ExxonMobil has initiated production at the Payara oil field, Guyana’s third offshore oil development on the Stabroek Block. This major move elevates the total production capacity in Guyana to an impressive 620,000 barrels per day (bpd). Prosperity FPSO: A Leap Forward in Oil Production The company’s third Floating Production, Storage and Offloading (FPSO) vessel, Prosperity, […]
Chevron Corporation has inked a definitive agreement with Hess Corporation for an all-stock purchase valued at $53 billion, which translates to $171 per share. This evaluation is based on Chevron’s closing price on October 20, 2023. As per the transaction terms, every Hess shareholder will receive 1.0250 shares of Chevron for their Hess share, bringing […]
ExxonMobil and its Stabroek Block partner Hess Corporation have reached a final investment decision (FID) regarding the Uaru oil project, which will be developed with an investment of $12.7 billion in Guyana’s territorial waters. The FID decision comes after receiving the required regulatory and government approvals in the South American country. Uaru is the fifth […]
CNOOC said that the Liza Phase II project, the phase 2 development of the Liza oil field in the Stabroek Block in Guyanese waters has started ahead of schedule. Liza Phase II produces with one floating production storage and offloading (FPSO) and 30 subsea wellheads. The FPSO is the second production unit in the Stabroek […]
Hess Corporation and ExxonMobil have announced the Pinktail oil discovery on the Stabroek Block in Guyanese waters following the drilling of the Pinktail exploratory well. The Pinktail well intersected 67 meters of net pay in high quality oil bearing sandstone reservoir. It was drilled in 1,810 meters of water depth by the Noble Sam Croft […]
ExxonMobil and Hess have sanctioned the $9 billion Payara oil project in the Stabroek Block in Guyanese waters having secured government approval. The final investment decision (FID) taken on the Payara development project paves the way for the Payara discovery brought into production by taking up drilling of 20 production wells and 21 injection wells […]
Redtail oil discovery : ExxonMobil and its partners have pulled off their 18th discovery in the Stabroek Block in Guyanese water following the drilling of the Redtail-1 well. The latest oil discovery in Guyana adds to the previously announced estimated recoverable resource of over eight billion oil-equivalent barrels in the Stabroek Block. According to ExxonMobil, […]
Esox oil discovery : Hess Corporation has pulled off an oil discovery in the deepwater Gulf of Mexico following the drilling of the Esox-1 exploration well in Mississippi Canyon Block No. 726, offshore US. The Esox-1 well was drilled in 1,405 meters of water when it came across nearly 58 meters of high-quality oil-bearing Miocene […]
Pacora oil discovery : ExxonMobil has pulled off another oil discovery in the Stabroek Block, offshore Guyana after drilling the Pacora-1 exploration well. Partnered by Hess and CNOOC Nexen Petroleum Guyana, ExxonMobil had drilled the prospect for almost a month before striking oil as per the latest oil and gas industry news. The Pacora-1 exploration […]
Oil and gas news : China National Offshore Oil Corporation (CNOOC) and its partners have achieved production from the $6 billion worth Stampede oil and gas project, located in the deepwater US Gulf of Mexico. The Stampede oil and gas field is located about 185 kilometres south of Fourchon in Louisiana. The offshore field is […]