Latest news with #JohnArdill
Yahoo
7 days ago
- Business
- Yahoo
ExxonMobil signs deal to explore for oil and gas near Trinidad despite criticism
PORT-OF-SPAIN, Trinidad (AP) — ExxonMobil signed a deal on Tuesday to explore a vast area near Trinidad and Tobago for oil and gas, even as the twin-island nation faces pressure to focus more on green energy deals. The search will take place off Trinidad's east coast, in a region that spans more than 2,700 square miles (7,000 square kilometers) and is more than 2,000 feet (600 meters) deep, according to government officials. The deal was signed following six months of negotiations that were held at a record pace, said John Ardill, ExxonMobil's vice president of global exploration. There are 'no guarantees of success,' Ardill cautioned during the ceremony. 'But many of the largest discoveries and developments in the world are occurring in deep-water environments similar to what you have here.' Ardill said ExxonMobil is committed to starting a geophysical survey in the next six months to collect data needed to identify prospects for oil and gas, after which, it will begin drilling for testing. Using nearby Guyana as an example, Ardill said it took the country less than five years to start producing oil after the initial discovery. He noted that 10 years after that discovery, Guyana is currently producing around 650,000 barrels of oil per day. 'We see great potential to replicate the Guyana success here,' Ardill told the audience in Trinidad. While promising to help expedite the process, Trinidad and Tobago's Prime Minister Kamla Persad-Bissessar said the necessary oversight and guardrails will be in place to ensure standards are not compromised. The prime minister said the agreement with ExxonMobil provides additional energy security for the Caribbean nation of approximately 1.4 million people. She noted that while there would be efforts to reduce carbon emissions during the project, Trinidad and Tobago would not hold back on using its energy resources. 'The Northern Hemisphere developed their countries to the fullest and are now trying to put on us that we should clamp down on our carbon emissions, (that) we should look not too much to hydrocarbons,' Persad-Bissessar said. 'Trinidad and Tobago has a competitive advantage when it comes to hydrocarbons, when it comes to the energy sector, and we should not lightly surrender that.' ExxonMobil first began operations in the twin-island republic in February 1998, but left in 2003 after its exploration efforts were unsuccessful. The ExxonMobil deal comes after a planned energy production partnership involving Trinidad and Tobago and neighboring Venezuela was halted by the U.S. government revoking two Office of Foreign Assets Control licenses for the partnership. The licenses were necessary due to U.S. sanctions against Venezuela's energy industry. Anselm Gibbs, The Associated Press
Yahoo
7 days ago
- Business
- Yahoo
ExxonMobil signs deal to explore for oil and gas near Trinidad despite criticism
PORT-OF-SPAIN, Trinidad (AP) — ExxonMobil signed a deal on Tuesday to explore a vast area near Trinidad and Tobago for oil and gas, even as the twin-island nation faces pressure to focus more on green energy deals. The search will take place off Trinidad's east coast, in a region that spans more than 2,700 square miles (7,000 square kilometers) and is more than 2,000 feet (600 meters) deep, according to government officials. The deal was signed following six months of negotiations that were held at a record pace, said John Ardill, ExxonMobil's vice president of global exploration. There are 'no guarantees of success,' Ardill cautioned during the ceremony. 'But many of the largest discoveries and developments in the world are occurring in deep-water environments similar to what you have here.' Ardill said ExxonMobil is committed to starting a geophysical survey in the next six months to collect data needed to identify prospects for oil and gas, after which, it will begin drilling for testing. Using nearby Guyana as an example, Ardill said it took the country less than five years to start producing oil after the initial discovery. He noted that 10 years after that discovery, Guyana is currently producing around 650,000 barrels of oil per day. 