Rystad Energy estimates that the decision taken by the Papua New Guinea (PNG) to halt the talks with ExxonMobil about the state’s share of revenues from the planned P’nyang gas field development is expected to delay two key LNG projects that would double the country’s gas output.
Somalia’s Ministry of Petroleum and Mineral Resources gave the green light to Shell and ExxonMobil to explore and develop potential offshore oil and gas reserves in its territory. According to seismic data there is a possibility of significant oil reserves offshore.
The Norwegian energy research and consultancy firm Rystad Energy reported that according to its estimations the demand from the world’s top oil companies for floating drilling units will increase through 2020 and 2021.
Following the environmental trend on tackling fossil fuels, American energy giants Exxon Mobil Corp. and Chevron Corp. are following a totally different path as they try to weather the storm, as Bloomberg reports.
The world’s oil and gas explorers discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015, according to estimates from Rystad Energy. Last year recorded 26 discoveries of over 100 million boe, with offshore regions leading the list of new oil and gas deposits.
ExxonMobil stated that it made an oil discovery offshore Guyana at the Mako-1 well southeast of the Liza field, marking the 15th discovery on the Stabroek Block, an addition to the company’s previous estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block.
In fact, ExxonMobil was given more time to “ascertain the full commerciality” of two offshore blocks EG06 and EG-11 by the Equatorial Guinean oil and gas ministry. What is more, the Ministry of Mines and Hydrocarbons of Equatorial Guinea has granted ExxonMobil a six-month extension for the offshore blocks.
Oil and gas giants are looking to sell assets that could fetch a total of $27.5 billion, as they are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, according to energy research firm Rystad Energy.
ExxonMobil informed that it made an oil discovery on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. The discovery comes to add to the previously announced estimated recoverable resource of over 6 billion oil-equivalent barrels on the Stabroek Block.
Carbon Tracker highlighted that oil and gas companies are not in line with the Paris climate goals given their projects and the investments. The oil and gas in projects that have already been sanctioned will take the world past 1.5ºC, assuming carbon capture and storage remains sub-scale.
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