South Africa: Exxon's fast-tracked vessel pushes oil targets forward
The floating vessel named One Guyana brings the joint venture a step closer to its target of 1.7 million barrels of oil equivalent per day by 2030 from the prolific block, one of the largest oil discoveries in years, which has driven soaring profits for the joint venture.
Chevron closed its acquisition of Hess, which held a 30% stake in the consortium, in July after prevailing in a lengthy legal battle with Exxon that centred on access to the block, where more than 11 billion barrels of recoverable oil and gas have been found since 2015.
The US oil producer is now a partner alongside Exxon and China's CNOOC, which holds a 25% stake.
The vessel allows the consortium, which controls all oil output in Guyana, to develop the Yellowtail and Redtail fields. Oil produced from One Guyana will be marketed as Golden Arrowhead crude, Exxon said.
The start-up of One Guyana is four months ahead of schedule, Exxon added.
All rights reserved. © 2022. Bizcommunity.com Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
8 hours ago
- Zawya
Wood Mackenzie to Deliver Strategic Insight into Africa's Energy Sector as African Energy Week (AEW) 2025 Silver Partner
Global energy and consultancy group Wood Mackenzie has confirmed its participation as a Silver Partner at African Energy Week (AEW): Invest in African Energies 2025, scheduled for September 29 to October 3 in Cape Town. Backed by over five decades of global experience, Wood Mackenzie's partnership reaffirms the firm's strategic commitment to shaping Africa's energy narrative through data-driven insight and trusted industry partnerships. The firm has worked extensively with national governments and state-owned energy companies to develop long-term energy strategies, evaluate exploration potential and structure critical infrastructure projects. Recent contributions by Wood Mackenzie to Africa's energy strategy includes supporting the Republic of Congo's first Gas Master Plan, developed in partnership with the Ministry of Hydrocarbons. The plan is set to guide monetization, domestic use and export strategies for gas resources – anchored by developments such as the Marine XII LNG project, which delivered its first cargo in early 2025 and is progressing toward a 3.5-billion-cubic-meter-per-year expansion phase. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. In its latest 2025 outlook, Wood Mackenzie forecasts that Africa's upstream capital expenditure will stabilize around $40 billion annually, with significant activity in gas and LNG-led developments. New discoveries across Namibia, Zimbabwe, Ivory Coast and Libya, combined with major finds by multinational oil and gas company Shell in Namibia's Orange Basin, underscore the continent's rising profile in global exploration. Meanwhile, Wood Mackenzie is also spearheading thought leadership on Africa's energy transition. According to the firm's 2025 Energy Transition Outlook: Africa, the continent's electricity demand will double by 2050, while bioenergy's share in residential and commercial energy demand will decline from 81% today to 70% in a base scenario – and 50% in a net-zero pathway. The firm notes that despite this growth, Africa will contribute just 3-6% of global emissions by 2050, emphasizing the importance of a balanced energy mix that includes oil and gas. According to the outlook, solar additions in Africa dropped to 3.5 GW in 2024, down from 4 GW the previous year, with South Africa leading deployment. At the same time, sub-Saharan Africa's oil and gas production grew by 5%, driven by output gains in Nigeria, Mozambique, Senegal and the Republic of Congo. With critical insight into both hydrocarbon and renewable energy markets, Wood Mackenzie continues to support Africa's goals of energy security and climate resilience. At AEW: Invest in African Energies 2025, Wood Mackenzie will be represented by a senior delegation, including Mansur Mohammed, Head of Business Development, Africa; Gavin Thompson, Vice Chairman-Europe, Middle East and Africa; David Parkinson, Head of Exploration; and Ian Thom, Research Director-Upstream. The team is expected to deliver presentations and participate in high-level panel discussions on upstream investment, gas development and Africa's energy transition. 'Wood Mackenzie's data-driven insights offer investors greater clarity into the vast opportunities present in Africa's energy sector. Their robust data, strategic foresight and trusted guidance make them a go-to partner for global investors, project operators and governments looking to navigate Africa's evolving energy landscape,' states Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
