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☆ Oil prices jump on escalating tensions in the Middle East after strike on Iran
▼ + stars: | 2024-04-19 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Oil prices jumped on Friday while Asian markets tumbled, with global investors worrying about an escalation in conflict in the Middle East after explosions were reported near the Iranian city of Isfahan. Iran launched the attack in retaliation for a suspected Israeli strike on its embassy compound in Syria earlier this month. “Israel’s response could determine whether oil supplies are ultimately under threat.”Elsewhere, ongoing oil disruptions remain high, the analysts added. In Hong Kong, PetroChina, Asia’s largest oil and gas supplier, advanced 2.3%. Sinopec, the world’s largest oil refining company by capacity, rose 1.3%.

Persons: Brent, Benjamin Netanyahu, Israel, ”, “, Korea’s Kospi, Cosmo Energy Organizations: Hong Kong CNN, CNN, ANZ, United, Stock, Nikkei, China’s, Energy, Eneos Corp, Oil Corp Locations: Hong Kong, Iranian, Isfahan, Israel, Iran, Syria, United States, Mexico, Asia, China’s Shanghai, Tokyo, Seoul

☆ Exxon is not trying to acquire Hess in dispute with Chevron over Guyana oil assets, CEO says
▼ + stars: | 2024-03-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

When asked directly, Woods told the CERAWeek by S&P Global energy conference that acquiring Hess is not one of Exxon's objectives in the dispute with Chevron. HOUSTON — Exxon is not trying to acquire Hess as the oil major battles with Chevron over lucrative oil assets in Guyana, CEO Darren Woods said Monday. Exxon is claiming a right of first refusal over Hess' Guyana assets under a joint operating agreement that governs the Stabroek oil block, which is estimated to have 11 billion barrels of oil and gas. Woods said Exxon is also trying to find out how much value Chevron's deal is placing on Hess' Guyana assets. Exxon wrote the joint operating agreement that governs the Stabroek block, Woods said.

Persons: Woods, Hess, Darren Woods, CNBC's Organizations: Global, Chevron, Exxon, HOUSTON, Offshore Oil Corporation, International Chamber of Commerce Locations: Guyana, China, Paris, CERAWeek

☆ Hess shares drop as fight with Exxon Mobil over Guyana oil threatens Chevron takeover
▼ + stars: | 2024-02-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Hess Corp shares fell Tuesday after Chevron warned investors that a dispute with Exxon Mobil and China's National Offshore Oil Corp. (Cnooc) over Guyana's offshore oil assets could jeopardize its bid to acquire the company. Chevron said Exxon and Cnooc's claims could delay or completely derail its acquisition of Hess. Chevron said in the filing that it does not believe the joint operating agreement applies to its acquisition of Hess. Neal Dingmann, an analyst at Truist, told CNBC's "Squawk Box" on Tuesday that it is unlikely Exxon and Cnooc will scoop up Hess' Guyana assets. The dispute with Exxon and Cnooc is the latest hurdle that Chevron's bid to acquire Hess faces.

Persons: Hess, —, Exxon, Neal Dingmann, CNBC's, Dingmann Organizations: Hess Corp, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Exxon, Cnooc, Federal Trade Commission Locations: Guyana

☆ Exxon Raises Questions About Chevron’s $53 Billion Deal for Hess
▼ + stars: | 2024-02-27 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

America’s two largest energy companies, Exxon Mobil and Chevron, are jousting over a prized new source of oil in the waters off Guyana, in Latin America. The conflict is creating doubts over Chevron’s bid to acquire Hess Corp. for $53 billion, announced in October. With just 800,000 people, Guyana, long one of Latin America’s poorest countries, is now being compared to Qatar, the natural gas-rich Persian Gulf emirate. Exxon has raised concerns over Chevron’s effort to gain entry to this petroleum bonanza through a proposed purchase of Hess’s 30 percent stake in Stabroek. Exxon owns 45 percent of Stabroek and is the operator or manager of the area.

