Hess News

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.

A Biden administration auction of Gulf of Mexico drilling rights raised $382 million on Wednesday as oil companies claimed offshore acreage for what is set to be the last time until 2025.The auction total was the highest of any federal offshore oil and gas lease sale since 2015, according to a Reuters tally.Shell, Hess, Anadarko, BP, Chevron, Repsol and Equinor were among the 26 companies that participated in the sale.Anadarko had the auction's highest bid of more than $25 million for a block in the deepwater Mississippi Canyon area, according to an online broadcast of the sale by the U.S.

Esgian has published its Week 48 Rig Market Roundup highlighting that new contract awards were revealed for a Velesto Drilling jackup, two Seadrill drillships and a Dolphin Drilling semisub. Meanwhile, Wintershall Dea is planning to drill a new carbon storage well in Norway.ContractsMalaysia’s Velesto Drilling has agreed on an extension of a contract with Carigali Hess Operating Company for another year and six months.Seadrill has secured a short-term contract for 12,000ft drillship West Vela in the US Gulf of Mexico with QuarterNorth Energy…

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…

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…

Judges at the International Court of Justice (ICJ) on Thursday ruled they had jurisdiction over a long-running border dispute between Guyana and Venezuela, which could determine which country has rights to territory rich in oil and gas.Guyana in 2018 asked the ICJ, also known as the World Court, to confirm that the border was laid down in an 1899 arbitration between Venezuela and the then-colony of British Guiana. Venezuela, while boycotting much of the procedure, tried to stop the case from moving forward by arguing the United Kingdom should be involved as Guyana was a British colony in 1899…

Companies working on a $300 million logistics facility in Guyana that will support offshore oil operations said on Wednesday the shore base will help reduce shipping costs for supplies by as much as 12% by allowing larger supply vessels to dock.A consortium consisting of U.S. companies Exxon Mobil Corp and Hess Corp and China's CNOOC began production in Guyana in 2019 and has ramped up output since, aiming at 1.2 million barrels per day of crude and gas capacity by 2027.But onshore…

Singapore's Keppel Offshore & Marine said Wednesday it was on track to deliver a "mega" floating production, storage, and offloading vessel (FPSO) to SBM Offshore in the first quarter of 2023. This is the third FPSO that Keppel Shipyard is delivering to SBM Offshore and will be chartered to the consortium of ExxonMobil, CNOOC, and Hess, to operate in the Stabroek Block, offshore Guyana. The vessel was named Prosperity FPSO by Guest of Honour,  Arya Ali, the First Lady of the Co-operative Republic of Guyana at a ceremony held Wednesday at Keppel Shipyard.

Exxon Mobil Corp. is preparing to approve its fifth oil production project in Guyana and is considering taking additional exploration acreage, the head of its Guyanese operations, Alistair Routledge, told Reuters in an interview. The efforts would add significantly to the $30 billion committed thus far by Exxon and Guyana partners Hess Corp and CNOOC Ltd. The latest development will cost about 27% more than the last, a new estimate showed, reflecting inflation and the larger scope of the project.

Hess Corp on Thursday said drilling results expected this month could add a seventh platform in Guyana, which would lift the nascent oil producing nation's output above the 1.2 million barrels of oil equivalent per day planned.The U.S. oil producer is part of the Exxon Mobil Corp-led consortium that controls all production in the tiny South American nation. The group has confirmed so far plans for six floating production vessels in the country, home to the world's largest offshore…

U.S. offshore oil producers on Tuesday were keeping a wary eye on Hurricane Ian's track as the powerful storm shut-in at least 480,000 barrels of oil production as it heads toward Florida.The hurricane entered the U.S. Gulf of Mexico on Tuesday and is forecast to become a dangerous, Category 4 storm over the warm waters of the Gulf, according to National Hurricane Center (NHC) forecaster Eric Blake.Ian weakened after crossing Cuba and was packing winds of 115 miles per hour (185 km per hour), the NHC said.

KOTUG's subsidiary KOTUG Guyana has been awarded a second contract by ExxonMobil affiliate Esso Exploration and Production Guyana to support operations in Guyana. KOTUG’s latest addition, the 120 tonnes bollard pull strong SD Honour, will join the fleet of dedicated offshore terminal tugs supporting the two floating production, storage and offloading vessels (FPSOs), Liza Destiny and Liza Unity, on the Stabroek Block, offshore Guyana with static tow, push-pull duties and general…

Dutch FPSO leasing specialist SBM Offshore said Thursday it had completed the US$1.75 billion project financing for the FPSO One Guyana. The company has previously said that this would be the company's largest FPSO so far. It will be deployed at ExxonMobil's Yellowtail development, offshore Guyana.The Dutch firm, which is behind all four FPSO projects in Guyana, said the One Guyana project financing was secured by a consortium of 15 international banks. SBM Offshore expects to draw the loan in full, phased over the construction period of the FPSO.

