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🌍🚀 Guyana Welcomes Chevron to Offshore Project! Guyana's President, Irfaan Ali, announced that he would welcome Chevron into the ExxonMobil-led consortium responsible for the country's $150 billion-plus offshore oil project. The statement comes ahead of a crucial vote by Hess shareholders on Chevron's acquisition proposal. 🔹 Project Highlights: In October, Chevron offered $53 billion to buy Hess Corporation, aiming to gain a stake in the Stabroek Block, one of the most lucrative oil discoveries in recent decades. Hess holds 30% of the project. The Chevron-Hess deal has sparked a clash between the two largest US oil companies, with Exxon arguing that it has the right of first refusal to purchase Hess's stake. Ali emphasized that his government is interested in attracting the world's largest oil companies, such as Chevron, to develop Guyana's resources. He also suggested that any move by Exxon to increase its stake could raise competition concerns. “I wouldn't use the word nervous,” Ali said, referring to the possibility of Exxon gaining a more dominant stake. He noted that consolidation in other sectors can cause concern, stating: “We believe the partnership works well.” 🔍 Crucial Vote: The Hess shareholders' vote, scheduled for Tuesday, is expected to be tight, with a growing number of investors expressing concerns about the deal. Institutional Shareholder Services has recommended that investors abstain, while Glass Lewis has called for a vote in favor. Three major shareholders — HBK Capital Management, DE Shaw, and Pentwater Capital Management LP Capital Management — have stated they will abstain, representing about 6% of Hess's stock. Ali has faced criticism in Guyana for not renegotiating the Stabroek production-sharing agreement signed by the previous government with Exxon, Hess, and CNOOC International. He stated that the contract was “skewed in favor of Exxon”, but the government decided not to seek renegotiation to preserve the “sanctity of the contract”, avoiding a legal battle that could harm the oil sector. Stay tuned for more updates on this crucial development in Guyana's energy sector! 💼🔍 #Oil #Guyana #Chevron #ExxonMobil #Exploration #StabroekBlock #Investment #Energy #Hess #ShareholderVote

Chevron wants to sell its remaining oil and gas holdings in the British North Sea Chevron has announced its intention to initiate the sale of its remaining oil and gas holdings in the UK North Sea, a move that signifies the company’s departure from the mature region after over half a century. The divestiture, which was confirmed to Reuters on Thursday, is part of Chevron’s strategy as it gears up for the massive $53 billion takeover of its competitor Hess. This acquisition plan includes a global asset sale projected to be between $10 billion and $15 billion. https://lnkd.in/d7ZeTqp8 This withdrawal represents a broader trend of major oil and gas firms gradually exiting the British North Sea—a region that was at the forefront of deepwater exploration in the 1970s—in favor of investing in newer, global assets. Among Chevron’s assets is a 19.4% interest in the Clair oilfield, operated by BP in the West of Shetland area. Clair is the largest oilfield in the British North Sea, boasting a daily production rate of 120,000 barrels. BP is considering a third phase of development for the Clair field, dubbed Clair South, which stands as one of the North Sea’s most significant untapped reserves. The UK’s oil and gas output has seen a decline from its late 1990s peak of approximately 4.5 million barrels of oil equivalent per day to about 1.2 million barrels in 2023. Additionally, Chevron is looking to divest its minor stakes in the Sullom Voe oil terminal and its shares in the Ninian and SIRGE pipeline systems, both connected to the terminal, as stated in a press release. Chevron’s planned acquisition of Hess has encountered obstacles due to a legal dispute with Exxon over assets in Guyana, despite Chevron’s announcement to sell up to $15 billion in assets. The company said that the decision to sell its North Sea assets is not influenced by the British government’s imposition of a 35% windfall tax on North Sea operators following the 2022 energy price hike. Chevron emphasized its commitment to capital discipline across both traditional and new energy sectors, regularly evaluating its global portfolio to determine the strategic value and competitiveness of its assets for future investment. Picture credit: Reuters #oilandgas #chevron #northsea #uk #bp #climatecrisis #hess

