company:exxon mobil corp.

Russia Squeezing Embattled Venezuela for Tax-Free Gas Expansion - Bloomberg
▻https://www.bloomberg.com/news/articles/2019-06-20/russia-squeezing-embattled-venezuela-for-tax-free-gas-expansion

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• Venezuela offers Rosneft path to amplify natural gas dominance
• Expropriation clause gives Moscow-based company a hedge

Russia’s state-controlled oil giant, Rosneft PJSC, is extracting concessions from crisis-ridden Venezuela to enter the offshore natural gas market on the cheap, a potential headache for the U.S. and Europe.

An accord signed by both Russia and Venezuela earlier this month will give Rosneft tax breaks to produce and export gas from the Patao and Mejillones fields off Venezuela’s east coast. The document, which also includes a “fair market price” in the event of an expropriation, makes changes to a bilateral agreement reached in 2009, according to a filing by the Russian government.

The deal underscores how Russia is both propping up and gaining from the Nicolas Maduro regime at a time when the U.S. is sanctioning Maduro and China has cut its support. Venezuelan gas could eventually offer Russia new entry points into both Asia and Europe.

“China is backing away in terms of its financial exposure,” Andrew Stanley, an associate fellow at the Center for Strategic and International Studies, said in a telephone interview. “Whereas the Russians, over the past few years, they’ve gone in the opposite direction, they’ve kind of doubled down and seen this as an opportunistic plan.”

Since 2014, Rosneft has loaned about $6.5 billion to Venezuela in exchange for oil, according to data compiled by Bloomberg. Petroleos de Venezuela SA, or PDVSA, has been repaying the loans by delivering barrels to Rosneft, and had an outstanding debt of about $1.8 billion in the first quarter, according to a company presentation.

As a result of the changes signed by Russian President Vladimir Putin, Rosneft and its suppliers will be exempt from value added and import taxes to develop the two gas fields, which are near to where Exxon Mobil Corp. is rushing to extract oil in neighboring Guyana. The agreement was filed online by the Russian legal information website, which publishes orders by the president and applied international treaties.

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South Africa’s Landmark Oil Find Opens Prospect of Drilling Rush - Bloomberg
▻https://www.bloomberg.com/news/articles/2019-02-07/total-discovery-opens-new-petroleum-province-off-south-africa

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South Africa’s first deep-water discovery, reported Thursday by French oil major Total SA, may prompt a rush of activity offshore by competitors as the country works to cut its reliance on imported fuels.

The Brulpadda find, estimated at about 1 billion barrels by Total Chief Executive Officer Patrick Pouyanne, could be enough to supply South Africa’s refineries for almost four years. That’s a boon for a country that has always been short of oil and is running out of its scant domestic supply of gas.
[…]
The field of primarily gas-condensate — a light liquid hydrocarbon — was discovered about 175 kilometers (109 miles) off the country’s southern coast in the Outeniqua Basin. The area, where Exxon Mobil Corp. and Eni SpA also hold stakes, may now draw further interest, especially since South Africa is due to introduce new legislation later this year aimed at spurring exploration.

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Les deux cartes proviennent de cet article du 29/01/2019
South Africa could be days away from a massive new deepsea energy find
▻https://www.businessinsider.co.za/totals-brulpadda-find-in-south-africa-2019-1

Guyana rechazó la versión de Arreaza sobre los barcos de ExxonMobil
▻http://www.el-nacional.com/noticias/mundo/guyana-rechazo-version-arreaza-sobre-los-barcos-exxonmobil_266206

Enième incident de frontière entre Venezuela et Guyana : le 23/12/2018, une frégate vénézuélienne interrompt les opérations de prospection sismique d’un navire opérant sur une concession du Guyana à ExxonMobil.

La nota divulgada por Jorge Arreaza aseguraba que los capitanes interceptados aseguraron disponer de un permiso de Guyana para operar en dicho espacio marítimo

El ministro de Relaciones Exteriores de Guyana, Carl Greenidge, rechazó hoy la versión de Venezuela según la cual el Ejecutivo de Georgetown autorizó la incursión en aguas del país bolivariano de buques de exploración sísmica de la compañía ExxonMobil.

Greenidge reiteró durante un acto público en Georgetown que los barcos noruegos contratados por ExxonMobil fueron interceptados por la Armada venezolana y rechazó la afirmación de la Cancillería de que estuvieran operando en sus aguas territoriales.