For the poor, small South American country of Guyana, there's no time like the present when it comes to reaping the rewards of its offshore oil jackpot.With sky-high oil prices, a transition to renewable energy on the horizon, and 750,000 citizens desperate for better lives, Guyana is putting its foot on the gas to exploit its vast oil reserves, even if that means sacrificing some longer-term gains.Already locked into contracts with oil firms that have been criticized for being too one-sided…

Brazilian state-controlled oil company Petrobras has bought its first cargo of Guyanese crude for refining domestically, the company told Reuters, as South America's newest producer expands its market reach.With the start of a second floating production facility in February, Guyana now sells two light and sweet oil grades with plans to pump up to 360,000 barrels per day (bpd) this year. The sales are helping the tiny nation rapidly boost its revenue."Petrobras constantly monitors the international oil market looking for different suppliers and new production worldwide," a company spokesperson said in a statement.The 1-million-barrel cargo of crude loaded last week from the Liza Destiny and departed on Monday onboard the Bahamas-flagged tanker Cascade Spirit.

FPSO specialist SBM Offshore has shared a video showing the lifting and installation of the first topside module batch for the Prosperity FPSO at the Keppel O&M yard in Singapore. The hull of the FPSO Prosperity, which will be Guyana's third offshore production unit after the Liza Destiny and Liza Unity, has recently left the dry dock in preparation for topside installation works, which have now started.The Prosperity FPSO hull arrived in Singapore last year from China where it was built.

The hull of the FPSO Prosperity, which will be Guyana's third offshore production unit after the Liza Destiny and Liza Unity, has recently left the dry dock in Singapore, in preparation for topside installation works.The hull arrived in Singapore last year from China where it was built. In Singapore, Keppel will install the topside modules and all other major structures, after which the vessel will set sail for Guyana, to be deployed at ExxonMobil's giant Stabroek Block.When the hull arrived in Singapore in August 2021…

Exxon Mobil Corp on Friday said it is accelerating output at its Guyana offshore oil development, starting a new production vessel that will bring total capacity to more than 340,000 barrels per day.An Exxon-led consortium started production in the South America country in 2019 and is responsible for all oil and gas output in Guyana. Exxon and partners Hess Corp and CNOOC Ltd. have discovered some 10 billion barrels of oil.Production at the Liza Unity floating, production, storage and offloading (FPSO) vessel is expected to reach 220,000 barrels of oil per day later this year, Exxon said.

Oil and gas major ExxonMobil on Wednesday announced two new oil discoveries offshore Guyana, at Fangtooth and Lau Lau wells, adding to previous recoverable resource estimate of 10 billion oil-equivalent barrels.The Fangtooth-1 well, drilled with the Stena DrillMAX drillship, encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of the Liza field. The Lau Lau-1 well, drilled by the Noble Don Taylor drillship, hit around 315 feet (96 meters) of high-quality hydrocarbon-bearing sandstone reservoirs.

Exxon Mobil Corp outlined a major new investment in Guyana amid government calls for delivering economic benefits to residents from deepwater oil and gas discoveries helping turn the South American nation into an oil powerhouse.A coming onshore supply base will expand jobs and boost local fabrication for future projects starting with its fourth production unit, Exxon's president for Guyana Alistair Routledge said in remarks late Thursday. It will bring total investment in Guyana to $30 billion…

Exxon Mobil is in discussions with Dutch contractor SBM Offshore NV to build a fourth multibillion-dollar production unit to develop its Guyana oil discoveries, two people close to the negotiations said.The talks include the potential for some future platform assembly in Guyana, the people said. Guyana hopes to develop an oil industry infrastructure to boost the economy and job growth. Officials are under pressure to show the potential oil bonanza will be shared with its citizens.The South American country is home to the world's biggest offshore discoveries in years…

Exxon Mobil Corp's second floating production system for Guyana, the Liza Unity, arrived early on Tuesday in the South American country's waters, the U.S. oil company said.The production storage and offloading (FPSO) facility is expected to add 220,000 barrels per day (bpd) of oil capacity to Guyana's current 120,000-bpd output when it reaches maximum capacity. Its startup is expected for early 2022.Exxon's first FPSO, the Liza Destiny, inaugurated the nation's output in late 2019 from the Liza-1 well, discovered in 2015.

The hull of the Prosperity FPSO has recently arrived from China where it was built to Singapore where Keppel will mate it with topside modules, after which the vessel will set sail for Guyana, to become the South American country's third FPSO in production.The FPSO hull arrived in Singapore in August, when SBM Offshore, the Dutch provider of FPSO units that will deliver the FPSO to end client ExxonMobil, said that drydocks activities would start the fourth quarter of 2021, with the installation of major structures that will support the Mooring and Subsea Risers.