'We see great potential to replicate the Guyana success here,' Ardill told the audience in Trinidad. While promising to help expedite the process, Trinidad and Tobago's Prime Minister Kamla Persad-Bissessar said the necessary oversight and guardrails will be in place to ensure standards are not compromised. The prime minister said the agreement with ExxonMobil provides additional energy security for the Caribbean nation of approximately 1.4 million people. She noted that while there would be efforts to reduce carbon emissions during the project, Trinidad and Tobago would not hold back on using its energy resources. 'The Northern Hemisphere developed their countries to the fullest and are now trying to put on us that we should clamp down on our carbon emissions, (that) we should look not too much to hydrocarbons,' Persad-Bissessar said. 'Trinidad and Tobago has a competitive advantage when it comes to hydrocarbons, when it comes to the energy sector, and we should not lightly surrender that.' ExxonMobil first began operations in the twin-island republic in February 1998, but left in 2003 after its exploration efforts were unsuccessful. The ExxonMobil deal comes after a planned energy production partnership involving Trinidad and Tobago and neighboring Venezuela was halted by the U.S. government revoking two Office of Foreign Assets Control licenses for the partnership. The licenses were necessary due to U.S. sanctions against Venezuela's energy industry. 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
The Independent
7 days ago
- Business
- The Independent
ExxonMobil signs deal to explore for oil and gas near Trinidad despite criticism
ExxonMobil signed a deal on Tuesday to explore a vast area near Trinidad and Tobago for oil and gas, even as the twin-island nation faces pressure to focus more on green energy deals. The search will take place off Trinidad's east coast, in a region that spans more than 2,700 square miles (7,000 square kilometers) and is more than 2,000 feet (600 meters) deep, according to government officials. The deal was signed following six months of negotiations that were held at a record pace, said John Ardill, ExxonMobil's vice president of global exploration. There are 'no guarantees of success,' Ardill cautioned during the ceremony. 'But many of the largest discoveries and developments in the world are occurring in deep-water environments similar to what you have here.' Ardill said ExxonMobil is committed to starting a geophysical survey in the next six months to collect data needed to identify prospects for oil and gas, after which, it will begin drilling for testing. Using nearby Guyana as an example, Ardill said it took the country less than five years to start producing oil after the initial discovery. He noted that 10 years after that discovery, Guyana is currently producing around 650,000 barrels of oil per day. 'We see great potential to replicate the Guyana success here,' Ardill told the audience in Trinidad. While promising to help expedite the process, Trinidad and Tobago's Prime Minister Kamla Persad-Bissessar said the necessary oversight and guardrails will be in place to ensure standards are not compromised. The prime minister said the agreement with ExxonMobil provides additional energy security for the Caribbean nation of approximately 1.4 million people. She noted that while there would be efforts to reduce carbon emissions during the project, Trinidad and Tobago would not hold back on using its energy resources. 'The Northern Hemisphere developed their countries to the fullest and are now trying to put on us that we should clamp down on our carbon emissions, (that) we should look not too much to hydrocarbons,' Persad-Bissessar said. 'Trinidad and Tobago has a competitive advantage when it comes to hydrocarbons, when it comes to the energy sector, and we should not lightly surrender that.' ExxonMobil first began operations in the twin-island republic in February 1998, but left in 2003 after its exploration efforts were unsuccessful. The ExxonMobil deal comes after a planned energy production partnership involving Trinidad and Tobago and neighboring Venezuela was halted by the U.S. government revoking two Office of Foreign Assets Control licenses for the partnership. The licenses were necessary due to U.S. sanctions against Venezuela's energy industry.
