Tag: CNOOC Group

Offshore discoveries turn tiny Guyana into oil hotspot

Ms. Cat

Oct 23 (Reuters) – Chevron (CVX.N) has agreed to buy smaller rival Hess (HES.N) in a $53 billion all-stock deal that will help the oil major secure a foothold in oil-rich Guyana.

The deal makes Chevron a partner with Exxon (XOM.N) in Guyana’s booming oilfields, which are expected to generate 1.2 million barrels of oil per day by 2027.

Hess is part of a consortium, including Exxon Mobil Corp and CNOOC (0883.HK), that operates in Guyana and has made more than 30 discoveries in the country’s offshore waters since 2015. Exxon had a 45% stake in the consortium with Hess owning 30% and CNOOC having a 25% stake.

FACTBOX Offshore discoveries turn tiny Guyana into oil hotspot

Previously:

Venezuela v Guyana re: Essequibo w/Stephen Sefton & Camila Escalante

China Heralds Another Major Oil Discovery

Ms. Cat1 Comment

China’s state-run China Petrochemical Group, Sinopec, says it has discovered a massive oilfield in the Tarim Basin, containing 1.7 billion tons of oil reserves.

The discovery is the result of exploration in the Shunbei oil and gas field, said to be one of the deepest commercial fields in the world, in the country’s Xinjiang region.

China Heralds Another Major Oil Discovery

Related:

Chinese Oil Giants Sinopec And PetroChina To Delist From NYSE

The Energy Industry in Xinjiang, China: Potential, Problems, and Solutions

How oil has shaped Xinjiang

Vast oil deposits discovered in Xinjiang

I’m sure Halliburton would love to get their hands on that oil! Oh wait, that was Iraq!