China’s National Offshore Oil Corporation (CNOOC) has announced that its Bozhong 26-6 oilfield has proven reserves of over 200 million cubic meters. Located in the southern waters of the Bohai Sea, if this figure is correct, it could make the oilfield the biggest metamorphic rock oilfield worldwide.
China’s recently discovered Bozhong 26-6 200 million cubic meters of reserves
Tag: crude oil
Guyana to Receive Pyrrhic Profits From ExxonMobil Oil Production
The profits received by the Guyanese national treasury are minuscule compared to the enormous profits to be reaped by the US oil company ExxonMobil from the exploitation of crude oil in the Stabroek block, located in waters that have not yet been delimited with Venezuela. Although this fact has caused the historical dispute between both nations to heat up, it is paradoxical that Guyana is the least favored in this equation.
Guyana to Receive Pyrrhic Profits From ExxonMobil Oil Production
ExxonMobil foresees profit and expansion surge fueled by Guyana, Permian advancements
ExxonMobil foresees profit and expansion surge fueled by Guyana, Permian advancements
With an annual total capital expenditure and exploration expense projection ranging between US$23 billion to US$25 billion, ExxonMobil is set to allocate US$22-$27 billion annually toward project spending until 2027. This includes a commitment to emerging ventures in lithium and low-carbon initiatives, with an 18% increase in spending in these areas.
Emphasizing its dedication to the energy transition, ExxonMobil’s Low Carbon Solutions division is expected to witness an increase in budget from US$17 billion to US$20 billion between 2022 and 2027, contingent upon government support.
The company plans to ramp up annual share buybacks to $20 billion by 2025, an increase from the current US$17.5 billion, following the completion of the Pioneer merger. Additionally, ExxonMobil continues its divestment strategy for refining operations.
Related:
US Strategic Oil Reserve Refill Is Limited Despite Low Prices
The Biden administration may not be able to take full advantage of the recent drop in oil prices as it seeks to refill its depleted crude oil reserve, the Energy Department’s No. 2 official said Monday.
US Strategic Oil Reserve Refill Is Limited Despite Low Prices
Venezuela: Referendum Delivers Overwhelming Backing for Essequibo Claim
Caracas, December 4, 2023 (venezuelanalysis.com) – Venezuelans voted to support the country’s sovereignty claim over the Essequibo Strip in a non-binding referendum on Sunday.
Venezuela: Referendum Delivers Overwhelming Backing for Essequibo Claim
Guayana Esequiba: Geo-economics of an Occupation
An air of bonanza has raised the projections of the Exxon Mobil corporation, which accumulated around 414 billion dollars in 2022, an unprecedented income in its history, which represents 44.8% more than the previous year. It is a gigantic increase if compared to its crisis in 2020, when its losses put its place in the stock market in jeopardy. Also from the research of that American corporation, it is said that Guyana could become “the country that produces the most barrels of oil per inhabitant in the world, surpassing Kuwait, in that case, when measuring the wealth per capita of its 800 thousand inhabitants, it would become a rich country, since in 2021 its GDP increased by 57.8% and in 2022 by 37.2%”.
Guayana Esequiba: Geo-economics of an Occupation
Crude oil up as US plans to replenish strategic reserves
Crude oil up as US plans to replenish strategic reserves
The US Department of Energy has indicated that it will buy 6 million barrels of crude oil that should be delivered between December and January. Market reports said the US Department of Energy will sign purchase contracts for the refill at $79 a barrel or less.
How long have they been saying this?! I’ve forgotten! 🙄
WARNING: U.S. Oil Reserves Are Empty With Fewer Than 17 Days Left Of Crude Oil Inventory
“Get OUT now!” Syria tells U.S. to leave now and stop stealing its oil
Crude Inventories Decreased By 6.3 Million Barrels
The EIA report showed that U.S. was buying oil for the Strategic Petroleum Reserve despite rising oil prices.
Crude Inventories Decreased By 6.3 Million Barrels
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