Organizations: Exxon Mobil, Chevron, Hess Corp, Exxon Locations: Guyana, Latin America, Qatar, Stabroek

☆ Stocks making the biggest moves midday: Norwegian Cruise Line, Unity Software, Viking Therapeutics and more
▼ + stars: | 2024-02-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Norwegian Cruise Line — The cruise ship operator soared 18% on strong forward guidance. Unity expects adjusted EBITDA to range between $45 million and $50 million, versus the $113 million expected by analysts polled by FactSet. Viking Therapeutics — The clinical-stage biotech soared more than 90% after fulfilling primary and secondary endpoints in its Phase 2 GLP-1 study. Earnings came in at $1.57 per share, beating expectations of $1.47 per share, according to LSEG, formerly known as Refinitiv. Revenue of $1.92 billion matched analysts' expectations.

Persons: Viking, LSEG, Cava, Wells, Duolingo, CarGurus, — AutoZone, Microstrategy, —, Sarah Min, Michelle Fox, Alex Harring, Jesse Pound, Yun Li Organizations: Cruise, Unity Software, FactSet, Therapeutics, Hess Corporation, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Hess, Bank of America Securities, Seaport Research Partners, CleanSpark Locations: Cava

☆ As the Year of the Dragon begins, the pros name sectors — and stocks — to play the Chinese market
▼ + stars: | 2024-02-13 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +6 min

Chinese stocks had an eventful week last week — with the benchmark Shanghai Composite Index hitting a five-year low of about 2,650 points on Feb. 5, before edging up to end the week at 2,865.90. A slide in Hong Kong-listed Chinese shares on Feb. 9, however, proved that investors may still have lingering concerns on the prospects of Chinese stocks in the new year. As the festive season gets underway, Redmond Wong, market strategist at investment firm Saxo, sees several opportunities to play the market. Boom in green transformation Beyond the traditional sectors, Saxo's Wong is watching an up-and-coming area in China: energy security and a green transformation. Data from the International Energy Agency shows that the Asian giant's clean-energy sectors contributed 11.4 trillion Chinese yuan ($1.6 trillion) to the Chinese economy in 2023, up 30% year-on-year.

Persons: Redmond Wong, Saxo, I'm, Wong, Saxo's Wong, Morningstar, Zijin Organizations: CNBC Pro, Monetary Fund, Technology, Shenzhen, Baidu, Sands, Tsingtao, Morningstar, Tsingtao Brewery, International Energy Agency, Companies, Zijin Mining Locations: Shanghai, Hong Kong, China, Zhejiang, Sands China, Macao, Shandong

Firms like PetroChina (601857.SS) and CNOOC Gas and Power have signed long-term contracts with Shell (SHEL.L) to buy "carbon neutral" liquefied natural gas (LNG), which uses "forest offsets" to balance out carbon emissions. Greenpeace, which has long opposed fossil fuel producers counting carbon offsets toward their emissions reduction goals, said the "carbon neutral" branding was misleading the public. "For oil and gas companies in particular, carbon offsets are a smokescreen to obscure their continued, redoubled carbon emissions," said Li Jiatong, project leader with Greenpeace in Beijing. Rising sales of "carbon neutral" LNG are being driven by a surge in gas demand, particularly in Asia. While it is still a major source of greenhouse gas emissions, gas is cleaner than coal and has been described as a "bridge fuel" in the global energy transition, but anti-fossil fuel groups oppose any new gas projects.