Chevron wants to sell its remaining oil and gas holdings in the British North Sea Chevron has announced its intention to initiate the sale of its remaining oil and gas holdings in the UK North Sea, a move that signifies the company’s departure from the mature region after over half a century. The divestiture, which was confirmed to Reuters on Thursday, is part of Chevron’s strategy as it gears up for the massive $53 billion takeover of its competitor Hess. This acquisition plan includes a global asset sale projected to be between $10 billion and $15 billion. https://lnkd.in/dM4FeiKY This withdrawal represents a broader trend of major oil and gas firms gradually exiting the British North Sea—a region that was at the forefront of deepwater exploration in the 1970s—in favor of investing in newer, global assets. Among Chevron’s assets is a 19.4% interest in the Clair oilfield, operated by BP in the West of Shetland area. Clair is the largest oilfield in the British North Sea, boasting a daily production rate of 120,000 barrels. BP is considering a third phase of development for the Clair field, dubbed Clair South, which stands as one of the North Sea’s most significant untapped reserves. The UK’s oil and gas output has seen a decline from its late 1990s peak of approximately 4.5 million barrels of oil equivalent per day to about 1.2 million barrels in 2023. Additionally, Chevron is looking to divest its minor stakes in the Sullom Voe oil terminal and its shares in the Ninian and SIRGE pipeline systems, both connected to the terminal, as stated in a press release. Chevron’s planned acquisition of Hess has encountered obstacles due to a legal dispute with Exxon over assets in Guyana, despite Chevron’s announcement to sell up to $15 billion in assets. The company said that the decision to sell its North Sea assets is not influenced by the British government’s imposition of a 35% windfall tax on North Sea operators following the 2022 energy price hike. Chevron emphasized its commitment to capital discipline across both traditional and new energy sectors, regularly evaluating its global portfolio to determine the strategic value and competitiveness of its assets for future investment. Picture credit: Reuters #oilandgas #chevron #northsea #uk #bp #climatecrisis #hess

This article discusses: Exxon Mobil Corp. and Cnooc Ltd. are reportedly interested in acquiring Hess Corp.'s share of a large offshore oil development in Guyana. This potential move would give Exxon and Cnooc more control over one of the most significant oil developments in recent years. The implications for the local Guyanese community and the global oil market could be substantial. One key question springs to mind: How would this potential acquisition impact Guyana's economy and the balance of power within the global oil industry? #ExxonMobil #CnoocLtd #HessCorp #GuyanaOil https://lnkd.in/gDQWgPFW https://lnkd.in/gaQ9Hb_k ---------------------------------- Go Rogue and focus on the WHY on Energy Markets…. Rogue Edge® Members already know…. Sign up here: https://lnkd.in/gvPx5WDr About Energy Rogue: https://energyrogue.com/ Energy Rogue® provides a state of the art fundamental and technical analytics platform for the energy industry focused on Oil, Natural Gas, Power and Natural Gas Liquids. Risk ---------------------------------- If you want to learn more: 1. drop us a line at [email protected] 2. join Rogue Edge TODAY: https://lnkd.in/gvPx5WDr Disclaimer - The summary and image provided here are generated using artificial intelligence (AI) based on the content of the original article.

Exxon Mobil is strategically positioning itself to engage in the potential sale of Hess Corp’s oil assets in Guyana, underscoring the deepening interest in one of the world’s newest and most promising oil regions. As two top executives have noted, Exxon aims to capitalize on its extensive efforts and investments in developing Guyana's offshore fields. This move is strategically timed amidst an ongoing arbitrage process expected to be resolved by a three-member panel in May. The decision will be pivotal in determining whether Hess's sale to Chevron, part of a major $53 billion merger trend, will continue under its current terms. Exxon, alongside CNOOC Ltd, contests this sale, citing their preemptive rights embedded within the joint venture agreement associated with Guyana's stakes. Exxon's CEO, Darren Woods, has detailed the company's stance in the arbitration process, emphasizing their vested interest and effort in the asset’s development. Woods stated, "We developed the value of that asset. We have the right to consider the value of that asset in this transaction, and then the right to take an option on it. There is an option here. We think it is in the best interest of shareholders to maintain that value option." The stakes in this highly sought-after market are intensified by Hess’s impressive discoveries exceeding 11 billion barrels of oil, a vital component underpinning 60% to 80% of Chevron’s intended acquisition cost of Hess. Despite this potential, Hess asserts that its Guyana assets will remain unsold independently if the Chevron deal fails. IndexBox data highlights that Guyana’s crude oil import value for 2023 stands at USD 8.3K, with the United States being a predominant importer at the same value. This modest figure underscores Guyana's burgeoning yet strategically critical oil sector within the Americas, pinpointing the high stakes for key players like Exxon. Navigating this complex contractual environment is crucial for maximizing shareholder returns. #ExxonMobil #HessCorp #GuyanaOil #OilIndustry #EnergySector #MergersAndAcquisitions #Chevron #CNOOC #JointVenture #OffshoreOil #Arbitration #OilMarket #InvestorValue #StrategicAssets #IndexBox #EnergyNews #OilExploration #StakeholderValue #OilEconomy #CorporateStrategy #IndustryInsights https://lnkd.in/dspQdZ4D

