Business/economics
The firm’s latest analysis puts the bulk of the blame on a fragmented supply chain.
The supermajor said the fields are not expected to contribute meaningfully to its production profile by 2030.
Output is rising fast in the South American shale play and putting Argentina on a course to soon reach 1 million B/D.
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The no-debt transaction will result in a combined company with 24 offshore drilling units. -
The deal follows investor pressure shared across the US shale sector to reduce leverage and capital outflows.
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Schlumberger has won a $480-million contract to drill 96 oil wells in southern Iraq for the country’s Basra Oil Company and for ExxonMobil, which operates the giant West Qurna-1 field with partners from Iraq, Japan, Indonesia, and China. West Qurna-1 is one of the world’s largest oil fields.
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The world's largest oil company has taken its lumps from 2020 and is ready to look forward to higher oil demand and the coming of a hydrogen market.
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The sale of the minority stake is part of its larger 2021 program to raise an average of $4 billion annually by shedding noncore holdings.
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Recent decisions by US market regulators reflect growing pressure on the largest US oil producers to back up emissions targets with more detailed strategies through disclosures.
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ExxonMobil submitted a proposal to Colombian authorities to develop a hydraulic fracturing pilot project in the Magdalena Basin. Colombia wants to drastically raise its declining reserves-to-production ratio by tapping into shale.
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The Energy Council, a London-based networking platform, has released a survey of its 100,000 members suggesting that the finance and investment community has money and an appetite to continue to fund E&P exploration, particularly in gas.
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Added assets raise its Delaware Basin daily disposal capacity to more than half a million barrels.
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The filing is part of a plan to restructure the DJ Basin operator while completing a previously signed merger agreement.
