The deal will see Chevron receive 30% ownership of more than 11 billion barrels worth of recoverable resources in Guyana. Following the surging growth of its oil sector, the South American country is expected to produce over one million barrels of oil per day by 2026.

Peter McNally, global sector lead for industrials, materials, and energy at Third Bridge, observed that Guyana is the main priority being targeted by Chevron’s takeover of Hess. “While Hess is based in the US, the real prize in the portfolio is Guyana where in less than a decade the country has vaulted into one of the most important growth areas for non-OPEC oil production,” McNally observed.

The post Chevron Secures Takeover of Hess Corp. appeared first on theprimarymarket.com.

“Chevron chartered a special flight this morning to Barrow Island to evacuate 50 blue and white collar contract crew off the Gorgon Project,” union coalition Offshore Alliance announced on social media on Saturday.

The strikes could have a major impact on the LNG market, with Chevron’s affected plants supplying approximately 5% of global LNG shipments. Currently, Australia is the world’s biggest LNG exporter, mostly serving the Asian market.

Although wage disputes at Chevron’s Gorgon and Wheatstone operations have driven British and European gas prices upwards, traders expect Australian supply halts to intensify competition from other sources.

The post Chevron Withdraws Contract Crew From LNG Plant Amid Strike appeared first on theprimarymarket.com.

Partial strikes began at the Gorgon and Wheatstone facilities, which accounted for 7% of the world’s LNG supply last year. Friday’s strike action appeared to be low-level actions aimed at creating inefficiencies in Chevron’s production chain, Saul Kavonic, an energy analyst at Credit Suisse Group AG observed.

Offshore Alliance took to Facebook to criticize Chevron, claiming that the company’s “bargaining performance has been the most inept effort of any employer the union has dealt with in the past five years and our members have had enough.”

The post Gas Prices Rise as Chevron Plant Strikes Get Underway appeared first on theprimarymarket.com.

NewMed added that the drilling is expected to last three months, during which time it is supposed to confirm estimates for the amount of natural gas being held by the field. It is then expected to be used as a production well once development is complete.

Global demand for natural gas is increasing and a large reservoir like Aphrodite can help meet the demand,” said NewMed’s chief executive Yossi Abu. It is currently estimated that the Aphrodite offshore field holds approximately 124 billion cubic meters of gas.

NewMed holds a 30% stake in the field, while Shell and Chevron each own a 35% stake. This cooperation marks the deal that Israel and Egypt signed with the European Union last year to boost natural gas imports to the European continent as a means of replacing Russian imports.

The post NewMed Energy, Chevron, And Shell Begin Drilling Offshore Cyprus appeared first on theprimarymarket.com.

Despite its surge in earnings, Chevron still missed profit estimates by a narrow 18 cents, with the company’s stock trading 1% lower on Friday morning. This comes after the company’s profit rose on Thursday by its most in almost four months. The rise came after the oil giant announced a $75 billion share-buyback program.

Although a decision celebrated by investors, the White House expressed concern over Chevron’s buyback program, releasing the following statement in response:

“For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it.”

Last year, Chevron returned $22 billion to investors in the form of buybacks and dividends. Chief Financial Officer Pierre Breber insists that the company is still on track to increase supply and reduce costs for consumers as the White House suggested.

The post Chevron Hits Record Profit Following Surging Oil Production appeared first on theprimarymarket.com.

According to Egyptian state-owned EGAS, the volume of reserves in the well is being evaluated, while Chevron and Eni have sounded their intentions to begin production in the Nargis-1 well as soon as possible.

The Nargis-1 is part of Egypt’s Nargis Offshore Area concession operated by Chevron. The U.S. energy giant holds a 45% stake in the area, while Eni holds another 45% and EGAS holds the remaining 10% stake.

Clay Neff, president of Chevron International Exploration and Production, announced that his company is “encouraged and excited by the success of this first exploration well which encountered high-quality reservoirs.”

In addition to boosting Chevron’s business, the discovery is expected to advance Eni’s agenda to completely replace gas imports from Russia by 2025, particularly after the implementation of sanctions resulting from the invasion of Ukraine.

