Latest news with #CNOOC
Reuters
9 hours ago
- Business
- Reuters
Exxon-led consortium's profit in Guyana rose to $10.4 bln in 2024
GEORGETOWN, June 3 (Reuters) - The profit of a consortium by oil producers Exxon Mobil (XOM.N), opens new tab, Hess (HES.N), opens new tab and CNOOC ( opens new tab in Guyana increased 64% last year to $10.4 billion, Exxon said on Tuesday. The group's expenses in the South American country rose to $4.9 billion in 2024 from $3.5 billion the previous year, the U.S. company added.
The Star
3 days ago
- Business
- The Star
Chinese firm offers scholarships to local students in W. Uganda
KAMPALA, May 31 (Xinhua) -- China National Offshore Oil Corporation (CNOOC) has awarded scholarships to 300 top-performing students in western Uganda's oil region to further their education. At the 2025 Best Performers Awards ceremony held at the Hoima District headquarters on Friday, the oil giant announced that the winners, who performed well on last year's national exams, are in different categories, including primary, secondary, and university-bound students. Six students with disabilities were also awarded. According to a CNOOC press release shared here on Saturday, the winners are from Hoima District and Kikuube District. They received cash prizes and certificates of recognition for their achievement. Wang Jufeng, vice president of CNOOC Uganda Limited, said the annual program aims to invest in youth to shape Uganda's future. "We believe that education is the key to a better future. That is why we started this Best Performers Awards program. Since 2013, we have supported 1,448 students through this initiative," Wang said. He said the company is also implementing initiatives that help schools by donating books, furniture, and other learning materials. "Some students from Hoima and Kikuube have received international scholarships, and at the moment, we have Musinguzi Ronald from Kikuube and Amanya Jean Remmy in China University of Petroleum, studying petroleum engineering under full sponsorship from CNOOC Uganda Limited," he added. He said these initiatives will help students gain knowledge and grow into strong, confident adults who will contribute positively to the development of Uganda. CNOOC is currently managing the Kingfisher Oil Field in western Uganda, where commercial oil drilling is underway. Uganda discovered 6.5 billion barrels of oil in 2006, with 1.4 billion barrels deemed commercially viable, according to the country's Ministry of Energy and Mineral Development.
Yahoo
26-05-2025
- Business
- Yahoo
Who Will Win Guyana's Oil? Chevron and ExxonMobil Face Off
A high-stakes corporate clash is unfolding between Chevron CVX and ExxonMobil XOM — two of the world's largest oil companies. At the heart of the dispute is Guyana's offshore Stabroek Block, a massive oil field with over 11 billion barrels of recoverable reserves. Chevron's planned $53 billion acquisition of Hess Corporation HES, which owns a 30% stake in the block, is now facing fierce resistance from ExxonMobil, the project's operator and 45% stakeholder. ExxonMobil, along with its Chinese partner CNOOC (25% stake), claims it has a contractual right of first refusal (ROFR) that would allow it to either block or match Chevron's and Hess argue that the clause doesn't apply in this case. They maintain the ROFR is triggered only in direct asset sales, not in full corporate mergers like theirs. ExxonMobil, meanwhile, contends that because Hess's value is overwhelmingly tied to its Guyana interest — reportedly around 70% — the distinction between an asset and entity sale is largely irrelevant. With both sides unwilling to back down, the issue has landed in arbitration under the International Chamber of Commerce. The confidential hearing is set to begin today, with a final ruling expected by the end of the third quarter. For Chevron, the stakes are enormous. Its oil and gas reserves fell to 9.8 billion barrels at the end of 2024, the lowest level in over a decade. Adding Hess's Guyana stake is seen as vital to reversing that trend and improving its reserve replacement ratio. A win in arbitration would give Chevron access to one of the few remaining high-growth, low-cost basins, helping to secure its long-term production outlook. A loss, however, would leave it scrambling for another transformative acquisition at a time when large-scale opportunities are transaction has already been approved by Chevron's shareholders and cleared by U.S. regulators, but its fate now rests on the tribunal's interpretation of a joint operating agreement drafted more than a decade ago. In anticipation of a positive outcome, Chevron has bought roughly 5% of Hess's outstanding shares in the open market. Traders and hedge funds are also heavily invested, with more than $10 billion worth of Hess stock purchased by merger-arbitrage funds betting on a favorable ruling. ExxonMobil views Hess' exit to Chevron as a disruption of a long-standing partnership and a threat to its control of the Guyana project. Exxon CEO Darren Woods has defended the Zacks Rank #3 (Hold) company's position, arguing that it took early development risks when few others would and that its rights under the operating agreement must be upheld. Behind the legal battle lies a strategic concern. Letting Chevron in could weaken Exxon's influence in what is quickly becoming the most important oil basin in the Western Hemisphere. You can see the complete list of today's Zacks #1 Rank stocks dispute has cooled what was once a cordial relationship between Woods and Chevron CEO Mike Wirth. Legal observers believe the case may come down to how a few key terms are interpreted in the joint operating agreement. The ruling, expected by Q3, could set a precedent for how future pre-emption rights are applied in corporate acquisitions, especially in high-value energy matter how the arbitration ends, the case will have a lasting effect. Whether Chevron gains a critical growth engine or Exxon consolidates control, the outcome will shape strategic decisions across the Oil/Energy sector for years to come. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report Exxon Mobil Corporation (XOM) : Free Stock Analysis Report Hess Corporation (HES) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Zawya