Persons: Stringer, Li Jiatong, PetroChina, COP28, Polly Hemming, Hemming, David Stanway, Andrew Hayley, Emily Chow, Sonali Paul Organizations: REUTERS, Rights, Greenpeace, CNOOC, Power, Shell, International Energy Agency, Energy, Australia Institute, Thomson Locations: Nantong, Jiangsu province, China, Rights SINGAPORE, Beijing, Asia

SINGAPORE, Oct 31 (Reuters) - At least three Chinese companies including state giant China National Offshore Oil Company (CNOOC) are evaluating Shell's Singapore assets and considering non-binding bids in coming weeks for the city-state's oldest refinery, according to several sources familiar with the matter. CNOOC, the parent of offshore oil and gas major CNOOC Ltd , operates a joint refining-petrochemical complex with Shell in southern China. However, Sinopec Corp's president said in late August it was not interested in the Shell assets. Two of the sources said Shell had set a preliminary Nov. 5 deadline for proposals, although that could be extended. A Wanhua spokesperson said he was not aware of the company's potential interest in the Shell assets.

Persons: Shell, Goldman Sachs, CNOOC, Sinopec, Rongsheng, Eversun, Salmon Lee, Chen Aizhu, Trixie Yap, Tony Munroe, Florence Tan, Kim Coghill Organizations: Offshore Oil Company, Singapore, Reuters, Eversun Holdings, Wanhua, Shell, Hengli Petrochemical, China National Petroleum Corp, Privately, Thomson Locations: SINGAPORE, China, state's, Singapore, Bukom, Jurong, PetroChina, Huizhou, Guangdong, Fujian province, Putian, Shandong province, Asia, Southeast Asia

☆ Chevron target Hess beats quarterly profit estimates on production boost
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

New York-based Hess's net production was 395,000 barrels of oil equivalent per day (boepd) in the quarter, compared to 351,000 boepd a year earlier. The company forecast production to be around 410,000 boepd in the fourth quarter. Hess said its worldwide average realized crude oil selling price, excluding hedges, was $81.53 per barrel in the quarter, compared to $71.13 in the preceding quarter and $85.32 a year earlier. Production from Guyana totaled 108,000 boepd, 10% higher compared with the prior-year quarter. Production at the Stabroek oil block is expected to triple to more than 1.2 million barrels per day (bpd) by 2027.

Persons: Dado Ruvic, Hess, China's CNOOC, Seher, Sriraj Organizations: REUTERS, Companies Chevron Corp, Hess Corp, Wednesday, Wall, Chevron Corp, Chevron, Exxon Mobil, HK, Thomson Locations: New York, Guyana, North Dakota, U.S, Bengaluru

☆ Chevron’s $53 billion deal is risky Exxon copycat
▼ + stars: | 2023-10-23 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The $318 billion oil giant said Monday it would buy New York-based Hess (HES.N) for $53 billion in an all-stock deal. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. Importantly, Chevron is catching up to Exxon, which runs and owns 45% of the same Guyana consortium. Higher production in Guyana after 2024 will increase Chevron’s returns, assuming the price of oil remains favorable. Hess owns a 30% share in a consortium in Guyana alongside Exxon, which owns a 45% interest, and Chinese oil company CNOOC, which owns the remaining 25%.

Persons: Hess, It’s, Mike Wirth, Scott Sheffield, John Hess, Hess’s, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Chevron, Exxon Mobil, New York Stock Exchange, Natural Resources, drillers, Brent, Exxon, Pioneer, Exxon Mobil’s, Thomson Locations: New York, Texas, Guyana, Gulf of Mexico

☆ Chevron to buy Hess Corp for $53 billion in all-stock deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Chevron has offered 1.025 of its shares for each Hess share held, or $171 per share, implying a premium of about 4.9% to the stock's last close. Chevron's shares were trading 3% lower premarket. Exxon and partners Hess and China's CNOOC (0883.HK) are the only active oil producers in the country. Hess Corp CEO John Hess is expected to join Chevron's board of directors once the deal closes around the first half of 2024. Goldman Sachs was the lead adviser to Hess while Morgan Stanley was the lead adviser to Chevron.