El jefe de la diplomacia de Guyana calificó además de absurdas las palabras de la vicepresidenta de Venezuela, Delcy Rodríguez, sobre una supuesta incursión en aguas territoriales del país sudamericano.

La Cancillería informó el pasado 23 de diciembre de que la Armada Nacional Bolivariana divisó en aguas jurisdiccionales de Venezuela dos embarcaciones, una con bandera de Bahamas y otra de Trinidad y Tobago, contratadas por la petrolera ExxonMobil.

La nota divulgada por Jorge Arreaza aseguraba que los capitanes interceptados aseguraron disponer de un permiso de Guyana para operar en dicho espacio marítimo.

Greenidge dijo que tras repasar lo que describen los medios de comunicación de Venezuela y las conversaciones con los capitanes las coordenadas descritas dejan claro que estaban dentro de la ZEE (Zona Económica Exclusiva) de Guyana.

Matizó, en concreto, sobre la embarcación Ramford Tetys que fue interceptada en la ZEE y en la plataforma continental de Guyana a una distancia aproximada de 140 kilómetros desde el punto más cercano a la línea equidistante provisional con Venezuela y unos 250 kilómetros desde Punta Playa, el punto más occidental en la frontera terrestre.

El ministro de Relaciones Exteriores dijo que Guyana no tiene nada de qué preocuparse y que su país está dispuesto a volver reiterar hasta dónde llega su territorio nacional.

Greenidge sostuvo además que su gobierno está satisfecho con el progreso del caso ante la Corte Internacional de Justicia (CIJ).

#Esequibo

Exxon Sparks IMF Concern With Weighty Returns in Tiny #Guyana - Bloomberg
▻https://www.bloomberg.com/news/articles/2018-04-09/exxon-sparks-imf-concern-with-weighty-returns-in-tiny-guyana

Exxon Mobil Corp. got such a “favorable” deal from Guyana, home to the biggest new deepwater oil play, that the tiny South American country should rewrite its tax laws, the International Monetary Fund said.

While Guyana should honor the existing deal, future contracts should ensure the state gets a higher portion of crude proceeds, the fund said in a report seen by Bloomberg News. The country, South America’s third poorest with an average per capita income of around $4,000, has little experience of dealing with multinational behemoths such as Exxon.

Terms of the 2016 contract “are relatively favorable to investors by international standards,” the IMF said in a report prepared for Guyanese officials. “Existing production sharing agreements appear to enjoy royalty rates well below of what is observed internationally.”
[…]
Open Oil, a Berlin-based company that advocates contract transparency, also found Guyana’s share of the #Stabroek was low compared with both established and early-stage producing countries. Guyana will receive 52 percent of positive cash flow over the life of Exxon’s initial project, compared with between 63 percent and 72 percent for developments in Liberia, Mauritania, Ghana, Senegal and Papua New Guinea, it said in a March report.

The Exxon contract, which was published on a government website last year, provides Guyana with a 2 percent royalty on sales and 50 percent of profitable oil, once costs are repaid. Exxon and its partners can only deduct three-quarters of their costs each year, giving the government some cash in the first years of the project.

Shell Gives North Sea Shot in Arm With Field Redevelopment - Bloomberg
▻https://www.bloomberg.com/news/articles/2018-01-15/shell-gives-north-sea-operations-shot-in-arm-at-penguins-field

Royal Dutch Shell Plc made one of its biggest commitments to the North Sea in 30 years, with plans to redevelop the Penguins oil and gas field.

The Anglo-Dutch oil major will build a floating production, storage and offloading vessel — its first new manned installation in almost three decades — to take output from eight wells it plans to drill. Peak production will be the equivalent of 45,000 barrels a day, with a break-even price of less than $40 a barrel, Shell said on Monday.

“It is another example of how we are unlocking development opportunities, with lower costs, in support of Shell’s transformation into a world class investment case,” Andy Brown, Shell’s upstream director, said in a statement.

Penguins, a joint venture between Shell and Exxon Mobil Corp., is already operational after first being developed in 2002. Oil from the field — about 150 miles (240 kilometers) northeast of the Shetland Islands — will be transported by tanker to refineries, while the gas will be sent by a pipeline to the St. Fergus terminal in Scotland.

