?
Can Argentina’s Vaca Muerta Shale play truly garner the title of the Permian 2.0, which is a play that replicates the Permian Basin’s success? Yes, in terms of geology and game-changing potential, but no in terms of eventual production volumes.