Persons: Liz Hampton, Hess, China's CNOOC, John Hess, Chevron, Goldman Sachs, Morgan Stanley, Mrinalika Roy, Nivedita Bhattacharjee Organizations: REUTERS, Chevron, U.S, Exxon Mobil, Natural Resources, Exxon, RBC, Pioneer, HK, Hess Corp, Thomson Locations: Chevron, Kersey , Colorado, U.S, Guyana, American, Brazil, Mexico, Bengaluru

NEW YORK (AP) — Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge. Chevron said Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The boards of both companies have approved the Hess deal, which is targeted to close in the first half of next year. Shares of Chevron Corp., based in San, Ramon, California, declined more than 3% before the opening bell Monday.

Persons: Hess, China’s CNOOC, John Hess Organizations: Chevron, Hess Corp, Exxon Mobil, Natural Resources, China’s, Hess, Chevron Corp Locations: Russia, Ukraine, Guyana, North Dakota, American, Qatar, United States, Mexico, Norway, South America, Australia, San, Ramon , California, New York City

☆ Chevron to buy Hess Corp for $53 billion in second oil mega-merger in weeks
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +2 min

Chevron said on Monday it agreed to buy Hess for $53 billion in stock, the second proposed mega-merger among the biggest U.S. oil players after Exxon Mobil bid $60 billion for Pioneer Natural Resources earlier this month. Chevron has offered 1.025 of its shares for each Hess share held, or $171 per share, implying a premium of about 4.9% to the stock's last close. Exxon and partners Hess and China's CNOOC are the only active oil producers in the country. Hess Corp CEO John Hess is expected to join Chevron's board of directors once the deal closes around the first half of 2024. Goldman Sachs was the lead adviser to Hess while Morgan Stanley was the lead adviser to Chevron.

Persons: Hess, China's, John Hess, Chevron, Goldman Sachs, Morgan Stanley Organizations: Chevron, U.S, Exxon Mobil, Natural Resources, Exxon, RBC, Pioneer, Hess Corp Locations: U.S, Guyana, Brazil, Mexico

Sept 28 (Reuters) - U.S. oil producers Exxon Mobil (XOM.N) and Hess Corp (HES.N) have withdrawn from exploring the Kaieteur block in Guyana’s deepwaters, Exxon said on Thursday, after disappointing exploration results. The exit comes as the producers focus on their larger and highly productive Stabroek block, where more than 11 billion barrels of oil and gas have been discovered so far. The companies have transferred their stakes in the block to Ratio Guyana Limited and Cataleya Energy Limited, which originally held the exploration licenses, Exxon said. A consortium composed of Exxon, Hess and CNOOC Ltd (0883.HK) control all offshore production in Guyana through the Stabroek block. Exxon and Hess were among oil companies that submitted bids in an auction for 14 other oil and gas exploration blocks.

Persons: Exxon, Hess, Kiana Wilburg, Sabrina Valle, Chris Reese, Leslie Adler Organizations: Exxon Mobil, Hess Corp, Exxon, Guyana, Cataleya Energy, Hess, CNOOC Ltd, Qatar Energy, Thomson Locations: deepwaters, HK, Guyana, Stabroek, Georgetown, Houston

Xie Xuguang, from CNOOC Gas and Power Group's research centre, told a conference on Thursday that China's total gas demand may reach 396.4 billion cubic metres (bcm) this year. "We're expecting industrial gas demand to recover in the second half. Gas demand growth this year was seen at between 5.7% and 7.4%, according to estimates this week by ICIS, Energy Aspects and SIA Energy. China's total gas demand was forecast to peak in 2040 at 700 bcm, Xie added, echoing a previous forecast by state major Sinopec. Imports of both piped gas and liquefied natural gas were both expected to increase to meet rising domestic demand.

