ExxonMobil
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With a replacement gas injection system successfully installed, the Liza Destiny FPSO has reached its peak capacity of 120,000 B/D on the one-year anniversary of its commissioning. -
The Texas oil and gas company will trim its carbon footprint in the coming years by building on a low-carbon investment that already totals more than $10 billion.
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ExxonMobil has trimmed its future spending by more than 30% and said it will seek to divest from gas assets in the US, Canada, and Argentina.
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The two largest oil companies in the US are shedding thousands of employees and contractors to cope with a steep decline in demand.
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With oil prices still low, Hess decided to sell a stake in one offshore project to help pay to develop a much larger one.
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ExxonMobil is evaluating additional development opportunities in the Stabroek Block with plans for five drillships operating offshore Guyana by the end of 2020.
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The oil major said it will now work with Global Thermostat on technology that would remove carbon dioxide directly from the air.
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This latest find means the offshore driller has averaged at least three new discoveries each year since it began drilling offshore Guyana where it plans to recover up to 8 billion barrels of crude.
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Company cites COVID-19-driven decline in fuel demand in move following announcement of Australian layoff plan as latest cost-cutting measure.
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ExxonMobil is reluctant to join other big oil companies writing down the value of their reserves. It could chop its reserves by 20%, but it has not made a final decision.