𝘾𝙝𝙚𝙫𝙧𝙤𝙣 𝙩𝙤 𝙏𝙖𝙠𝙚 𝙐𝙥 𝙩𝙤 $1.5 𝘽𝙞𝙡𝙡𝙞𝙤𝙣 𝙞𝙣 𝙌4 𝘾𝙝𝙖𝙧𝙜𝙚𝙨 𝘼𝙢𝙞𝙙 𝙍𝙚𝙨𝙩𝙧𝙪𝙘𝙩𝙪𝙧𝙞𝙣𝙜 𝙖𝙣𝙙 𝘾𝙤𝙨𝙩-𝘾𝙪𝙩𝙩𝙞𝙣𝙜 𝙀𝙛𝙛𝙤𝙧𝙩𝙨 Chevron announced it would incur up to $1.5 billion in fourth-quarter charges for restructuring, asset impairments, and property sales. The charges include up to $900 million for severance pay and relocations over the next two years as part of broader efforts to cut $3 billion in costs by 2026. Key drivers of Chevron’s cost-cutting strategy: Lower project spending for 2025, reduced by $2 billion compared to 2023. Completion of major projects in Kazakhstan and reduced spending on U.S. shale operations. Recent sales of Canadian, Alaskan, and Congolese operations. Despite lower profits—estimated at $4.35 billion for Q4, down from $6.45 billion a year ago—Chevron remains focused on acquisitions, including its $53 billion bid for Hess Corporation. This deal faces challenges from ExxonMobil and CNOOC International, Hess’ partners in Guyana. CEO Michael Wirth emphasized the company's commitment to cost and capital discipline as it navigates profit pressures and shifts in project spending priorities. #Chevron #EnergyNews #OilAndGas #Restructuring #EnergyIndustry https://lnkd.in/gPuyR89P

𝘼𝘿𝙉𝙊𝘾'𝙨 𝘾𝙤𝙣𝙨𝙞𝙙𝙚𝙧𝙖𝙩𝙞𝙤𝙣 𝙤𝙛 𝘽𝙋 𝙏𝙖𝙠𝙚𝙤𝙫𝙚𝙧 𝙍𝙚𝙛𝙡𝙚𝙘𝙩𝙨 𝙎𝙩𝙧𝙖𝙩𝙚𝙜𝙞𝙘 𝙀𝙭𝙥𝙖𝙣𝙨𝙞𝙤𝙣 𝙂𝙤𝙖𝙡𝙨 Recently, Abu Dhabi National Oil Company (ADNOC) evaluated the acquisition of British oil giant bp, though the discussions remained in early stages and did not lead to a deal. ADNOC decided that BP's operational focus and strategic direction were not aligned with its own, despite BP's appeal as a takeover target due to its undervaluation relative to its peers. This interest in BP forms part of ADNOC's broader strategy to strengthen its global presence and diversify into new markets such as renewables, LNG, and petrochemicals. ADNOC's exploration of potential acquisitions, including a significant interest in BP, underscores its ambition to transition into a more globally integrated energy company. This initiative aligns with the UAE's broader energy transition strategy and highlights the dynamics of global oil market consolidation. https://lnkd.in/gSrPtX_n