Persons: Stringer, Xie Xuguang, Xie, CNOOC, Andrew Hayley, Chen Aizhu, Christian Schmollinger, Michael Perry Organizations: Sinopec, Inner, Inner Mongolia Autonomous, REUTERS, CNOOC Gas, Power, ICIS, SIA Energy, Imports, Thomson Locations: Erdos, Inner Mongolia, Inner Mongolia Autonomous Region, China, TIANJIN, Japan, Russia's, Siberia, Russia

☆ Exclusive: Brazil's Petrobras plans China subsidiary in push to boost ties, CEO says
▼ + stars: | 2023-08-31 | by ( Marta Nogueira | ) www.reuters.com time to read: +2 min

Prates said Petrobras aims to open the Chinese subsidiary next year, after getting formal approval. "It's important to them," Prates said in a phone interview during a business trip to China. "It is an interesting signal, saying that in the same way that we have a Petrobras America, we will have a Petrobras China, because both countries are equally important to us," he added. Prates said Petrobras China subsidiary would allow Petrobras to operate and participate in projects as partner even in other countries, including in Africa. Petrobras wants to increase its share of China's oil imports to 15% from the current 5% in the next 10 to 20 years, Prates said.

Persons: Sergio Moraes, Jean Paul Prates, Jair Bolsonaro, Prates, Luiz Inacio Lula da Silva, Lula, didn't, Marta Nogueira, Gabriel Araujo, Brad Haynes, David Gregorio Our Organizations: Petroleo Brasileiro S.A, REUTERS, DE, Petrobras, PETR4, Reuters, Petrobras America, White House, HK, CITIC, China Development Bank, Bank of China, Thomson Locations: Rio de Janeiro, Brazil, DE JANEIRO, SA, China, Petrobras China, United States, Beijing, Africa

Zhang Yaoyu, PCI's global head of LNG trading, declined to comment on the company's traded volume, but said trading was part of the company's overall strategy. By 2026, Chinese companies are expected to have contracted LNG supplies of more than 100 million tons a year. That could mean a surplus of up to 8 million tons that year, according to consultancy Poten & Partners, or a deficit of 5 million to 6 million tons based on estimates from pricing agency ICIS. Qatar, which will be China's largest supplier for 2026, however, offers traditional LNG contracts that are restricted to a single destination or country. These openings in the market and a more liberalised domestic gas market have also prompted smaller Chinese gas distributors and importers to expand into the trading space.

Persons: Dado Ruvic, Toby Copson, Copson, it's, Zhang Yaoyu, Zhang, Jason Feer, Feer, Chen Aizhu, Emily Chow, Marwa Rashad, Yuka Obayashi, Tom Hogue Organizations: REUTERS, 2026 Companies, Shell, BP, International Energy Agency, Offshore Oil Corp, China Gas Holdings, HK, Qatar, Trident LNG, Sinochem, PetroChina International, Poten, Partners, Rystad Energy, Reuters Graphics Reuters, Reuters, PCI, U.S, Beijing Gas, Zhejiang Energy, JOVO Energy, Thomson Locations: Qatar, US, Europe, Asia SINGAPORE, London, Singapore, U.S, Oman, Canada, Mozambique, Shanghai, China, Japan, Beijing, Central Asia, Russia, Southeast Asia, South Korea, Ukraine, ENN, Tokyo

☆ Factbox: China's incumbent and upcoming LNG traders
▼ + stars: | 2023-08-21 | by ( Chen Aizhu | ) www.reuters.com time to read: +5 min

A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. Below is a list of China's main gas traders and their operations globally, according to information from company sources and traders. In May, PCI became the first Chinese firm to gain long-term access to gas storage at a European gas terminal. CNOOC also plans to create a London desk in the coming year or two, following PCI and Unipec. Sumitomo Corp (8053.T), which has a desk to trade piped gas in London is considering expanding into LNG trading, said a company spokesperson.

