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Hess facing three lawsuits over disclosures in Chevron deal

(Reuters) - Oil producer Hess (HES.N) on Tuesday said it is currently facing three lawsuits alleging inadequate disclosures over its proposed sale to Chevron (CVX.N). Chevron last October offered to acquire Hess in a move to gain a foothold in...

Shell to conduct seismic survey on Trinidad blocks awarded last year

Shell Trinidad and Tobago announced that the PXGEO 2 survey vessel will mobilize from Chaguaramas to the East Coast Marine Area (ECMA) to conduct a 3D seismic survey across the deepwater Blocks 25a, 25b and 27. The company announced the...

TotalEnergies-led group makes investment decision on 70,000 b/d Angola deepwater project

TotalEnergies has announced the final investment decision (FID) on the Kaminho deepwater project in Angola’s Block 20/11, pursued in collaboration with Petronas and Sonangol. It said the FID was made possible due to a close collaboration with the concessionaire...

Petronas’ Block 52 tax holiday could see first Suriname gas project by 2031 – Rystad Energy

Norway’s Rystad Energy sees Suriname’s first standalone gas project potentially materializing as early as 2031, at the Petronas-operated Block 52.  Aiding the Block 52 operator is the 10-year tax break it got from the South American nation in a recent...

WoodMac values 10-FPSO development offshore Guyana at US$150 billion

Luiz Hayum, a principal analyst with Wood Mackenzie's Latin America upstream research team, sees Guyana’s oil bounty raking in huge sums for the ExxonMobil-led consortium and the government.  “Our valuation for Stabroek’s ten-FPSO development is over US$150 billion at US$65/barrel...

Exxon insures eight-well Stabroek Block drill campaign

ExxonMobil has insured its eight-well Stabroek Block exploration campaign for the period February 2024 to February 2025, in conjunction with its Stabroek Block partners, Hess and CNOOC. The contract of insurance, published in Guyana’s Official Gazette, sets a limit of...

US$550 million withdrawn from Guyana’s oil fund for the year

Guyana’s Ministry of Finance announced a withdrawal of US$300 million (approximately GY$63 billion) from the country’s Natural Resource Fund (NRF) in a May 20 release. Added to the US$250 million (approx. GY$52 million) withdrawn in March, withdrawals for the year...

Guyana’s oil fund worth almost half of country’s annual budget

Guyana’s Natural Resource Fund (NRF) closed April 2024 with a market value of US$2.634 billion (GY$549 billion), nearly equivalent to half of the country’s US$5.496 billion (GY$1.146 trillion) national budget this year.  Annual revenues to the government from oil production...

Exxon targeting two appraisal wells at gas field off Guyana coast

ExxonMobil Guyana is forging ahead with its Stabroek Block drilling program with two appraisal wells being targeted at the Haimara gas field, discovered five years ago. This is according to a document published in Guyana’s Official Gazette. The program includes the...

Saipem gets US$850 million deal for subsea work off Angola coast 

Saipem has been awarded a new offshore contract by Azule Energy Angola S.p.A., subsidiary of Azule Energy Holdings Limited, an incorporated joint venture between Eni and bp.  The award concerns the development of the Ndungu field as part of Agogo...

Latest News

Hess facing three lawsuits over disclosures in Chevron deal

(Reuters) - Oil producer Hess (HES.N) on Tuesday said it is currently facing three lawsuits alleging inadequate disclosures over...