10 hours ago
- Zawya
Egypt to boost gas production after years of decline, prime minister says
Egypt's gas production is expected to reach 6.6 billion cubic feet per day by 2027, Prime Minister Mostafa Madbouly said on Wednesday. Egypt's natural gas production began declining in 2022, forcing it to become a net gas importer whether through expensive liquefied natural gas cargoes or through Israeli supplies. The North African nation's production is currently 4.1 billion cubic feet per day, Madbouly said. The decline in output over recent years has been driven mainly by a hard currency shortage that limited the government's ability to pay international oil companies. "Foreign investors and partners have resumed investments as a result of our commitment to pay off the accumulated arrears, so we have clear plans to return to previous production levels (of 6.6 billion cubic feet daily) over the next two years," Madbouly said. Madbouly said last month that Egypt has paid $1 billion to international oil companies and it was set to pay another $1.4 billion before the end of the year. (Reporting by Mohamed Ezz Writing by Tala Ramadan Editing by David Goodman)
Zawya
12 hours ago
- Zawya
Clearing the Path for Global Investment in African Energy: Key Advisors Join Cape Town Energy Event in September
African Energy Week (AEW) 2025: Invest in African Energies is set to welcome leading voices from some of the most influential advisory and market intelligence firms supporting Africa's energy transformation. With a sharpened focus on facilitating investment and de-risking entry into Africa's oil, gas and energy sectors, this group of speakers reflects growing demand for trusted insight, financial strategy and legal clarity as the continent positions itself for large-scale energy development. Representing Rystad Energy, Bimbola Kolawole, Vice President and Head of Commercial, Africa, brings the perspective of one of the world's leading independent research and energy intelligence firms. With Rystad's data-driven insights playing a central role in shaping investor and operator decision-making, the company's analysis of African upstream and gas markets has become essential to understanding resource potential and project viability. At AEW, Kolawole will speak to how real-time intelligence and market modeling can help both African stakeholders and global investors identify actionable opportunities and build bankable projects. Joining the conversation is Fiyinfolu Okedare, Director of Consulting at Forvis Mazars, a global advisory group with deep expertise in corporate structuring, due diligence and energy sector transactions. Forvis Mazars has emerged as a key partner for companies navigating Africa's diverse regulatory environments and planning long-term investments. Okedare will contribute strategic insights into how advisory support can unlock financial close, improve compliance and align investor expectations with project realities, particularly in complex or emerging markets. Also speaking is Onyeka Cindy Ojogbo, Deputy Managing Partner at CLG, one of Africa's foremost legal and regulatory advisors focused on energy. CLG has played a pivotal role in shaping upstream policy, cross-border energy frameworks and legal reforms across the continent. At AEW, Ojogbo will share how legal innovation, contract structuring and policy advocacy are enabling energy investments to move from exploration to development at a faster, more secure pace. Africa's energy sector is experiencing a structural shift, marked by increasing domestic participation, shifting capital flows and growing interest in integrated oil and gas development, along with gas-to-power and renewable diversification. As global capital becomes more cautious and competitive, African markets must sharpen their value proposition. Transparent licensing rounds, fiscal stability, ESG alignment and robust project preparation have become non-negotiables for attracting long-term international investors. In this environment, intelligence and advisory firms serve as critical enablers – translating opportunity into action and reducing uncertainty across every stage of the value chain. 'Africa is open for investment, but success depends on transparency, trusted partners and data-backed strategies,' states NJ Ayuk, Executive Chairman of the African Energy Chamber. 'Rystad, Forvis Mazars and CLG are helping to build that foundation. They are not just observers – they are enablers of deals, progress, and long-term impact.' Distributed by APO Group on behalf of African Energy Chamber. About AEW: Invest in African Energies: AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
