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Exxon Mobil News

18 Mar 2024

CEO Says Exxon Mobil Not Trying to Buy Hess

Source: Hess

Exxon Mobil CEO Darren Woods on Monday said his company is trying to establish it has rights over Hess Corp's Guyana assets in its dispute with Chevron, not buy the company itself.In his first public remarks on the company's pursuit of an arbitration case that could block Chevron's $53 billion deal for Hess, Woods said Exxon would not have waited for Chevron to announce its Hess deal if it had wanted to buy Hess."We're basically standing up for what we believe is a fundamental right," Woods told Reuters at the CERAWeek energy conference in Houston.

10 Mar 2024

Esgian Week 10 Report: Additional Backlog Secured

© freddytb Foto / Adobe Stock

Esgian reports that offshore drilling contractors secured additional backlog in the U.S. Gulf of Mexico, Egypt, Nigeria, and Brazil and operators confirmed new discoveries in Indonesia, Côte d’Ivoire, and China in its Week 10 Rig Analytics Market Roundup.ContractsDiamond Offshore has executed a two-year contract extension with a subsidiary of bp in the U.S. Gulf of Mexico for the 12,000-ft drillship Ocean BlackHornet.Shelf Drilling’s 250-ft jackup Rig 141 has secured a two-year…

28 Feb 2024

Qatar's Bigger LNG Expansion to Squeeze US, Other Rivals

(File photo: QatarEnergy)

Qatar's planned expansion of liquefied natural gas (LNG) production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the United States where President Biden paused new export approvals, market experts say.Qatar, one of the world's top LNG exporters, plans an 85% expansion in LNG output from its North Field's current 77 million metric tons per year (mtpa) to 142 mtpa by 2030, from previously expected 126 mtpa.Some market experts said that the move will have an impact on global projects in the United States…

23 Feb 2024

QatarEnergy Pays Homage to Rex Tillerson by Giving His Name to New LNG Carrier

Rex Tillerson (Credit: QatarEnergy)

QatarEnergy has named the first LNG carrier to be delivered as part of its new LNG fleet expansion program as Rex Tillerson, in recognition of the former Chairman and CEO of ExxonMobil, who also served as the 69th United States Secretary of State.During his 10-year term as Chairman and CEO of ExxonMobil, Tillerson oversaw the consolidation of relations with the State of Qatar and its energy sector, resulting in strategic partnerships and significant investments in Qatar’s LNG industry.While making his mark on the global energy scene…

27 Dec 2023

Equinor Starts Operating First Hybrid PSV in Brazilian Waters

Hybrid PSV for Equinor's Brazilian ops (Credit: Equinor)

The first hybrid Platform Supply Vessel (PSV), which uses batteries and diesel for propulsion, has started operating for Equinor in Brazil.With the battery bank installed, the PSV is able to operate with hybrid propulsion, switching between the use of electricity and diesel. This is expected to reduce emissions by up to 40% during vessel’s activities.The PSV will be part of the logistics of the Bacalhau field, in the Santos Basin, where Equinor has a majority stake secured in…

17 Dec 2023

C-NLOPB Updates Hebron Field Volume Estimate

Source: Hebron Project

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has approved the Development Plan Amendment (DPA) for the Hebron Field.The Hebron oil field is located offshore Newfoundland and Labrador, Canada, in the Jeanne d'Arc Basin 340 kilometers southeast of St. John's. The field was first discovered in 1980, and is estimated to produce more than 700 million barrels of recoverable resources. The water depth at the Hebron field is 93 meters.The approval enables ExxonMobil and…

14 Dec 2023

DiCosimo to Chair Greater Houston Port Bureau

Vincent DiCosimo (Photo: Greater Houston Port Bureau)

The Greater Houston Port Bureau Board of Directors announced Vincent DiCosimo, vice president of government affairs at Targa Resources, will assume the position of the chairman of the board on January 1, 2024. DiCosimo has served as first vice chairman on the Port Bureau’s board for the last three years.Bernt Netland, the outgoing chairman of the Port Bureau Board said, “Vincent has been a part of the Port Bureau’s board for many years and has been active in his role as vice chair. He is an experienced and respected leader in the port region.

03 Dec 2023

ExxonMobil CEO Rebuffs IEA Criticism of Carbon Capture Strategy

Darren Woods (Source: ExxonMobil)

ExxonMobil CEO Darren Woods on Saturday rejected the International Energy Agency's recent claim that using wide-scale carbon capture to fight climate change was an implausible "illusion", saying the same could be said about electric vehicles and solar energy."There is no solution set out there today that is at the scale to solve the problem," Woods told Reuters on the sidelines of the COP28 climate summit in Dubai."So, you could say that about carbon capture today, you could say that about electric vehicles, about wind, about solar.

