Latest news with #ExxonMobil-led
Business Recorder
2 days ago
- Business
- Business Recorder
Oil falls as markets focus on US-Russia talks
LONDON: Oil prices fell on Monday, extending last week's more than 4% decline, as investors looked to talks between the US and Russia later this week on the war in Ukraine. Brent crude futures fell 45 cents, or 0.68%, to $66.14 a barrel by 0826 GMT, while US West Texas Intermediate crude futures were down 49 cents, or 0.77%, to $63.39. U.S. President Donald Trump said on Friday that he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. The talks follow increased U.S. pressure on Russia, raising the prospect that penalties on Moscow could also be tightened if a peace deal is not reached. Trump set a deadline of last Friday for Russia, which invaded Ukraine in February 2022, to agree to peace or have its oil buyers face secondary sanctions. At the same time, Washington is pressing India to reduce purchases of Russian oil. UBS has lowered its year-end Brent crude forecast to $62 a barrel from $68, citing higher supply from South America and resilient output from sanctioned countries. An Exxon Mobil-led consortium began crude production four months earlier than expected at a fourth floating production, storage and offloading vessel in Guyana, Exxon said on Friday. Consultancy Energy Aspects estimated Indian refiners have already purchased WTI totalling 5 million barrels for August loadings, with an incremental 5 million barrels possible depending on tender outcomes, and 5 million barrels for September loadings. Trump's higher tariffs on imports from dozens of countries, which took effect on Thursday, are expected to weigh on economic activity as they force changes to supply chains and fuel higher inflation. Separately, data from the National Bureau of Statistics on Saturday showed China's producer prices fell more than expected in July.
Yahoo
03-07-2025
- Business
- Yahoo
Exxon returns some Stabroek acreage to Guyana, government says
GEORGETOWN (Reuters) -An Exxon Mobil-led oil consortium has returned 2,534 square kilometers of the Stabroek Block in Guyana back to the government, the Ministry of Natural Resources said in a statement on Wednesday. The relinquishment is part of a contractual requirement for Exxon to enter the final phase of exploration of the Stabroek Block, which contains one of the world's largest oil discoveries in decades. It was originally due in October, but talks between Exxon and the government stalled the process. Exxon's final exploration phase with the Stabroek Block is due to end in 2027. The block has propelled Guyana to become one of the world's fastest growing economies and has driven profits for Exxon, Hess and CNOOC, the three partners in the consortium that control all oil output in the country. Exxon did not immediately respond to a request for comment. The returned areas equate to about 9% of the total size of the Stabroek Block, according to Reuters calculations. The relinquished portions do not contain any discoveries or production activities, the Ministry said. The government has also said the relinquishment needed to exclude part of the block Exxon could not explore due to a territorial dispute between Guyana and Venezuela. Guyana has said it wants to offer the relinquished acreage to other companies in a future auction. Sign in to access your portfolio
Straits Times
17-05-2025
- Business
- Straits Times
Guyana lawmakers pass bill making companies liable for oil spill damages
Vessels carrying supplies for an offshore oil platform are seen, south of Georgetown, Guyana, January 23, 2020. REUTERS/Luc Cohen/File Photo GEORGETOWN - Guyana's parliament passed an oil pollution bill late on Friday that holds parties liable for damages caused by oil spills, including from vessels. The bill, which passed with a majority of votes cast in a simple voice vote, is expected to soon be signed into law by President Irfaan Ali. Guyana, whose oil production is controlled by an Exxon Mobil-led consortium is expected to surpass 900,000 barrels per day (bpd) this year. The South American country is trying to reinforce oversight of its nascent energy industry, where all crude and gas output comes from offshore fields. The legislation stipulates that responsible parties provide financial assurance to cover spills, conduct regular inspections and audits, and address any issues found. It also includes penalties for companies that fail to comply with regulations, including the suspension of licenses to explore and produce oil for those that do not provide the financial assurance required. Guyana, whose oil production is controlled by an Exxon Mobil-led consortium is expected to surpass 900,000 barrels per day (bpd) this year. Last year the country became Latin America's fifth largest oil exporter after Brazil, Mexico, Venezuela and Colombia. The Exxon group, which includes U.S. Hess and China's CNOOC, produced an average of 631,000 bpd of oil in the first quarter, 3% higher than in the same period last year. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Reuters
02-05-2025
- Business
- Reuters
Greece approves tender for hydrocarbons search in four offshore blocks
ATHENS, May 2 (Reuters) - Greece has approved an international tender for hydrocarbon exploration in four blocks in the Mediterranean Sea, following an expression of interest by Chevron (CVX.N), opens new tab and Helleniq Energy ( opens new tab, the energy ministry said on Thursday. Greece this week issued a ministerial decision to launch an international tender after it accepted Chevron's interest for two blocks south of Crete and for one block off the Peloponnese peninsula, the energy ministry said in a statement. An ExxonMobil-led �t;XOM.N, opens new tab�ࢀt; consortium has been evaluating seismic data after winning a licence to look for gas in another two blocks of Crete. Interested investors will have 90 days to bid for the new blocks once the tender is published in the official gazette of the European Union, the ministry added. Greece relies on oil and gas imports to cover part of its domestic needs but has renewed its drive to look for hydrocarbons in recent years, encouraged by major gas finds off Egypt, which lies south of Crete, and despite a long-standing dispute with Turkey about jurisdiction over energy resources in the Aegean Sea. Greek Energy Minister Stavros Papastavrou was expected to meet Chevron officials during a trip to the United States later this month, a Greek energy ministry official told Reuters. Greece has said it aims to conclude the tender by August and have the lease agreements with selected bidders approved by parliament by the end of the year.
Reuters
29-04-2025
- Business
- Reuters
Guyana would make companies liable for oil spill damages in proposed bill
GEORGETOWN, April 29 (Reuters) - Guyana's government has submitted an oil pollution bill to the Parliament proposes to make responsible parties liable for damages caused by oil spills, including from vessels, according to a copy of the act published in the Official Gazette. The South American country, whose oil production controlled by an Exxon Mobil-led (XOM.N), opens new tab consortium is expected to surpass 900,000 barrels per day this year, is trying to reinforce oversight of its nascent energy industry, where all crude and gas output comes from offshore fields. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. Responsible parties shall provide financial assurance to cover spills, conduct regular inspections and audits, and address any issues found, according to the measure. The bill includes penalties for companies that fail to comply with regulations, including the suspension of licenses to explore and produce oil for those that do not provide the financial assurance required. Under the proposed measure, the country's Oil Spill Committee would be assigned more formal duties to oversee the industry and coordinate response to any spills.