Persons: Issei Kato, Keith Martin, Wang Bingsi, CNOOC, Norinco, ENN, Chen Aizhu, Yuka Obayashi, Florence Tan, Tom Hogue Organizations: REUTERS, Rights, PetroChina International, PCI, London, Gazprom, China National Offshore Oil Company, Gas Co, ENN, LNG, Beijing Gas, Zhejiang Energy, Zhejiang Energy Zhejiang Energy, Exxon Mobil, Mexico, China Gas Holding, China Gas, JOVO Energy, Privately, SOUTH, Mitsubishi Corp, Marubeni Corp, Tokyo Gas, Korea's SK E, Sumitomo Corp, Thomson Locations: Futtsu, Tokyo, Japan, London, Singapore, Beijing, Dubai, Houston, Sinopec, China, Jiangsu province, ENN, U.S, Hebei, Shenzhen, CNOOC, Zhejiang Energy Zhejiang, Zhejiang, Ningbo, Wenzhou, Zhejiang province, HK, Guangxi province, Yantai, Shandong province, Guangdong, Guangzhou, JAPAN, SOUTH KOREA, Asia

☆ Women’s Open: Charley Hull slams protestors after interruption
▼ + stars: | 2023-08-15 | by ( Jack Bantock | ) edition.cnn.com time to read: +4 min

CNN —English golfer Charley Hull has criticized protestors who interrupted the final round of the Women’s Open on Sunday. In a video titled “Let’s Crash AIG Women’s Open,” Ekō called on users to tweet at AIG to protest the construction of the “disastrous” East African crude oil pipeline (EACOP). A spokesperson for Ekō told CNN on Monday that the group was not involved in the protest at the tournament. Andrew Redington/Getty ImagesHaving finished three shots adrift of Allisen Corpuz at the US Women’s Open in July, she has now recorded runner-up performances at three of the five flagship events, and at least tied-seventh at the other two. “I feel that I have come close twice in the two biggest majors, the US Open and the Women’s Open, so I really feel like next year is my time to win one.”

Persons: Charley Hull, Hull, Lilia Vu, …, Ekō, Andrew Redington, ”, “, Hull’s caddie Adam Woodward, ” Woodward, Matt Taylor, Vu, Corpuz, ” Hull Organizations: CNN, Walton Heath Golf Club, Surrey Police, Twitter, AIG, AIG Women’s, Reuters, Getty, Telegraph, France’s, Financial Times, Chevron, Hull, US, Sky Sports Locations: Tadworth, England, EACOP, Uganda, Tanzania

Annual consumer price inflation is expected to show a sharp rebound in July to 6.40% from 4.8%, and a slowdown in wholesale price deflation to -2.4% from -4.1%. Investors and the Bank of Japan, meanwhile, will be paying close attention to Japanese inflation data later in the week. Asian stocks have badly underperformed this year, largely due to worries over China which is battling weak growth, deflation, and capital outflows. The MSCI Asia ex-Japan equity index index has now fallen two weeks in a row for the first time since April, and is up only twice in the last eight weeks. Here are key developments that could provide more direction to markets on Monday:- India consumer inflation (July)- India wholesale inflation (July)- Germany wholesale inflation (July)By Jamie McGeever; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly Song, Jamie McGeever, Diane Craft Organizations: Shanghai Stock Exchange, REUTERS, Tencent, Lenovo, Nasdaq, China's, Bank of Japan, Reuters, Thomson Locations: Pudong, Shanghai, China, New Zealand, Philippines, India, Asia, Japan, Beijing, outflows, Germany

☆ U.S. probing Exxon contractor in Guyana for smuggling drugs, gold
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +6 min

Now, U.S. officials are considering imposing sanctions on the Mohameds, according to four of the sources and two additional people familiar with the matter. The construction of the shore base is part of Exxon’s efforts to expand oil production off Guyana’s coast. The companies plan to expand output to 1.2 million bpd by 2027, a massive haul that would make Guyana’s production higher than what many OPEC nations, including neighboring Venezuela, produce today. Guyana is Exxon’s top bet for global oil production growth outside of the United States. Neither Hess nor CNOOC responded to requests for comment on the investigations into the Mohameds or the government’s meetings with Exxon.

