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Exxon Mobil inks Exploration Agreements with Egypt
Jan. 29, 2020

Exxon Mobil inks Exploration Agreements with Egypt

The Egyptian petroleum ministry yesterday informed about inking two deals with oil supermajor, Exxon Mobil Corp for oil and gas exploration in the Mediterranean. While the first agreement requires Exxon to make a minimum investment of $220 million towards the exploration in the North East Amriya block, the second is for the North Marakia block, requiring a minimum investment of $112 million. Exxon has acquired over 1.7 million acres in Egypt.

Sparrows secures lifting inspection services contract in Kazakhstan
Jan. 15, 2020
Source: World Oil

Sparrows secures lifting inspection services contract in Kazakhstan

Integrated services provider, Sparrows Group has landed a five-year contract from Tengizchevroil (TCO) to provide specialist lifting inspection services for Kazakhstan's Tengiz field. The contract award builds upon Sparrows continued relationship with TCO from 2004. The contract requires Sparrows to conduct pre-mobilization and annual inspections for mobile cranes, gantry cranes, forklifts and boom trucks. TCO operates as a joint venture between Chevron, ExxonMobil, KazMunayGas and LukArco.

NOT GUILTY: ExxonMobil acquitted in Climate-Change securities fraud trial
Dec. 11, 2019
Source: CNBC

NOT GUILTY: ExxonMobil acquitted in Climate-Change securities fraud trial

Oil supermajor, ExxonMobil took a big sigh of relief on Tuesday when Judge Barry Ostrager acquitted the firm in the 4-year long New York Climate-Change securities fraud trial. The ruling for the $1.6 billion lawsuit read, “The Office of the Attorney General failed to prove, by a preponderance of the evidence, that ExxonMobil made any material misstatements or omissions about its practices and procedures that misled any reasonable investor,”.

Exxon's EEPGL awards a contract to Saipem
Nov. 16, 2019

Exxon's EEPGL awards a contract to Saipem

ExxonMobil's subsidiary Esso Exploration and Production Guyana Limited (EEPGL) has awarded a contract to Saipem. The contract is for the proposed Payara development project in Stabroek block offshore Guyana. Under the scope of this contract, subsea structures, risers and flowlines for Payara are also included. Italian contractor will be in charge of procurement, construction and installation (EPCI) of a large subsea production facility.

Exxon and Shell pay $1.7mn to Somalia
Oct. 29, 2019

Exxon and Shell pay $1.7mn to Somalia

Oil major Royal Dutch Shell and ExxonMobil have taken on lease offshore block for 30 years. The companies have paid Somalia $1.7 mn as the preliminary rent. According to the information from Shell, these charges are for retrospective charges. Also, the operation will be withheld in what is known as force majeure.

A lawsuit against Exxon disturbs investors
Oct. 22, 2019

A lawsuit against Exxon disturbs investors

Energy major, ExxonMobil has been slammed by New York's attorney general for lying to the investors about its future profitability. The lawsuit against the company that will go for trial on Tuesday claims that the firm has been maintaining two sets of books; one for climate change regulations and the other underestimating the costs. This has made the firm appear more valuable to investors.

Exxon Mobil and ONGC ink expertise-sharing agreement: Sources
Oct. 16, 2019
Source: Reuters

Exxon Mobil and ONGC ink expertise-sharing agreement: Sources

Sources have said that oil supermajor, Exxon Mobil and ONGC have inked an expertise-sharing agreement to enable the Indian state-owned to develop its resources in offshore blocks. Sources also said that the two firms have already signed a memorandum of understanding (MoU) for now, and will be later inked as a definitive deal after the US oil major studies ONGC’s block.

Exxon and IOC collaborate to expand LNG business in India
Oct. 15, 2019

Exxon and IOC collaborate to expand LNG business in India

Energy giant ExxonMobil has signed a memorandum of understanding (MoU) with Indian downstream major Indian Oil Corporation (IOC). The companies have decided to collaborate in order to expand liquefied natural gas (LNG) initiatives in India. “This initiative focuses on exploring new models of delivering cost-effective natural gas in India where it is most needed to complement traditional pipelines”, said ExxonMobil.

Halliburton wins an international license for ExxonMobil
Oct. 10, 2019
Source: World Oil

Halliburton wins an international license for ExxonMobil

Halliburton has won an international license for gravel pack completions. This is for ExxonMobil's patented Non-Aqueous Fluid Gravel Packing (NAFPac) technique. “As the global completions leader, Halliburton is pleased to collaborate with ExxonMobil to expand the use of the NAFPac solution", said the Vice President of Completion Tools for Halliburton. NAFPac process runs the gravel-pack screens in NAF, gravel pack the well and displaces the casing in a single trip.

