E&P Highlights: Nov. 20, 2023
Here’s a roundup of the latest E&P headlines, including expanded work offshore Gabon and new contract awards.
Commentary: Chevron Holds Steady in Venezuela
Chevron appears to be in Venezuela to recoup money from the OPEC country while confronting a number of headwinds, including political uncertainties and a now truncated General License No. 44.
Exxon Eyes Total Guyana Production of 620,000 bbld with Payara Startup
Exxon Mobil is eyeing gross production of 620,000 bbl/d offshore Guyana in the Stabroek Block in the first half of 2024 with the start-up of its third project Payara, which has a production capacity of 220,000 bbl/d.
Petrobras Debt Continues to Snowball
Brazil’s Petrobras said its gross long-term debt reached $61 billion in the third quarter, which marks the first time the state-owned company’s debt has passed the $60 billion threshold since second-quarter 2021.
APA Corp. Focused on Shareholder Value, Adds Sixth Permian Rig
Amid an all-stock buying bonanza in recent weeks spurred on by Exxon Mobil and Chevron to snatch up shale and international assets, APA remains focused on creating value.
Energy Transition in Motion (Week of Nov. 3, 2023)
Here is a look at some of this week’s renewable energy news, including Dominion Energy’s search for an equity partner for its wind development offshore Virginia.
Venezuela’s VP Says Guyana Follows Exxon Mobil Script to Rob Resources
Venezuela’s Vice President Delcy Rodríguez accused Guyana’s president Mohamed Irfaan Ali of following mandates from Exxon Mobil Corp. and the U.S. Southern Command regarding the small English-speaking country’s claims to the disputed Essequibo territory located between the two South American countries.
Chevron CEO: Upstream Returns to be ‘Structurally Higher’ than Downstream
Chevron’s $53 billion acquisition of Hess Corp. will concentrate the California major even further in upstream oil and gas production—the part of its portfolio where Chevron sees the most future upside.
Analysis: How Chevron’s Hess Deal Boosts LatAm Position
Chevron’s recent $53 billion all-stock deal to acquire Hess Corp. will boost the company’s portfolio in Latin America, a former Chevron executive told Hart Energy.
Petrobras Reports Rise in Q3 Production
Petrobras reported a near double digit rise in combined production in the third quarter 2023 to 2.88 MMboe/d, owing to better operating performance, new wells and the ramp-up of various offshore platforms.