Associated Press
7 days ago
- Business
- Associated Press
ExxonMobil signs deal to explore for oil and gas near Trinidad despite criticism
PORT-OF-SPAIN, Trinidad (AP) — ExxonMobil signed a deal on Tuesday to explore a vast area near Trinidad and Tobago for oil and gas, even as the twin-island nation faces pressure to focus more on green energy deals. The search will take place off Trinidad's east coast, in a region that spans more than 2,700 square miles (7,000 square kilometers) and is more than 2,000 feet (600 meters) deep, according to government officials. The deal was signed following six months of negotiations that were held at a record pace, said John Ardill, ExxonMobil's vice president of global exploration. There are 'no guarantees of success,' Ardill cautioned during the ceremony. 'But many of the largest discoveries and developments in the world are occurring in deep-water environments similar to what you have here.' Ardill said ExxonMobil is committed to starting a geophysical survey in the next six months to collect data needed to identify prospects for oil and gas, after which, it will begin drilling for testing. Using nearby Guyana as an example, Ardill said it took the country less than five years to start producing oil after the initial discovery. He noted that 10 years after that discovery, Guyana is currently producing around 650,000 barrels of oil per day. 'We see great potential to replicate the Guyana success here,' Ardill told the audience in Trinidad. While promising to help expedite the process, Trinidad and Tobago's Prime Minister Kamla Persad-Bissessar said the necessary oversight and guardrails will be in place to ensure standards are not compromised. The prime minister said the agreement with ExxonMobil provides additional energy security for the Caribbean nation of approximately 1.4 million people. She noted that while there would be efforts to reduce carbon emissions during the project, Trinidad and Tobago would not hold back on using its energy resources. 'The Northern Hemisphere developed their countries to the fullest and are now trying to put on us that we should clamp down on our carbon emissions, (that) we should look not too much to hydrocarbons,' Persad-Bissessar said. 'Trinidad and Tobago has a competitive advantage when it comes to hydrocarbons, when it comes to the energy sector, and we should not lightly surrender that.' ExxonMobil first began operations in the twin-island republic in February 1998, but left in 2003 after its exploration efforts were unsuccessful. The ExxonMobil deal comes after a planned energy production partnership involving Trinidad and Tobago and neighboring Venezuela was halted by the U.S. government revoking two Office of Foreign Assets Control licenses for the partnership. The licenses were necessary due to U.S. sanctions against Venezuela's energy industry.
Yahoo
03-06-2025
- Business
- Yahoo
Azerbaijan's SOCAR inks oil exploration deals with ExxonMobil and BP
The State Oil Company of Azerbaijan Republic (SOCAR) has reportedly signed new agreements with Exxon Mobil and bp for oil and gas exploration in the country. This collaboration aims to sustain Azerbaijan's oil output, which is projected to remain at approximately 582,000 barrels per day (bpd) or the next five years with the help of Western energy investments. At the Baku Energy Week conference, the two companies formalised their partnership by signing a memorandum of understanding (MOU), reported Reuters, citing three sources. ExxonMobil is expected to enhance Azerbaijan's onshore production, which currently represents just 5% of its total oil output. ExxonMobil vice-president of global exploration John Ardill said: "In the years to come, we will be able to talk about the potential size of the resource and what the economics might look like.' SOCAR vice-president for geology Arzu Javadova emphasised that the current stage of the agreement is to evaluate project options, with no immediate plans for drilling exploration wells. ExxonMobil also holds stakes in the Azeri-Chirag-Gunashli oil development project and the Baku-Tbilisi-Ceyhan pipeline, which is a key route for Caspian crude to reach Turkey and European markets. SOCAR is expected to announce the divestment of stakes in the Karabakh and Ashrafi-Dan Ulduzu-Aypara offshore oil and gas fields to bp. BP is expected to take over as the operator of the Karabakh project. The move follows bp's expression of interest last year through an MOU with SOCAR. The fields were previously part of a contract with Equinor, which withdrew in 2017 to concentrate on its core assets. In addition to oil, Azerbaijan is also focusing on expanding its natural gas exports. President Ilham Aliyev disclosed at the conference that the country aims to boost its natural gas exports by eight billion cubic metres (bcm) by 2030, building on the 25bcm exported in 2024. BP also announced a final investment decision on the Shafag solar plant project, a 240MW venture in the Jabrayil district of Azerbaijan. The project, estimated to cost $200m (£147.95m), is a collaboration between bp's solar unit, Lightsource BP, SOCAR, and the Azerbaijan Business Development Fund, with completion targeted for mid-2027. "Azerbaijan's SOCAR inks oil exploration deals with ExxonMobil and BP" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