Exxon Mobil to farm out Norwegian assets to Var Energi
Sept. 28, 2019

Exxon Mobil to farm out Norwegian assets to Var Energi

Oil supermajor Exxon Mobil has reached an agreement with Var Energi to farm out its Norwegian oil and gas assets in a $4.5 billion deal. The deal will bring an end to Exxon’s upstream operations in Norway, where it has been present for more than a century. The $4.5 billion deal is part of Exxon’s divestment strategy to let go of $15 billion worth of nonstrategic assets by 2021.

Prime Minister Modi meeting with energy sector heads ‘fruitful’: MEA
Sept. 23, 2019

Prime Minister Modi meeting with energy sector heads ‘fruitful’: MEA

The Ministry of External Affairs, yesterday, said that Prime Minister Modi’s meeting with executives of energy sector giants remained ‘fruitful’. The Ministry informed that the meeting focused on collaboration for energy security and developing opportunities of mutual investment between India and the United States. The Prime Minister of India is on a week-long to the United States.

Talos has signed a deal with two energy giants
Sept. 20, 2019
Source: World Oil

Talos has signed a deal with two energy giants

Talos Energy has struck a deal with BP and Exxon separately in the U.S. Gulf of Mexico. The company has acquired the Hershey prospect from Exxon and will help BP drill and evaluate the Puma West prospect. "As these transactions prove, Talos is well-positioned to continue unlocking material resource opportunities in our basin through multiple creative business development avenues", said Talos CEO.

Prime Minister Modi to meet BP, Exxon executives for investment
Sept. 20, 2019
Source: Reuters

Prime Minister Modi to meet BP, Exxon executives for investment

The Foreign Ministry of India, yesterday, informed about a meeting of Prime Minister Modi with executives of BP and Exxon, scheduled for next week in the United States. The Prime Minister will also meet executives from JP Morgan & Chase, Lockheed Martin, Walmart and Mastercard in a separate event. Attacks on Saudi facilities have pushed India to look at raising oil imports from Russia.

Exxon will invest £140m on Mossmorran plant
Sept. 18, 2019
Source: Energy Voice

Exxon will invest £140m on Mossmorran plant

Fife Ethylene Plant (FEP) at Mossmorran is operated by ExxonMobil. The plant is having flaring issues and Exxon has decided to invest £140m to reduce it. The plant manager of FEP said, "These planned investments demonstrate our commitment to long-term reliable operations at the site". Flaring accompanied by thick black smoke has become quite frequent which disturbs the residents. They have also complained of noise and light disturbance.

Exxon signs exclusivity agreement with Var Energi
Sept. 7, 2019

Exxon signs exclusivity agreement with Var Energi

Oil supermajor ExxonMobil has confirmed that it has signed an exclusivity agreement with Var Energi. This agreement will enable further negotiations on the possible sale of Exxon's Norwegian upstream assets. But the oil giant has informed that the final aggrement is yet to be signed. ExxonMobil is ready to sell its stakes in 20 partner-operated fields. This decision has been taken two years after Exxon sold its operated assets.

Exxon and Mosaic enter into an agreement
Aug. 27, 2019
Source: World Oil

Exxon and Mosaic enter into an agreement

Energy major, ExxonMobil and Mosaic Materials have entered into an agreement to work on reducing carbon dioxide from emissions sources. Mosaic has made progress in its research on a process involving porous solids to separate carbon dioxide from air or flue gas. Exxon has said that this agreement will add to its carbon capture technology research portfolio.

Iraq in conversation with Exxon over southern mega project
Aug. 12, 2019

Iraq in conversation with Exxon over southern mega project

Oil Ministry of Iraq is in conversation with energy giant ExxonMobil. Both the parties are discussing over a deal to enhance Iraq's southern oil infrastructure. Iraq has also made it clear that its deal with BP and Eni was for the construction of two seabed oil pipelines for its southern exports through the Gulf. And also, it was not a part of the $53 billion 30-year southern mega-project.

Exxon Mobil’s profit dip by 21%
Aug. 3, 2019
Source: Reuters

Exxon Mobil’s profit dip by 21%

Supermajor Exxon Mobil yesterday recorded a 21% dip in profits for the second quarter of 2019, as weaker refining and chemicals business outweighed higher oil production. Exxon’s net income in the quarter fell to $3.13 billion, from $3.95 billion in the corresponding quarter last year. Exxon’s silver lining came from oil and gas production which rose 7% to 3.9 million barrels per day.

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