#Penguins_Oil_Field

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carte issue d’un article sur le démantèlement du champ #Brent …
▻https://www.offshore-technology.com/projects/brent-field-decommissioning-north-sea

Canada Rules Out Arctic Oil Drilling Extensions for Exxon and BP - Bloomberg
▻https://www.bloomberg.com/news/articles/2017-01-06/canada-rules-out-arctic-oil-drilling-extensions-for-exxon-and-bp

The Canadian government says it won’t grant extensions to exploration licenses for Exxon Mobil Corp., BP Plc and other oil firms as it prepares for consultations over the impact of an Arctic drilling moratorium.

The companies hold leases that expire over the next six years, totaling C$1.9 billion ($1.4 billion) in bids. Prime Minister Justin Trudeau and U.S. President Barack Obama announced new restrictions on Arctic oil development on Dec. 20, with Canada saying existing leases wouldn’t be affected without industry input on a path forward.

In an online background document, however, Trudeau’s government specifically ruled out lease extensions sought by industry before the new restrictions were put in place. Companies had expected that to be a central part of talks.

Russia Applauds Trump Dream Team as Exxon CEO Eyed for State - Bloomberg
▻https://www.bloomberg.com/news/articles/2016-12-11/putin-awaits-fantastic-trump-team-as-exxon-ally-may-head-state

With two decades of deal-making in Russia’s vital oil industry under his belt, Rex Tillerson is Vladimir Putin’s kind of man.

The Exxon Mobil Corp. chief is also in Donald Trump’s sights for secretary of state, fueling optimism in Moscow that a longed-for thaw in relations is near.

If nominated and confirmed, Tillerson would join another supporter of closer cooperation with Russia at the top of America’s policy-making apparatus, Michael Flynn, the president-elect’s national security adviser. Add in Trump’s nominee for defense secretary, retired General James Mattis, who’s viewed in Moscow as more pragmatic than his predecessors, and the Kremlin couldn’t ask for much more, according to Sergei Markov, a consultant to Putin’s staff.

“This is a fantastic team,” Markov said by phone from the Russian capital on Sunday. “These are people that Russia can do business with.”

A Single Vessel Is Behind Canada’s Largest-Ever Trade Deficit - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-11-04/a-single-vessel-is-behind-canada-s-largest-ever-trade-deficit

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Canada posted its largest trade deficit on record in September, a whopping C$4.1 billion ($3 billion) — and a single piece of equipment is to blame.

A heavy-load carrier arrived at Bull Arm, Trinity Bay in Newfoundland on Sept. 2, after a voyage from South Korea that began in June.

You’ll note that the 224.8 meter-long vessel had to sail around Africa rather than go through the Suez Canal, due to its size and cargo.
The Blue Marlin, as the vessel is known, was carrying a 30,000 tonne utilities and process module made by Hyundai Heavy Industries. The module, which had been under development since 2013, will be used in the Hebron offshore-oil project off the coast of Newfoundland and Labrador.

Exxon Mobil Corp. has the largest interest in this project; co-venturers include Chevron Corp., Suncor Energy Inc., Statoil ASA, and Nalcor Energy Corp. The field has been estimated to contain more than 700 million barrels of recoverable resources.

The arrival of this module helped push the imports of industrial machinery, equipment and parts up by C$2.9-billion in September, according to Statistics Canada, meaning the nation’s trade deficit excluding this increase would have totaled C$1.2 billion for the month — an even smaller gap than the C$1.7 billion deficit that economists had been estimating.

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Norway Oil Worker Talks Hold 6% of Production in the Balance - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-06-30/norway-oil-worker-talks-hold-12-of-production-in-the-balance

Norway is facing the first oil worker strike since 2012 as government-mediated talks for platform workers approach a Friday midnight deadline.
Should the talks fail, more than 700 workers will walk off the job, affecting fields run by Exxon Mobil Corp., Engie SA and Wintershall as well as drilling operations at Statoil ASA. About 6 percent of the oil and gas output in western Europe’s largest producer will be halted, according to the Norwegian Oil and Gas Association.
[…]
Should a strike materialize, output at fields such as Balder, Gjoea and Vega will see production cut, according to the group. While the walkout will include KCA Deutag Drilling Norway AS employees on Statoil ASA platforms, including on Oseberg and Gullfaks, Statoil will maintain production even as drilling operations halt, Morten Eek, a spokesman for Norway’s largest oil company, said on Wednesday.