Persons: Nazar Mohamed, Washington, Mohamed, Irfaan Ali, ”, ” Nazar Mohamed, Azruddin Mohamed, “, Alistair Routledge, Hess, CNOOC Organizations: Guyana U.S, Exxon Mobil, Reuters, Exxon, Mohamed’s Enterprise, Drug Enforcement Administration, Federal Bureau of Investigation, Department of Homeland Security, Russian, FBI, DEA, Homeland Security, U.S, Routledge, The U.S, China National Offshore Oil Corporation Locations: GEORGETOWN, Guyana, U.S, The Texas, Venezuela, United States, Europe, Georgetown, China

☆ Chinese navy makes rare foray into West Africa with Nigeria visit
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 3 (Reuters) - A naval fleet of China's People's Liberation Army (PLA) led by the destroyer Nanning arrived in Nigeria on Sunday, in a rare visit by the Chinese military to Africa's Atlantic coast, where Beijing has long made efforts to grow its influence. The Chinese ambassador to Nigeria hailed the five-day visit as a milestone in ties, while the Nigerian navy expressed willingness to work with China to tackle maritime security threats and maintain stability in the Gulf of Guinea, the Chinese embassy said in a statement on Monday. Oil-rich West Africa is an important global exporter of crude. The region, mostly Angola and Nigeria, is among China's top oil suppliers. Major Chinese oil explorer CNOOC Ltd also engages in deep-sea production off the coast of Nigeria.

Persons: Nanning, CNOOC, Ryan Woo, Clarence Fernandez Organizations: Liberation Army, PLA, Thomson Locations: BEIJING, Nigeria, Beijing, Nigerian, China, Gulf, Guinea, Africa, Angola, Sao Tome and Principe, Taiwan, Djibouti

☆ Peak oil is another reason to shun OPEC club
▼ + stars: | 2023-06-26 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The group known as OPEC+, which includes the organization’s 13 oil-producing members as well as allied nations like Russia, produces over 40% of the world’s oil. Guyana’s recoverable reserves of around 11 billion barrels in that field alone make it an obvious candidate to join OPEC. Non-OPEC oil nations, such as the United States, Brazil and Canada, are growing production. Even OPEC+ members aren’t united in their desire to prioritize price over production. OPEC+, which comprises the cartel’s 13 oil-producing states and ten other allied nations such as Russia, represents over 40% of the world’s oil production.

Persons: Groucho Marx, It’s, aren’t, Abdulaziz bin Salman, Haitham, Bharrat Jagdeo, Hess, Peter Thal Larsen, Oliver Taslic Organizations: YORK, Reuters, Organization of, Petroleum, Wall Street, Exxon Mobil, International Energy Agency, OPEC, United Arab Emirates, Cooperation, Saudi Energy, Wall Street Journal, Exxon, Thomson Locations: Guyana, OPEC, Russia, United States, Brazil, Canada, Nigeria, Saudi Arabia

☆ Exclusive: Exxon, Guyana in talks to return unexplored offshore oil areas
▼ + stars: | 2023-06-21 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

HOUSTON, June 21 (Reuters) - Exxon Mobil Corp (XOM.N) and Guyana are in talks over which unexplored offshore areas will be returned to the government, people close to the discussions said, as the nascent oil nation seeks to attract new operators to the country. The Exxon-led consortium that controls offshore production in Guyana this year was required to return 20% of unexplored acres, under the original 2016 production contract. Reuters Graphics Reuters GraphicsCONTRACT FORCE MAJEUREThe relinquishment deadline for the 20% unexplored portion of the Stabroek block is due in October, one of the people said. Guyana plans to hold its first competitive oil blocks auction in August, which it expects to attract new operators to the country. It will offer 14 offshore blocks outside the Exxon group's domains.

Persons: Hess, Sabrina Valle, Lincoln Organizations: Exxon Mobil Corp, Exxon, HK, Reuters Graphics Reuters, Guyana's Energy Ministry, Thomson Locations: Guyana, U.S

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