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Mobil Corp News

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…

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.

07 Apr 2023

World Court says it Can Rule on Guyana-Venezuela Border Dispute

©Oleksii/AdobeStock

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…

30 Mar 2023

Big Oil Splits Over Production vs Carbon Storage in Gulf of Mexico Auction

Credit: Scott Bufkin/AdobeStock

Exxon Mobil Corp on Wednesday bid for offshore blocks to store carbon dioxide underground during a government oil and gas lease sale in the U.S. Gulf of Mexico, while rivals Chevron Corp and BP Plc targeted areas for production.The largest U.S. oil company has been selling oil production blocks in the U.S. Gulf since 2018 as it shifts to more lucrative fields elsewhere. And yet, it bought dozens of blocks in the past couple of years in the same basin with a new purpose: burying carbon dioxide instead of pumping oil.The government oil license auction generated $264 million in high bids…

16 Mar 2023

Exxon Considers Selling Stake in LNG Terminal Offshore Italy

©Terminale GNL Adriatico

Exxon Mobil Corp is considering selling its majority stake in Italy's main regasification terminal as part of a wider strategy to divest from non-core assets, the company said in a statement on Wednesday. The Rovigo liquefied natural gas (LNG) terminal is owned by Exxon's subsidiary ExxonMobil Italiana Gas (70.7%), QatarEnergy subsidiary Qatar Terminal Company Limited (22%) and Snam Spa SRG.MI (7.3%). Snam, an Italian gas grid operator, has the first right of refusal should a partner decide to divest.

20 Feb 2023

US LNG Producers Poised to Leapfrog Rivals with Three New Projects

© moofushi / Adobe Stock

At least three proposed U.S. liquefied natural gas (LNG) export plants have likely found enough customers to receive financial approvals this year, according to Reuters calculations, developments that would make the country the world's largest LNG exporter for years to come.After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The pace of approvals has accelerated as Europe has shifted…

16 Feb 2023

Guyana's Shore Base Project Could Cut Shipping Costs by About 12%

(File photo: ExxonMobil)

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…

31 Jan 2023

Exxon Banks Record $56B Profit in '22

Copyright Askar/AdobeStock

Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion. The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies.Exxon's results far exceeded the then-record $45.2 billion net profit it reported in 2008…

16 Jan 2023

Exxon Set to Order Fifth Guyana FPSO, Sizing up More Blocks

©MODEC

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.

05 Jan 2023

Hess Signals Guyana's Seventh Oil Platform

(File photo: Hess Corp)

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…

04 Jan 2023

US Poised to Regain Crown as World's Top LNG Exporter

© moofushi / Adobe Stock

The United States is on track to become the world's biggest exporter of liquefied natural gas (LNG) this year - ahead of current market leader Australia - once a fire-idled Texas plant is restarted, according to Reuters data.A June fire sidelined Freeport LNG, the second biggest U.S. export facility, and cut U.S. exports of the fuel by about 2 billion cubic feet per day (bcfd). That outage dropped the United States behind top exporter Australia as global demand for the fuel boomed.In 2022, U.S. exports of natural gas as LNG rose 8% to 10.6 bcfd, just shy of Australia's 10.7 bcfd.

27 Sep 2022

Petrofac Hires AHTS to Assist with Northern Endeavour FPSO Disconnection

Skandi Atlantic - Credit: DDW Offshore

Akastor's subsidiary DDW Offshore has won a one-year contract with Petrofac for the AHTS vessel Skandi Atlantic. The AHTS will support the disconnection of the FPSO "Northern Endeavour" together with towing and well isolations work in the Laminaria Corallina oil fields in the West Timor Sea. The contract start date is September 27th, 2022.The Australian Government earlier this year awarded London-listed oilfield services giant Petrofac a contract for Phase 1 of the decommissioning of the Northern Endeavour FPSO, offshore W.

14 Sep 2022

Biden Administration Reinstates Bids From 2021 Gulf of Mexico Oil Auction

© Troy V Smith / Adobe Stock

The Biden administration on Wednesday said it had reinstated bids from a November 2021 Gulf of Mexico sale of offshore oil and gas drilling rights, a requirement buried in U.S. President Joe Biden’s new climate change and drug pricing law.The move comes after a federal judge in January vacated the sale’s results, saying the administration had failed to properly account for the auction’s impact on global warming.The Inflation Reduction act, which President Joe Biden signed into law last month…

14 Feb 2022

Liza Unity: Exxon's Second FPSO in Guyana Produces First Oil

 Liza Unity is Guyana's second FPSO in production. - Image Credit: SBM Offshore

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.

