Oil and gas supermajor ExxonMobil will buy a 40% stake in the new Bahia natural gas liquids (NGL) pipeline from Enterprise Products Partners as producers and pipeline operators expand gas takeaway capacity in the Permian basin.
Exxon is considering a return to Iraq after leaving the country two years ago, Bloomberg reported, citing an unnamed source who said Exxon was interested in developing the massive Majnoon field.
Exxon had nine functional companies that operated relatively independently from one another when Woods took over in 2017, creating layers of bureaucracy and duplication of support services. The company now has three main divisions — production, refining and low-carbon — all of which share services like engineering, IT and project management.
Exxon has asked for security guarantees for its Rovuma LNG project from Mozambique’s government, the Financial Times reported, citing unnamed sources, who said the discussions were directly with the president of Mozambique, Daniel Chapo.
Exxon has estimated the size of a natural gas discovery off the coast of Cyprus at between 8 and 9 trillion cubic feet, local media has reported, citing a meeting between the supermajor and the president of the island nation.
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.