ExxonMobil said today that development drilling had kicked off on the Liza Phase 1 development offshore Guyana.
The oil and gas company Hess Corp. said it will lay off about 300 employees or 13 percent of its workforce this year as it labors to sell assets, slim down operations and post its first quarterly profit since 2014.
AkerBP recorded a strong third quarter, raking in a net profit of $112million.
Hess has sold its Norwegian oil and gas assets to Aker BP for $2billion.
A consortium made up of ExxonMobil, Hess and Statoil has reached an agreement with Suriname’s energy agency on a production sharing contract for block 59 in the country.
Hess Corp. has inked a deal to sell its stakes in some oil-producing assets in West Texas and New Mexico for $600 million, the New York oil company said Monday.
Hess has reported a loss of $4.89billion in its fourth quarter.
Hess Corp said it still plans to bring around 80 North Dakota oil wells online this year despite the decline in crude prices.
Hess Corporation said the chairman of its board of directors has retired from the company due to ill health.
US oil giant Hess has sold its Shannon LNG assets, according to reports.
During the next eight days, independent U.S. oil explorers are expected to report 2015 losses totaling almost $14 billion, the result of the steepest price collapse in a generation.
Hess Corp. said it will cut capital spending on exploration and production this year 40 percent from 2015 to $2.4 billion on low oil prices.
A stubborn 16-month crude rout with no end in sight is driving the largest US oil producers away from costly, high-risk mega-projects long touted as the industry’s future and toward safer shale operations that generate the cash needed to satisfy anxious investors.
Hess Corp, which sold off fueling stations and refineries to focus on production, reported its second consecutive quarterly loss after crude prices fell.
Hess Corporation has cut its 2015 exploratory budget by 16%. The company said it would be spending $4.7billion, a reduction from its 2014 spend of $5.6billion. Chief operating officer Greg Hill said the company would increase activity as oil prices began to recover.
Chevron and Hess have started crude oil production from the Tubular Bells deepwater project in the Gulf of Mexico. The project is expected to produce 50,000 barrels of oil equivalent per day from three wells. The field is 135 miles southeast of New Orleans in 4,300 feet of water in the Mississippi Canyon area and was discovered in 2003.
Diamond Offshore Drilling has won a number of long-term charter contracts from US independent Hess for a pair of drillships. The Houston-based company also announced plans to retire and scrap six of its mid-water submersible rigs, including the Ocean Epoch, Ocean New Era and Ocean Whittington.