Four Bidders Vie For Stake in Exxon LNG Terminal Offshore Italy - Sources
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.
Big Oil Splits Over Production vs Carbon Storage in Gulf of Mexico Auction
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…
U.S. Offshore Drillers Brace for Hurricane Season amid Pandemic
As oil and gas companies began shutting offshore production before the first tropical storm of the season in the U.S. Gulf of Mexico, experts said restarting wells and refineries will take longer and prove more costly this year because of COVID-19.Well shut-ins typically last a few days or weeks at most, but oil companies have adopted stringent virus precautions for refinery and offshore staff, including frequent health checks, travel restrictions, onsite protective gear, and…
Barge Collision Spill Impacts Houston Ship Channel
A section of a key Gulf Coast waterway was shut after two barges collided Monday, setting one afire and possibly spilling a gasoline additive near the entrance to the Houston Ship Channel, the U.S. Coast Guard said. The Intracoastal Waterway (ICW), which runs between barrier islands and the coast of the U.S. mainland in the Gulf of Mexico, was shut from where it intersects the Houston Ship Channel to Mile Market 350 on the ICW. The Houston Ship Channel itself, which supplies the nation's busiest petrochemical port, remained open after the collision shortly after 1 a.m. local time (0600 GMT). Early media reports erroneously said a channel section had been closed, but it was unaffected.
Refinery Workers Approve 6-year Labor Pact
Union workers at Exxon Mobil Corp's Beaumont, Texas, refinery agreed to an unusually long six-year contract on Thursday night, which sources say the company pushed to assure no work stoppages during a contemplated multibillion-dollar expansion. Members of United Steelworkers union (USW) Local 13-243 voted by secret ballot on the contract offer, which is two years longer than the national agreement reached by the USW and U.S. refinery owners in March. The 800 Exxon employees represented by Local 13-243 have been working on a rolling 24-hour extension of the contract that expired on Jan. 31. "The members did an outstanding job of standing strong with the leadership," Darrell Kyle, president of Local 13-243, said. An Exxon spokesman praised the agreement.
