Tag Archives: ExxonMobil

Equinor: Oil and gas discovery in the North Sea

Equinor and partners ExxonMobil, Idemitsu and Neptune have discovered oil and gas in exploration well Echino South, 35/11-23, by the Fram field in the North Sea. Recoverable resources are estimated at 6-16 million standard cubic metres of oil equivalent, corresponding to 38-100 million barrels of oil equivalent.

“We are making one of this year’s biggest discoveries in the most mature area of the Norwegian continental shelf (NCS), not far from the Troll field. This demonstrates the opportunities that still exist for value creation and revenue from this industry,” says Nick Ashton, Equinor’s senior vice president for exploration in Norway and the UK.

Adding considerably to the resources in this part of the North Sea, the discovery will probably be tied back to existing infrastructure. Further knowledge of the area and new data investments have increased our confidence in the exploration opportunities in this part of the northern North Sea.

Read entire article HERE.

E24: Store omveltninger – Det er meldt flere handler

Giganter som ExxonMobil forlater Norge, mens nye aktører bygger seg opp. Partner Daniel Rennemo i PwC venter flere kjøp, salg og børsnoteringer de neste årene.

Siden starten for 50 år siden har aktørbildet på norsk sokkel vært i stadig endring.

For 20 år siden var det bare 28 selskaper på sokkelen, men etter hvert som oljeprisen steg utover 2000-tallet ble en mengde nye selskaper prekvalifisert som operatører og rettighetshavere.

For ti år siden var hadde antallet selskap økt til 50, med Statoil, BP og ExxonMobil som noen av de største.

I 2019 har aktørbildet igjen endret seg mye.

Ved inngangen til året hadde antallet aktører på sokkelen falt til 39.

Og mens flere av oljegigantene er ute, har en ny generasjon selskaper snappet til seg eiendelene deres – og vokst seg store.

Les hele saken HER.

Bloomberg: Big Oil CEOs Talk Climate Change, Methane and Why They Need Gas

One of the opening events of Climate Week in New York offered a rare sight — nine bosses of some of the world’s largest oil and gas companies in one room.

The occasion was the Oil and Gas Climate Initiative, an industry-supported organization whose members set targets to reduce methane emissions and gas flaring. Present Monday were the chief executive officers of companies including BP Plc, Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell Plc and Total SA. They took questions from reporters and activists.

Read entire article HERE.

Press Release: ExxonMobil to sell Norway upstream operations for $4.5 billion

IRVING, Texas – ExxonMobil signed an agreement today with Vår Energi AS for the sale of its non-operated upstream assets in Norway for $4.5 billion as part of its previously announced plans to divest approximately $15 billion in non-strategic assets by 2021.

 
  •  Agreement includes ExxonMobil’s upstream portfolio in Norway
  • Part of ExxonMobil’s previously announced plans to divest $15 billion by 2021
  • ExxonMobil retains downstream refining operations and Esso-branded retail network in Norway

“Our objective is to have the strongest, most competitive Upstream portfolio in the industry,” said Neil Chapman, senior vice president of ExxonMobil. “We’re achieving that by adding the best set of projects we’ve had in many years and divesting assets that have lower long-term strategic value. This sale is an important part of our divestment program, which is on track to meet our $15 billion target by 2021.”

The transaction includes ownership interests in more than 20 producing fields operated mostly by Equinor, including Grane, Snorre, Ormen Lange, Statfjord and Fram, with a combined production of approximately 150,000 oil-equivalent barrels per day in 2019.

Read entire press release HERE.

Reuters: Oil CEOs push carbon-capture efforts ahead of climate talks

A group of 13 major oil companies charted out a plan on Monday to promote investments in carbon capture, use and storage (CCUS), ahead of a gathering in New York.

Oil chiefs grappling with growing demand for action to fight climate change have looked to invest in carbon-capture and sequestration techniques that some executives, including Occidental Petroleum Corp (OXY.N) CEO Vicki Hollub, say could make drilling carbon neutral.