28 Nov 2023

Black Sea Storm Disrupts Russian and Kazakh Oil Exports

© Vladimir / Adobe Stock

A severe storm in the Black Sea region has disrupted up to 2 million barrels per day (bpd) of oil exports from Kazakhtsan and Russia, according to state's officials and port agent data.Oil loadings from Novorossiysk and the Caspian Pipeline Consortium (CPC) terminal in nearby Yuzhnaya Ozereyevka have been suspended since last week.Kazakhstan's largest oilfields - Tengiz, Kashagan and Karachaganak - are cutting combined daily oil output by 56% from November 27 as the storm disrupts loadings at CPC…

17 Nov 2023

MODEC Hits Milestone: First Steel Cut in China for Guyana-Bound FPSO Errea Wittu

Credit: MODEC (file image)

Japanese FPSO leasing firm MODEC said Thursday that the first steel-cutting ceremony for the Guyana-bound FPSO Errea Wittu had been held in China.MODEC secured its first order to supply an FPSO to Guyana in May 2023. The order came from an ExxonMobil-led consortium and is for the deployment of the FPSO to the giant Stabroek offshore block in Guyana, where Exxon already has three FPSOs in production, all three supplied by SBM Offshore.According to World Energy Reports, China's DSIC has the construction hull contract…

14 Nov 2023

KOTUG Bolsters Guyana Fleet with Three Offshore Terminal Tugs

Credit: Kotug

KOTUG said Tuesday it had, via its Guyanese subsidiary KOTUG Guyana strengthened its position in Guyana with the arrival of three additional Offshore Terminal Tugs to support ExxonMobil Guyana’s offshore operations.With the arrival of KOTUG-owned ‘SD Grace’, ‘Seaways 20’ and ‘Seaways 22’, KOTUG will operate a total of five offshore terminal tugs in Guyana.The vessels predominantly provide support (“tanker lifting operations”) to the large crude oil tankers that are loading crude oil from ExxonMobil's producing FPSOs in the Stabroek field…

26 Oct 2023

World's Ghost Fleet in Focus Over US Russian Price Cap Crackdown

Credit: komi$ar/AdobeStock

U.S. penalties on shippers transporting Russian oil in breach of the G7's price cap could push more Russian cargoes onto vessels referred to as the ghost fleet and away from mainstream tankers, shipping sources and analysts told Reuters.The cap bans Western companies from providing maritime services for Russian seaborne oil exports sold above $60 a barrel.It was designed to keep oil flowing to markets while reducing Russia's energy earnings that it can use to finance its war on Ukraine…

19 Oct 2023

TMC Compressors to Provide Equipment for Newbuild FPSO

 Credit: SBM Offshore (file image)

Chinese shipbuilder China Merchant Heavy Industries (CMHI) has contracted TMC Compressors (TMC) to deliver the completed marine compressed air system to a newbuild FPSO the Chinese yard is constructing for the Dutch FPSO leasing firm SBM Offshore.Under the contract, TMC will provide a large-capacity marine compressed air system, including compressors for control and service air on board the FPSO.TMC will manufacture and assemble the equipment in Europe and deliver it to CMHI in China.

18 Oct 2023

Oil Tanker Hit by US Sanctions Heads to Texas for Unloading - Exxon

An oil tanker that the U.S. government imposed sanctions on for recently carrying Russian oil above the Western price cap is proceeding to the Baytown refinery in Texas for unloading, Exxon Mobil said on Tuesday.Exxon, the current charterer of the Yasa Golden Bosphorus, was not targeted by the sanctions last week since the oil producer chartered the tanker months after it had carried and offloaded Russian oil, a price cap coalition official after the U.S. imposed the sanctions on the tanker.The unloading by Exxon has been authorized by the U.S. Treasury Department's Office of Foreign Assets Control, the company said in a statement. The deliveries are certified products of Canadian origin, according to Exxon.The U.S.

13 Oct 2023

SBM Offshore Secures Fifth FPSO Contract in Guyana

Credit: SBM Offshore (file image)

Dutch firm SBM Offshore said Friday it had won contracts to perform front-end engineering and design (FEED) for a floating production, storage, and offloading vessel (FPSO) for the ExxonMobil-led Whiptail development project in Guyana.Following FEED and subject to government approvals in Guyana of the development plan, and project sanction, including the final investment decision by ExxonMobil, to release the second phase of work, SBM Offshore will construct and install the FPSO.

