Africa Oil has received its first dividend from its recently acquired Nigerian assets and has directed the cash to pay down a loan.
ExxonMobil has increased its estimated recoverable resources in Guyana by two billion barrels after a hot streak of discoveries at the prolific Stabroek block.
The move from “Big Oil to Big Energy” is under way as the energy transition puts extra pressure on explorers, an analyst has said.
The world continues to need investment in the oil and gas sector, according to most forecasts, but this is an increasingly difficult pitch for investors given concerns over carbon emissions.
Tullow expects to report pre-tax impairments and exploration write-offs of around $1.5 billion for 2019, as a result of a lower oil price forecast and a reduction in 2P reserves at the TEN project, offshore Ghana.
Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.
The Energy Transition and Extinction Rebellion may have led the energy news agenda and stimulated reflection in many E&P boardrooms in 2019, but the impact on exploration drilling is not yet apparent.
Tullow Oil Plc discovered light oil at its Carapa-1 well in Guyana, but the reservoir was smaller than the troubled company had expected prior to drilling. Shares fell as much as 20%.
US energy giant ExxonMobil has released a video celebrating first oil from the Liza field off Guyana.
ExxonMobil has announced a new discovery off Guyana, adding to previous estimates of 6billion barrels of recoverable oil equivalent.
Exxon Mobil Corp. and its partners lifted the first commercial crude from Guyana, setting the small South American nation on a path to potentially vast flows of oil revenues.
When analysing Guyana’s production sharing agreements (PSAs), it is important not to be misled by statements comparing Guyana’s 2% royalty with higher royalties in other countries (set on average at about 10%-15%).
Italian oilfield services firm Saipem has won a subsea contract in Guyana, as well as additional work in regions including the North Sea, worth £684.6million.
Exxon Mobil and Hess Corp. said they are moving up the start date for first oil production in Guyana to December instead of the previous timeline slated for early 2020.
SBM Offshore has completed financing of $1.14billion (£886m) to pay for the vessel which will serve ExxonMobil’s giant Liza field off Guyana.
Total’s investor presentation walked a fine line between commitments to new projects and steps to secure the confidence of investors.
Tullow Oil said today that its Joe-1 exploration well had opened a new "upper tertiary" oil play in the Guyana basin.
Guyana will make mistakes on the road to becoming an oil and gas producing nation – but none will be of the same magnitude as Brexit.
Shares in Tullow Oil soared almost 20% yesterday after the exploration and production firm announced an oil discovery offshore Guyana.
Qatar Petroleum has agreed a deal with Total to buy stakes in two blocks offshore Guyana.
Guyana’s plans to raise oil and gas royalties may “diminish attractiveness” to future investors, according to new analysis.
Deepwater and tight oil are two of the upstream sector’s great growth themes, but are often considered to be at opposite ends of the development spectrum.
Guyana is due to hold a general election later this year that could have a significant bearing on the country’s emergence as a new oil frontier.
Guyana’s anti-corruption agency is investigating how exploration rights were awarded in the world’s biggest new deepwater oil region, including those now controlled by Exxon Mobil Corp. and Tullow Oil Plc.
Exploration costs, lower oil and gas prices and heavy maintenance dented ExxonMobil’s earnings for the start of the year.