ExxonMobil tallies two new discoveries offshore Guyana

IRVING, TX – ExxonMobil announced two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana. The Fangtooth-1 well 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 kilo...

Shell sends seismic vessel home after South African court loss

(Bloomberg) - The vessel hired by Royal Dutch Shell Plc to look for potential oil and gas fields is on course to leave South African waters after community groups won a court case to temporarily halt the activity. A judge on Dec. 28 granted local activists an interim interdict blocking any seismic surveys until a ruling can be made on whether fu...

Pioneer CEO sees oil above $100 as a net negative for shale

HOUSTON (Bloomberg) --Bosses for some of the biggest oil explorers in the Permian Basin say their industry could be hurt if crude climbs above $100 a barrel. With an expectation that oil demand exceeds supply by later in the year or in early 2023, Scott Sheffield, chief executive officer at Pioneer Natural Resources Co., said he sees oil prices...

Iraq approves sale of Exxon oil field to state-owned firm

(Bloomberg) --Iraq approved a state company’s potential purchase of Exxon Mobil Corp.’s interest in a huge oil field in the south of the country. The cabinet on Wednesday approved a proposal for Iraq National Oil Co. to start the process of acquiring the stake, Oil Minister Ihsan Abdul Jabbar said in a statement. He didn’t say if INOC had...

Struggling African producers put OPEC output pledges into question

(Bloomberg) --OPEC made only part of its planned production increase last month, with supplies hampered by disruptions in two of the group’s African members. The Organization of Petroleum Exporting Countries added just 90,000 barrels a day in December, as a boost by Saudi Arabia was offset by losses in Libya and Nigeria, according to a Bloombe...

Oil prices rise on skepticism of OPEC’s production plan

(Bloomberg) --Oil climbed amid skepticism about whether OPEC and its allies can successfully raise output as much as they intend. Futures in New York rose as much as 2% and the global benchmark traded above $81 a barrel on Wednesday. OPEC+ on Tuesday stuck to its plan to add 400,000 barrels a day next month after it cut estimates for a surplus i...

ADNOC invests close to $1 billion in the long-term development of Umm Shaif field

ABU DHABI - ADNOC announced the award of a $946 million Engineering, Procurement, and Construction contract for the strategic long-term development of its Umm Shaif field. The investment supports ADNOC’s oil production capacity plans of five million barrels per day by 2030 while ensuring energy security for the United Arab Emirates and partners a...