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...It may well sell down its stake to an international oil company. Candidates include Shell, Total and Chevron, which are all drilling, or planning to drill, in the same Orange oil basin....
...“These incentives allow operators to receive a higher cut of production in order to recover capital and operating costs on projects....
...Exxon and Chevron have committed to increasing oil and gas production even as some of their European rivals shift to renewable sources such as wind and solar....
...Chevron has restored production at the Tamar offshore gasfield in Israel, the company said on Monday, ending the supply disruption caused by the start of the war on October 7....
...The disclosures relate to its oil production and refining operations there, where the company can trace its history back more than 140 years....
...Chevron, the second-biggest US oil company, has been “engaged in discussions” with Exxon and Cnooc — joint owners of the Stabroek Block project — “regarding a right of first refusal provision in the joint...
...Inevitably, the successes of Total, Shell and Galp will encourage large oil companies to direct more investment into exploration....
...exploration and production....
...In a filing to California regulators the company said it was part of an “increasingly harsh regulatory environment” in the state that has resulted in higher petrol prices for consumers, reduced production...
...international election observation”....
...“Chevron Mediterranean Limited was instructed by Israel’s Ministry of Energy to shut-in production at the Tamar Production Platform,” the energy company said in a statement It added: “Chevron is focused...
...Mike Wirth, Chevron chief executive, said the oil industry was entering a consolidation phase and the Hess deal offered the company a “unique and compelling opportunity” to bulk up its offshore presence...
...That adherence to strict exploration plans suggests the US shale energy industry will shift further away from its role as a swing supplier, able to quickly turn up the production dial to douse price rises...
...Among the US’s shale exploration and production specialists, analysts said larger remaining companies would look to combine to gain scale and present an attractive target for a supermajor buyout down the...
...High production could also make the Biden administration more focused on promoting other forms of greener energy. Independent exploration and production companies (E&Ps) have changed radically....
...But he and other experts argue that the production-sharing contract signed with Guyana in 2016 is unduly generous to Exxon, and some say it should be renegotiated....
...Permian shale patch production, which has a typically short cycle of development and exploitation, also offers the ability to flex production up and down more easily in response to changes in demand....
...What is striking is that shares in US-listed gas-focused exploration and production companies have performed surprisingly well year to date....
...Its prized assets are offshore Guyanese production and chunks of North Dakota’s Bakken shale deposit. Hess’s current daily production is 330,000 barrels of oil equivalent....
...John took the helm in 1995, making the company more US-centric even as he continued to expand its international footprint....
...Equatorial Guinea wanted a foreign company to take over the assets from Exxon and has been wooing international oil companies including Eni, the Italian producer, and several Nigerian companies, according...
...When Chevron won approval for Gorgon it promised to store 100mn tonnes of CO₂ over the project’s lifetime and become a standard-bearer for CCS technology and the industry’s dream of continued gas production...
...If oil demand remains high into the next decade, as Wirth predicts, the deal could cement Chevron’s status in holding the levers of production....
...Companies also remain steadfast in terms of exploration. GEM tracked 50 new project discoveries between 2022-2023, totalling about 20bn boe....
...Chevron face sceptics after its Hess mega-deal Things were going so well for Chevron last July that the company’s board waived its mandatory retirement age of 65 for CEO Mike Wirth, citing the “extraordinary...
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