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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.

W&T strikes a deal with Exxon worth $200mn
June 28, 2019
Source: World Oil

W&T strikes a deal with Exxon worth $200mn

W&T Offshore has entered into a purchase and sale agreement with ExxonMobil. After this, W&T will acquire the assets of the energy major in the eastern region of the Gulf of Mexico (GOM) and other related facilites. This deal is worth $200 million. This acquisition includes working interests in nine shallow water producing fields and related operatorship in the Mobile Bay area. It will help W&T become the largest operator in the area.

Total and Exxon get license to explore untapped waters off Crete
June 28, 2019

Total and Exxon get license to explore untapped waters off Crete

The energy majors, Exxon and Total have been awarded licenses by Greece to search for hydrocarbons off the island of Crete. The companies will work as a consortium with Hellenic Petroleum and will have an eight-year research and exploitation licence in two offshore blocks. Greek Prime Minister said, "Today's agreement marks the utilisation by Greece of its own exclusive economic zone, following in the footsteps of other countries".

Legal & General start divestment, pressure builds up on Exxon
June 24, 2019
Source: Energy Voice

Legal & General start divestment, pressure builds up on Exxon

One of the largest shareholders of Exxon, Legal & General Group Plc is not satisfied with the company's stance on climate change. As a result, it has liquidated 19 of its funds from the company. Although the oil investor only owns about 0.6% of the company, so the divestment might not affect Exxon much but it will surely create immense pressure on the Irving, Texas-based firm.

Imports of LNG to Australia appear “highly realistic”
May 31, 2019

Imports of LNG to Australia appear “highly realistic”

As the world’s biggest LNG exporter struggles with a looming gas shortage, imports of liquefied natural gas to Australia now appear "highly realistic", says the U.S. energy giant Exxon Mobil. According to the experts, the industry needs at least $6.9 billion to meet longer term gas demand. Further, this would bring down high prices which are affecting many manufacturers.

GAIL and Exxon sign the initial agreement
May 29, 2019

GAIL and Exxon sign the initial agreement

Chairman of GAIL has informed that the gas firm has signed an initial agreement with energy giant ExxonMobil. Both the companies will jointly work to explore ways of supplying natural gas to power and transportation sector in India. This venture will help with the expansion of the gas business in the country. Further, GAIL is also competing to buy IL&FS’s 874 MW operational wind energy assets.

GOIL to invest $25 million in a deal with Exxon
May 24, 2019
Source: My Joy Online

GOIL to invest $25 million in a deal with Exxon

GOIL and ExxonMobil have entered into a Joint Operating Agreement. GOIL has informed that it will invest $25 million for the next five years in this agreement for the Deep-water Cape Three Points Area Oil exploration. This will be done through its wholly owned subsidiary GOIL Offshore Company. GOIL's CEO said, "Oil exploration is always a risky business but there’s a good chance of ExxonMobil striking oil in Ghana".

"That’s something we reject"- Iraq on Exxon's evacuation process
May 20, 2019
Source: World Oil

"That’s something we reject"- Iraq on Exxon's evacuation process

ExxonMobil decided to pull out its staff from Iraq as a “precautionary and temporary” measure. Energy Minister of the Middle East nation has termed this decision as “unacceptable and unwarranted”. He further argued that “This withdrawal may send the wrong message about the situation in Iraq, and that’s something we reject”. He has also sent a letter to Exxon officials asking for clarification and enquiring the workers to return.

GAIL and ExxonMobil joint venture on the table
May 17, 2019
Source: Livemint

GAIL and ExxonMobil joint venture on the table

If sources were to be believed, ExxonMobil and state-owned GAIL (India) Ltd are in talks to form a joint venture in the country. Exxon’s renewed focus on India is an acknowledgment of the rising energy consumption in India. Chairman and MD at GAIL said, “The discussions are on. We are likely to make an announcement in a fortnight or so,".

