ExxonMobil has concluded its operations in Equatorial Guinea after almost three decades, fulfilling its intention, stated in 2022, to leave when its licenses expired.
Indented in the Guyana’s 2016 Production Sharing Agreement (PSA) with Exxon, is a clear and unequivocal statement (I will break it down in layman language) – renegotiation of the Oil Contract is quite possible as long as there is mutual agreement (Exxon & the Guyana Government) on both sides. It did not specify any limitations to renegotiation because unanticipated fluctuations/market conditions can cut both ways. For simplicity sake, I offer this as an example.
Top executives at U.S. oil giants Exxon Mobil and Chevron Corp said on Monday that the U.S. needs to clarify rules on energy subsidies to drive the rapid, large-scale investments needed to fight climate change.
Exxon will pause for several weeks oil production at two platforms offshore Guyana in the third quarter of 2024 to connect them to a new pipeline expected to bring the associated natural gas onshore to a gas-fired power plant.
Supergiants like Exxon are focused on big offshore venues like Guyana and Namibia, leaving behind prime onshore natural gas assets in Europe – a region that is now desperate for affordable domestic resources that aren’t controlled by Russian Gazprom.
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/9110c8e7-288e-4c70-9774-1b02c35656ac
The rivalry between ExxonMobil and Chevron has plumbed a new depth. On Monday, securities filings revealed a hang-up in Chevron’s $60bn stock deal to acquire smaller rival Hess Corporation. Hess’s crown jewel is a stake in the Stabroek deepwater field located off the coast of Guyana. A controlling 45 per cent stake happens to belong to Exxon.
Energy giants BP and Shell unveiled sharp downturns in their usual earnings last week in a rocky third quarter for the sector, with the oil and gas industry failing to match last year’s record profits.
GEORGETOWN, Sept 13 (Reuters) – Guyana on Wednesday received bids for eight of 14 offshore oil and gas exploration blocks offered in its first auction, including from groups formed by Exxon Mobil (XOM.N) and TotalEnergies (TTEF.PA), according to the government and documents seen by Reuters.
With more than 35 oil discoveries since 2015 the impoverished South American microstate of Guyana has emerged as the world’s hottest frontier drilling location.