Transocean and Seadrill are in discussions about a potential merger and if finalized, the merger would be one of the world’s largest offshore drilling contractors, impacting the global oil and gas sector and yielding far-reaching implications for Africa’s industry. 👉 Full Story: https://lnkd.in/d8iZZimU The African and global offshore drilling industry has experienced a wave of consolidation, with Offshore rig contractor Noble Corporation announcing plans to acquire Diamond Offshore Drilling in a $1.59 billion deal. More than 60% of total floater backlog will be handled by Transocean, Noble, Valaris Limited and Seadrill. These companies focus on mergers to access high-demand rigs, without long lead times and high costs of new builds. At the Invest in African Energy (IAE) Forum, discussions will explore the growing trend of positive rig market consolidation and its role in enhancing the investment climate for Africa’s offshore projects, accelerating technological advancements and shifting market dynamics. Join us at the IAE 2025 Forum, scheduled for 13-14 May 2025, uniting the global investment community and showcasing Africa’s most dynamic energy trends and infrastructure projects, under the theme “ Pioneering Africa's Energy Boom: Strategic Investment for Maximum Returns” focused towards shaping Africa’s energy sector. 🔖 Book your Delegate Pass for IAE 2025 NOW: https://lnkd.in/dCJ8Ejvh 🔖 Become a Sponsor or Exhibitor, visit: https://hubs.la/Q02PPZwg0 #IAE2025 #InvestinAfrica #AfricanEnergy #Energy #Investment #Offshore #Drilling #Rigs #Deepwater #Mergers #Technology African Energy Chamber

Keeping up with ExxonMobil ? Cash-rich Exxon Mobil, and Chevron are bolstering their oil and gas drilling inventory with multi-billion-dollar takeovers as they bet on resilient demand for years to come. 💲 At the end of 2023, Exxon had $31.54 billion in cash and cash equivalents, while Chevron held $8.18 billion. ⚡️ The #consolidation wave sweeping through the U.S. energy sector that spurred deals worth $250 billion in 2023 shows no signs of slowing as companies rush to deploy their cash hoard from higher oil prices into building even bigger reserves through acquisitions. Chevron ConocoPhillips bp Shell TotalEnergies

This could take a while! Look, XoM is currently embroiled in a contract arbitration dispute against Hess Corp, marking a significant development in the energy sector. The dispute centers around the sale of Hess' 30% stake in the Stabroek offshore oil block in Guyana, one of the hottest regions for exploration worldwide. Needless to say one of the hottest regions in terms of exploration around the world. At the heart of the matter is the right of first refusal within the sale agreement, granting Exxon the option to purchase Hess' stake before any other party. This clause complicates matters, particularly in light of Chevron's recent attempt to acquire Hess' stake for $53 billion. OK, now,  let's stop and think together! The debate arises over whether this transaction constitutes a merger, thereby exempting it from triggering Exxon's preemption rights. The resolution of this dispute is anticipated to be protracted, possibly taking months to resolve. Should Exxon's claims prevail, they would have the opportunity to match Chevron's offer and acquire the stake. In the ever-evolving landscape of the energy industry, such disputes introduce added complexity, impacting not only the companies involved but also ancillary businesses like Pioneer Natural Resources. Exxon's proposed $60 billion deal underscores the magnitude of these mergers and acquisitions. What caught my eye is that this isn't merely a corporate scuffle—it's emblematic of a broader power struggle within the energy sector. Investors, from conglomerates to private equity firms, are closely monitoring the outcome, recognizing its significance in shaping the industry's future. Likewise, as we navigate through 2024, look closely. It becomes evident that the balance of power in the energy sector is at stake. While discussions of conflicts often dominate headlines, it's essential to recognize that the true battleground lies in these emerging power struggles, determining who will emerge as the dominant force in the years to come. 2024 is the year of balance of power, we thought that we were talking about wars and conflicts, but we cannot forget that what is in front of us is that dispute of emerging power and who will be the last one standing.   #power #insightwithpablocosta #XoM #Chevron #hess Source: https://lnkd.in/dwZawZWy