12 Oct 2023

US Sanctions Two Tanker Owners for Carrying Russian Oil Above Price Cap

The U.S. on Thursday imposed the first sanctions on owners of tankers carrying Russian oil above the G7 price cap of $60 a barrel, one based in Turkey and one in the United Arab Emirates, in an effort to close loopholes on the mechanism designed to punish Moscow for the war in Ukraine.The U.S., other G7 countries and Australia imposed the cap last year, seeking to reduce Russia's revenues from seaborne oil exports as part of sanctions for its invasion of Ukraine.The cap bans Western companies from providing maritime services, including insurance, finance and shipping, for Russian seaborne oil exports sold above $60 a barrel, while seeking to keep oil flowing to markets. Caps also were imposed on Russian fuel exports.U.S.

04 Oct 2023

Exxon Mobil Finds Buyer for Adriatic LNG Terminal Stake

Credit: Adriatic LNG

Exxon Mobil Corp chose BlackRock as the potential buyer for its majority stake in Italy's main liquefied natural gas (LNG) import terminal, the U.S. oil producer said in a statement.The stake sale drew interest from infrastructure funds and international groups as Italy is expected to increase its LNG imports to partly replace the gas it used to get via pipeline from Russia.In March, Exxon said it was considering selling its 70.68% interest in the offshore Adriatic LNG Terminal…

28 Sep 2023

No Restart for ExxonMobil's California Offshore Platforms as Judge Upholds Tanker Trucks Ban

Credit: Patrick
/AdobeStock

A U.S. judge on Wednesday refused to overturn a California county's decision to block Exxon Mobil Corp from using tanker trucks to ship crude oil from coastal facilities to inland refineries while a ruptured pipeline is fixed.U.S. District Judge Dolly Gee in Los Angeles denied Exxon's bid to reverse the Santa Barbara County Board of Supervisors' denial of a trucking permit in early 2022, saying the board's decision was substantially supported by evidence that transporting crude…

18 Sep 2023

California Sues Oil Giants

Source: California Office of Governor

The state of California has sued major oil companies including Exxon Mobil, Shell PLC, and Chevron, accusing them of playing down the risks posed by fossil fuels, according to a court filing on Friday.The lawsuit, which also targets BP and ConocoPhillips, alleges the energy giants' actions have caused tens of billions of dollars in damages and accuses them of deceiving the public, the filing in a superior court in San Francisco showed.The American Petroleum Institute, an industry trade group…

21 Jun 2023

The Evolving FPSO Landscape – Healthy Demand, Changing Procurement

 Credit: Igor Kardasov/AdobeStock

After a slowdown in activity during 2020/2021 due to soft commodity prices, demand for FPSOs is picking up.With exploration hotspots like Namibia’s Orange Basin and the East Mediterranean delivering new finds, the FPSO market outlook is healthy. But shipyard capacity constraints are beginning to weigh on delivery, leading to cost concerns. Furthermore, FPSO demand is competing for yard space with other construction projects.To mitigate delay risk and cost overruns, some E&Ps have reviewed their FPSO procurement strategies.

20 Jun 2023

Wallenius Wilhelmsen Enters Biofuel Supply Deal

Source: Wallenius Wilhelmsen

Wallenius Wilhelmsen has signed its first biofuel supply contract with ExxonMobil.The recently signed contract entails the delivery of sustainable biofuel within the second half of this year, aligning with Wallenius Wilhelmsen's strategic goal of achieving a net-zero emissions integrated supply chain service by 2027.The first biofuel delivery is scheduled for July. “The biofuel from ExxonMobil contains 30% biofuel and 70% conventional fuels. It is the best option we have available for decarbonization of the fleet today…

29 May 2023

Four Bidders Vie For Stake in Exxon LNG Terminal Offshore Italy - Sources

Adriatic LNG / Credit: Floydrosebridge/Wikimedia Commons  - CC BY-SA 3.0

Four international groups are competing to buy Exxon Mobil Corp's majority stake in a liquefied natural gas (LNG) terminal offshore Italy, two sources familiar with the matter said. The deal could value the entire LNG terminal at around 800 million euros ($881 million), the sources said. Exxon said in March it was considering selling its majority stake in Adriatic LNG, Italy's main regasification terminal, as part of a wider strategy to divest non-core assets. The U.S. group is being advised by Rothschild & Co. on the process.

09 May 2023

MODEC Confirms Its First FPSO Order in Guyana

Credit: MODEC

Japan's MODEC said Monday it would proceed with engineering, procurement, and construction on the Uaru FPSO vessel following a final investment decision on the Uaru offshore oil project by ExxonMobil in Guyana last month.The Uaru FPSO is named ‘Errea Wittu’, which means ‘abundance,’ and will be the fifth offshore FPSO in Guyana and the first to be supplied by MODEC. The first four, two of which are now in production in the Stabroek block off Guyana, were/will be delivered by SBM Offshore.Apart from supplying the Errea Wittu FPSO…

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