Santos to buy stakes in PRL 3
May 16, 2019

Santos to buy stakes in PRL 3

Santos has decided to buy 14.3% stakes in the Petroleum Retention License 3 Joint Venture. It will buy the stakes for $187 million. The effort to be a part of the PNG LNG project is in line with Santos' expansion plan. ExxonMobil being the major stakeholder of this venture has agreed to sell its holding in the P'nyang gas field in Papua New Guinea to Santos.

Exxon to heavily invest in lower-emission technologies
May 9, 2019

Exxon to heavily invest in lower-emission technologies

ExxonMobil informed about its investment of almost $100 million for 10 years for the research and development of advanced lower-emissions technologies. Exxon will work with the US Department of Energy’s National Renewable Energy Laboratory and National Energy Technology Laboratory. CEO of Exxon said, "We’re focusing on advancing fundamental science to develop breakthrough solutions that can make a difference on a global basis in emissions reduction".

ExxonMobil posts lower-than-expected first quarter earnings
April 27, 2019
Source: CNBC

ExxonMobil posts lower-than-expected first quarter earnings

ExxonMobil released first quarter earnings yesterday, reporting a 50% drop in the profits. Exxon suffered a quarterly loss in the downstream division, attributing bristling stocks of gasoline, leading to weaker fuel margins in the quarter. Exxon pocketed $2.35 billion in the first quarter, in comparison with $4.65 billion it made last year. The firm’s revenues fell short of analysts’ estimates, dropping to $63.63 billion, a dip of 6.7% from 2018.

Shell in talks with BP to acquire its Shearwater stakes
April 25, 2019

Shell in talks with BP to acquire its Shearwater stakes

Energy giant Shell has informed about its ongoing talk with BP to procure its Shearwater oil and gas field stakes in the British North Sea. The cost of acquisition will be $250 million. In Shearwater, Shell holds 28% stake, BP has 27.5% and the remaining 44.5% stakes are held by ExxonMobil. The gas export capacity of Shearwater at the time of peak production is expected to be 70,000 boped.

Exxon signs 20 year deal with Zhejiang
April 23, 2019

Exxon signs 20 year deal with Zhejiang

ExxonMobil has informed that it has signed a sales and purchase agreement for the supply of Liquified Natural Gas with Zhejiang Provincial Energy Group. The agreement has been signed for 20 years during which Zhejiang Energy is expected to receive 1 million metric tons per annum of LNG. Exxon's senior VP of LNG said, "This sales and purchase agreement provides a solid foundation for our strategic partnership with Zhejiang".

Exxon wins three exploration blocks in Argentina
April 17, 2019

Exxon wins three exploration blocks in Argentina

Along with its unit and an affiliate Qatar Petroleum, energy major Exxon Mobil has won three exploration blocks offshore Argentina. The company has informed that the three blocks will add approximately 2.6 million net acres to its Argentina's existing holdings. In June, Qatar Petroleum signed an agreement with Exxon to buy 30% stakes in two of Exxon's affiliates in Argentina.

Shell on a hunt for Permian deals
March 12, 2019
Source: Energy Voice

Shell on a hunt for Permian deals

Energy major, Shell is on a hunt for Permian deals in order to improve its position in the basin. Shell’s deepwater boss said, "If none ever come up then that’s a disappointing outcome.” Its rivals Exxon and Chevron, on the other hand, are planning to produce nearly 2 million barrels of oil by the mid-2020s. According to Sawan, Shell's Permian operations will be cash flow positive in the coming years.

Exxon announces its capital expenditure for 2019 and 2020
March 7, 2019

Exxon announces its capital expenditure for 2019 and 2020

Oil super major ExxonMobil has announced that the company's capital expenditure of 2019 and 2020 will be between $63 billion and $65 billion. The company is under constant pressure from investors to control the expenses as the cash flow is being strained due to large-scale projects and some deals. Exxon expects the earnings to increase by more than $4 billion in 2019 and 2020.

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