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.
Algeria has some of Africa’s largest overall oil and gas reserves, but production had long been held back by mismanagement and lack of investments – an issue authorities sought to tackle with new legislation that was approved in 2019. Then came the Russian invasion of Ukraine, which left Europe struggling to find alternative gas supplies and Algiers poised to fill the gap.
The awarded acreage, located northwest of Guyana’s prolific Stabroek block, is larger than Trinidad and Tobago’s landmass. The production-sharing contract marks ExxonMobil’s return to the country after a 20-year absence.
ExxonMobil Guyana has started production at Yellowtail, the fourth oil development in Guyana’s offshore Stabroek block. Yellowtail’s ONE GUYANA FPSO vessel joins the Destiny, Unity, and Prosperity FPSOs, bringing total installed capacity in Guyana to above 900,000 barrels of oil per day.
In February 2025, Trinidad and Tobago launched a bid round for 26 deepwater exploration blocks that included Block 24 and Block 26, along with 24 blocks in the Trinidad and Tobago Deep Atlantic Area, but does not include the blocks that ExxonMobil is interested in. Reuters reports that the company first approached the Trinidadian authorities to obtain the blocks in November 2024.
According to the EIA, the development plan calls for drilling 14 to 30 production and water-injection wells; installing and operating subsea umbilical, riser, and flowline (SURF) equipment that will connect the FPSO to the wells; using an FPSO to process, store, and offload the recovered oil; and installing a 13-km gas export pipeline from the FPSO to a tie-in on the Gas to Energy pipeline. The EIA said subsea components are expected to be installed in 2028, with FPSO installation and commissioning expected the same year.
The milestone scope includes decommissioning the subsea flowlines, marking EnerMech’s first major decommissioning campaign in the region. The award highlights the firm’s strategic methodology, integrated approach, and offshore operational expertise.
TotalEnergies, as operator of Block 17, has worked with partners to develop the block into a cornerstone of Angola’s oil production for more than 20 years. The renewed PSC allows for the continued use of existing infrastructure and technological expertise to support value creation from mature oilfields.
The contract, awarded by ExxonMobil’s Guyana arm, is a limited notice to proceed pending necessary government and regulatory approval. Phase one encompasses front-end engineering and design, while phase two covers engineering, procurement, construction, and installation.
Nigeria’s Seplat Energy PLC has reported $809.3 million in revenue for the first quarter (Q1), up 350 percent from the same three-month period in 2024 as higher oil and gas volumes offset lower prices.
Net profit came at $23.3 million, or 3.1 cents per share, compared to a net loss of $1.9 million for Q1 2024.