28 Jan 2022

U.S. Judge Annuls Gulf of Mexico Oil Auction Over Climate Impact

A drilling rig in the Gulf of Mexico - Credit:flyingrussian/AdobeStock

A federal judge invalidated the results of an oil and gas lease sale in the Gulf of Mexico on Thursday saying the Biden administration failed to properly account for the auction's climate change impact.The decision has cast uncertainty over the future of the U.S. federal offshore drilling program, which has been a big source of public revenue for decades but also drawn the ire of activists concerned about its impact on the environment and contribution to global warming.The Gulf of Mexico accounts for 15% of existing U.S.

17 Dec 2021

US Fishing Industry Teams Up with Oil Lobby to Fight Offshore Wind

© Fokke / Adobe Stock

Members of the U.S. commercial fishing industry are teaming up with an oil industry-backed lobbying group to fight offshore wind energy development on the East Coast, according to documents reviewed by Reuters and interviews with people involved.The unusual alliance reflects the breadth of opposition President Joe Biden faces as his administration pushes to expand offshore wind power and other clean energy sources dramatically to combat climate change.The fishing industry believes offshore wind farms will interfere with vessel navigation and hurt crucial stocks like squid and scallops…

13 Dec 2021

Exxon Proposing to Build Supply Base for Guyana Project

Liza Unity will be Guyana's second FPSO in production. It recently reached the country's waters - Image Credit: SBM Offshore

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…

17 Nov 2021

Gulf of Mexico Lease Sale Pulls in $191.6 Million

© Troy V Smith / Adobe Stock

The Biden administration's auction of oil drilling rights in the U.S. Gulf of Mexico generated more than $190 million in high bids, bringing in more money for taxpayers than any government offshore lease sale since early 2019.The Department of Interior auction came days after the U.S. joined a global agreement that for the first time asked governments to accelerate emissions cuts by phasing down coal and fossil fuel subsidies.It was the first auction under President Joe Biden, whose administration paused drilling sales under a promise to end development on federal properties.

18 Nov 2021

Chevron, Exxon Among Top Spenders at Biden Offshore Auction

Illustration - Credit: scandamerican/AdobeStock

U.S. oil majors Exxon Mobil Corp and Chevron Corp were among the top buyers at a federal auction of oil leases in the U.S. Gulf of Mexico on Wednesday that generated more than $190 million - the highest since 2019.The auction was a boon for federal coffers, but a potential setback for the climate policies of U.S. President Joe Biden, whose administration tried to suspend federal lease sales to fight global warming before a court forced them to proceed.The United States was also…

03 Dec 2021

Australian LNG Hit by Shell, Chevron Outages at Prelude, Gorgon

The Prelude FLNG facility, with the Valencia Knutsen berthed side-by-side (File Photo: Shell)

Royal Dutch Shell Plc shut production at its Prelude floating liquefied natural gas (LNG) site and Chevron Corp shut one of three processing units at its Gorgon LNG plant, both off northwestern Australia, the companies said on Friday.The Gorgon and Prelude outages are expected to boost spot LNG prices, which are up about 20% from a month ago.Shell said Prelude was hit by a power outage on Thursday after smoke was detected in an electrical utility area, and the facility is operating on back-up diesel generators.

29 Nov 2021

U.S. Oil Drilling Review Proposes Higher Fees, Development Curbs

Credit: otmman/AdobeStock

The Biden administration proposed a slew of changes on Friday to the nation's federal oil and gas leasing program, including hiking fees on drilling companies and limiting their access to sensitive wildlife and cultural zones.The recommendations followed a months-long review aimed at ensuring drilling on federal lands and waters benefits the public. But in a sign of the extreme controversy surrounding the issue, environmental groups slammed the proposals as too weak and the industry…

27 Oct 2021

Liza Unity FPSO Reaches Guyana

Liza Unity leaving Singapore in September - Credit: Keppel

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.