ExxonMobil

ExxonMobil details its massive reduction in the value of its reserves, just as the benefits of all that hacking are starting to become apparent.

The US oil giant is launching a new business unit that will boost its ability to reduce its own greenhouse gas emissions along with those of other industries.

ExxonMobil said it has created a new business to commercialize its extensive low-carbon technology portfolio. The new business, ExxonMobil Low Carbon Solutions, initially will focus on carbon capture and storage, one of the critical technologies required to achieve net-zero emissions and the climate goals outlined in the Paris Agreement.

The project will create a foundation for further development of a thermoplastic composite pipe jumper technology for risers in permanent HP/HT subsea applications.

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.

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.

The two largest oil companies in the US are shedding thousands of employees and contractors to cope with a steep decline in demand.

With oil prices still low, Hess decided to sell a stake in one offshore project to help pay to develop a much larger one.

ExxonMobil is evaluating additional development opportunities in the Stabroek Block with plans for five drillships operating offshore Guyana by the end of 2020.