These contracts would be part of a broader commitment that the president of the European Commission Ursula von der Leyen made to President Trump for the EU to buy $750 billion worth of U.S. oil and gas until 2028.
Iraq’s state oil marketing firm is in discussions with Exxon for potential crude storage sites close to demand markets in Asia, the United States, and Europe, Bloomberg reports, citing a senior Iraqi executive.
Exxon has been increasingly vocal in its criticism of European Union energy policies. In its latest Global Outlook, the supermajor dedicated a special section to Europe, calling it “Lessons from Europe” and detailing the EU’s path from a competitive business region to a place notorious for its red tape and energy prices, plus a disgruntled population.
The corporation’s primary businesses – Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States.
The South American country of Guyana has recently emerged as a world-recognized oil-producing nation. This occurred due to ExxonMobil’s string of world-class discoveries in offshore Guyana, starting with the 2015 Liza-1 wildcat well, drilled 118 miles northeast of the capital, Georgetown, in the 6.6 million-acre Stabroek Block.
Earlier this week, Chevron completed its acquisition of Hess Corp. It was one of the largest deals in the oil and gas space in recent history, after Exxon’s takeover of Pioneer Natural Resources, finalized in 2024. With that out of the way, the question begs to be asked: could the two U.S. giants strike a deal to create a single, much bigger giant?
Earlier this year, the Trinidad and Tobago government announced plans to tender 26 offshore blocks along its eastern and northern coast. The deadline for submissions was July 2, and the winning bids will be announced in three months. The blocks subject to that tender, however, do not include the seven blocks that Exxon is in talks about, Reuters noted in its report.
Petrobras, Exxon Mobil Corp. and Chevron Corp. have won exploration rights in Brazil’s Equatorial Margin, betting that the nation’s environmental regulator will finally open the promising offshore oil region for drilling after years of delay.
Exxon remains confident it will prevail in the case over the field’s ownership at the International Chamber of Commerce, Neil Chapman, Exxon’s senior vice president, said at the Bernstein Strategic Decisions Conference in New York on Thursday. But there will be “no change for us” if Exxon loses, he said.
Late last year, the Texas oil giant stress-tested its business at “more punitive scenarios” than the current environment and brought the results to the board, Woods said at Exxon’s annual meeting Wednesday. The result is that the company will continue investing in new projects and returning cash to shareholders even if oil declines from the current $65 a barrel.