26-05-2025
- Business
- Zawya
Uganda eyes LPG windfall from Lake Albert oil projects
Uganda is eyeing a windfall on Liquefied Petroleum Gas (LPG) once its Lake Albert projects commence commercial production of oil next year, seeing itself as a net exporter onwards. This will also mean cleaner cooking options in the country just as much as a change in the dynamics of the commodity in the regional market. Uganda has struggled to implement its LPG and clean cooking programme for years now. It began five years ago but has remained in first gear, with less than 100,000 free cylinders distributed against a target of one million. Consequently, the country's penetration has remained below 3 percent. Currently, Uganda imports all the LPG it consumes from overseas producers like China, India, the US, United Ara Emirates and regional leader Kenya, but the imports meet a supply chain that lacks the necessary experience in storing the product, and the infrastructure does not adequately support its distribution. Gilbert Kamuntu, the Chief Commercial Officer of the state-owned Uganda National Oil Company (Unoc) says Uganda's LPG landscape is about to experience a shift. He explains that when oil production begins in 2026, the CNOOC-operated Kingfisher project is expected to produce 20,000 kilo tonnes of LPG, which will increase Uganda's consumption by 50 percent, from the consumption of 40,000 kilo tonnes to 60,000 kilo tonnes. Subsequently, LPG production from the 190,000 barrels per day Tilenga project will peak at 80,000 kilo tonnes. Additionally, the 60,000 barrels per day Hoima refinery, will churn out up to 220,000 kilo tonnes annually, raising Uganda's total capacity to 320,000 per year. Aggrey Ashaba, the UCEM Governing Council Chairman, believes that Uganda can leverage this opportunity to become a regional energy hub. With a renewables and hydropower capacity of 2,048MW, Uganda could become a net-electricity exporter, and a net-exporter of LPG from the Lake Albert oil and gas projects. However, critics argue that despite the potential for increased access, availability and affordability of the product, the lack of regulation and safety measures could hinder its uptake. Emmanuel Mageni, the Chief Executive Officer of Ultimate Gas Energies Limited, points out that Uganda's low consumption of only 40,000 tonnes a year compared to Kenya's tenfold higher consumption, or even Rwanda's 34,000 tonnes, highlights underlying issues that must be addressed to boost uptake, with or without production from the Lake Albert projects. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
26-05-2025
- Business
- Yahoo
CNOOC Limited Announces Mero4 Project Commences Production
HONG KONG, May 26, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Mero4 Project has commenced production safely at May 24 Brazil time. Mero field is located in the Santos Basin pre-salt southeastern offshore Brazil, about 180 kilometers away from Rio de Janeiro, in a water depth of between 1,800 and 2,100 meters. Mero4 Project will be developed by the traditional deep-water Pre-salt development mode, FPSO+Subsea. 12 development wells are planned to be commissioned, including 5 oil producers, 6 water or gas alternate injectors, 1 convertible well. In order to maximize production, the wells are equipped with intelligent well completion technology, which enables the remotely switching between production and injection wells via platform. The FPSO used in Mero4 is one of the largest FPSOs in the world, which was integrated in China in December 2024 and arrived at the oilfield in March 2025. The FPSO is able to produce up to 180,000 barrels of crude oil, process 12 million cubic meters of natural gas per day and inject 250,000 cubic meters of water, which will increase the installed production capacity of Mero field to 770,000 barrels of crude oil per day. To implement the concept of green and low carbon development, Mero4 project is also equipped with resources to operate the HISEP (High Pressure Separator), which allows underwater separation between the extracted oil and the associated gas and reinject the gas into the reservoir. The HISEP will simultaneously boost production and reduce emission. CNOOC Petroleum Brasil Ltda, a wholly-owned subsidiary of CNOOC Limited, holds 9.65% interest. Petrobras is the operator and has 38.6% interest, TotalEnergies holds 19.3% interest, Shell Brasil holds 19.3% interest, CNPC holds 9.65% interest, and Pré-Sal Petróleo S.A –PPSA holds 3.5% as the Federal Union representative in non-contracted areas. — End — Notes to Editors: More information about the Company is available at *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@ Mr. Cheng YaoEver Bloom (HK) Communications Consultants Group LimitedTel：+852 5540 0725Fax：+852 2111 1103Email： View original content to download multimedia: SOURCE CNOOC Limited Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