With fossil fuel development growing worldwide, the oil and gas industry faces growing criticism from activists concerned about accelerating climate impacts from melting ice caps to sea-level rise and extreme weather. Scientists say the world needs to halve greenhouse gas emissions over the next decade to avoid catastrophic warming.

Read entire article HERE.

DN: ExxonMobil og Vår Energi bekrefter eksklusive kjøpsforhandlinger som vil gjøre det sistnevnte oljeselskapet nest størst på norsk sokkel.

Etter at DN torsdag kveld brakte nyheten om at Vår Energi vil kjøpe ExxonMobils norske portefølje, bekreftet partene diskusjonene offisielt fredag.

– Vi kan bekrefte at det er signert en eksklusivitetsavtale om videre forhandlinger mellom ExxonMobil og Vår Energi om et eventuelt kjøp av ExxonMobils eierandeler i lisensene på norsk kontinentalsokkel. Det er ikke signert en endelig salgsavtale, skriver informasjonsdirektør Anne Fougner i ExxonMobil i Norge.

– Vi har informert våre ansatte om at denne prosessen er i gang, men vi kan ikke kommentere ytterligere detaljer knyttet til hverken tidsløpet eller andre forhold, sier kommunikasjonsdirektør Andreas Wulff i Vår Energi.

Ifølge DNs kilder vil Vår Energi betale rundt 38 milliarder kroner for porteføljen. Selskapet skal ha vært villig til å betale en merpris for å få eksklusivitet i sluttforhandlingene. Planen skal være å offentliggjøre en endelig avtale i slutten av denne måneden. Disse opplysningene vil ikke selskapene bekrefte.

– Ut over det kommenterer vi ikke spørsmål knyttet til denne typen kommersielle forhold, skriver Fougner.

Les hele saken HER.

Energy Voice: ExxonMobil’s Norway exit could break records, Rystad says

US supermajor ExxonMobil could be looking to fetch as much as $3.1 billion through the sale of its Norwegian portfolio, according to Rystad Energy.

Rystad Energy partner Simon Sjøthun notes that a sale of this magnitude could be the largest private transaction ever recorded on the Norwegian Continental Shelf.

“The valuation implies that a combined divestment of the entire portfolio would put the transaction at the very top of pure Norwegian transactions since the SDFI spin off in 2001,” Sjøthun said, with reference to the divestment of 15% of the State’s Direct Financial Interest (SDFI) in Norwegian offshore licenses when then Statoil was partially privatized 18 years ago.

Read entire article HERE.

World Oil: ExxonMobil to invest up to $100 million on lower-emissions R&D with U.S. national labs

IRVING — ExxonMobil has said it will invest up to $100 million over 10 years to research and develop advanced lower-emissions technologies with the U.S. Department of Energy’s National Renewable Energy Laboratory and National Energy Technology Laboratory. 

The agreement – among the largest between the department’s laboratories and the private sector – will support research and collaboration into ways to bring biofuels and carbon capture and storage to commercial scale across the transportation, power generation and industrial sectors.

“We’re focusing on advancing fundamental science to develop breakthrough solutions that can make a difference on a global basis in emissions reduction,” said Darren W. Woods, chairman and CEO of ExxonMobil. “We’re doing that with our in-house scientists and with corporate partners, through relationships with 80 universities and now with the intellectual and computing capacity of the renowned national labs.”

World Oil: Staale Gjervik on New ExxonMobil / Microsoft Digital Partnership

IRVING, Texas — ExxonMobil has announced that a new partnership with Microsoft will make its Permian basin operations the largest-ever oil and gas acreage to use cloud technology and is expected to generate billions in net cash flow over the next decade through improvements in analyses and enhancements to operational efficiencies.

“The combination of Microsoft’s technologies with our unique strengths in oilfield technologies, production efficiency and integration will help drive growth in the Permian and serve as a model for additional implementation across the U.S. and abroad,” said Staale Gjervik, senior V.P., Permian Integrated Development for XTO. “The unconventional business is fast moving, complex and data rich, which makes it well suited for the application of digital technologies to strengthen our operations and help deliver greater value.”

Read entire article HERE.