1. ExxonMobil has discovered two new oil fields in Guyana
ExxonMobil, a US oil giant, said last Wednesday that it had discovered two new oil fields in Stabroek block offshore Guyana – high-quality oil-bearing and hydrocarbon bearing sandstone reservoirs in fangtooth-1 well and Lau lau1 well, which is another discovery based on the previously announced 10 billion barrels of oil equivalent recoverable resources.
Since the first discovery of oil in Guyana in 2015, ExxonMobil has found more than 20 oil in the waters of this South American country, making Guyana one of the oil producing countries in early 2020.
2. ADNOC has invested nearly US $1 billion in the long-term development of umm shaif oilfield in the United Arab Emirates
Last week, ADNOC, the national oil company of the United Arab Emirates, awarded an engineering, procurement and construction (EPC) contract worth US $946 million for the long-term strategic development of umm shaif oilfield in the United Arab Emirates.
The “long term development plan – phase I” (ltdp-1) EPC contract was awarded to the UAE National Petroleum Construction Company (NPCC). The scope of the contract includes engineering, procurement, manufacturing, installation and commissioning activities to maintain the crude oil production capacity of 275000 barrels / day in umshaif, improve efficiency and enhance the long-term potential of the field.
3. Equinor found oil near existing infrastructure in the North Sea
Equinor, a Norwegian oil and gas company, has discovered a new oil near fram oilfield in the North Sea of Norway and will consider connecting it to the platform of troll oilfield.
Equinor revealed on Friday that the expected scale of preliminary calculation shows that the recoverable oil equivalent is between 3.3 million and 5.2 million standard cubic meters, equivalent to about 21 million to 33 million barrels.
4. Pioneer natural resources cancels hedging transactions in 2022
Pioneer natural resources, the largest oil producer in the Permian Basin, closed almost all hedging transactions in 2022, indicating that the company is optimistic that crude oil prices will continue to rise in 2022. The company said in a document submitted last Wednesday that hedging transactions will cost US $328 million during 2022, but the company will well cope with any rise in oil prices.
American shale oil companies use financial instruments such as swaps and options to hedge oil and gas production and ensure that they have enough cash to pay drilling costs and debts. This strategy achieved huge returns during the sharp decline in crude oil prices in 2020, but suffered heavy losses when the market soared in 2021.
Pioneer natural resources suffered losses of more than $2 billion last year due to rising crude oil prices and shrinking hedge funds purchased at the beginning of the epidemic.
Post time: Jan-14-2022