Since Eni’s discovery of the Zohr field in the Eastern Mediterranean in 2015, Egypt’s profile as a gas producer has been heightened. Aside from Egypt, Eni has also relied on imports from Israel to meet rising domestic demand.

The post Eni and Chevron Announce New Gas Discovery in Egyptian Offshore Field appeared first on theprimarymarket.com.

The deal will see Chevron receive 30% ownership of more than 11 billion barrels worth of recoverable resources in Guyana. Following the surging growth of its oil sector, the South American country is expected to produce over one million barrels of oil per day by 2026.

Peter McNally, global sector lead for industrials, materials, and energy at Third Bridge, observed that Guyana is the main priority being targeted by Chevron’s takeover of Hess. “While Hess is based in the US, the real prize in the portfolio is Guyana where in less than a decade the country has vaulted into one of the most important growth areas for non-OPEC oil production,” McNally observed.

The post Chevron Secures Takeover of Hess Corp. appeared first on theprimarymarket.com.

“Chevron chartered a special flight this morning to Barrow Island to evacuate 50 blue and white collar contract crew off the Gorgon Project,” union coalition Offshore Alliance announced on social media on Saturday.

The strikes could have a major impact on the LNG market, with Chevron’s affected plants supplying approximately 5% of global LNG shipments. Currently, Australia is the world’s biggest LNG exporter, mostly serving the Asian market.

Although wage disputes at Chevron’s Gorgon and Wheatstone operations have driven British and European gas prices upwards, traders expect Australian supply halts to intensify competition from other sources.

The post Chevron Withdraws Contract Crew From LNG Plant Amid Strike appeared first on theprimarymarket.com.

Partial strikes began at the Gorgon and Wheatstone facilities, which accounted for 7% of the world’s LNG supply last year. Friday’s strike action appeared to be low-level actions aimed at creating inefficiencies in Chevron’s production chain, Saul Kavonic, an energy analyst at Credit Suisse Group AG observed.

Offshore Alliance took to Facebook to criticize Chevron, claiming that the company’s “bargaining performance has been the most inept effort of any employer the union has dealt with in the past five years and our members have had enough.”

The post Gas Prices Rise as Chevron Plant Strikes Get Underway appeared first on theprimarymarket.com.

NewMed added that the drilling is expected to last three months, during which time it is supposed to confirm estimates for the amount of natural gas being held by the field. It is then expected to be used as a production well once development is complete.

Global demand for natural gas is increasing and a large reservoir like Aphrodite can help meet the demand,” said NewMed’s chief executive Yossi Abu. It is currently estimated that the Aphrodite offshore field holds approximately 124 billion cubic meters of gas.

NewMed holds a 30% stake in the field, while Shell and Chevron each own a 35% stake. This cooperation marks the deal that Israel and Egypt signed with the European Union last year to boost natural gas imports to the European continent as a means of replacing Russian imports.

The post NewMed Energy, Chevron, And Shell Begin Drilling Offshore Cyprus appeared first on theprimarymarket.com.

Despite its surge in earnings, Chevron still missed profit estimates by a narrow 18 cents, with the company’s stock trading 1% lower on Friday morning. This comes after the company’s profit rose on Thursday by its most in almost four months. The rise came after the oil giant announced a $75 billion share-buyback program.

Although a decision celebrated by investors, the White House expressed concern over Chevron’s buyback program, releasing the following statement in response:

“For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it.”

Last year, Chevron returned $22 billion to investors in the form of buybacks and dividends. Chief Financial Officer Pierre Breber insists that the company is still on track to increase supply and reduce costs for consumers as the White House suggested.

The post Chevron Hits Record Profit Following Surging Oil Production appeared first on theprimarymarket.com.

According to Egyptian state-owned EGAS, the volume of reserves in the well is being evaluated, while Chevron and Eni have sounded their intentions to begin production in the Nargis-1 well as soon as possible.

The Nargis-1 is part of Egypt’s Nargis Offshore Area concession operated by Chevron. The U.S. energy giant holds a 45% stake in the area, while Eni holds another 45% and EGAS holds the remaining 10% stake.

Clay Neff, president of Chevron International Exploration and Production, announced that his company is “encouraged and excited by the success of this first exploration well which encountered high-quality reservoirs.”

In addition to boosting Chevron’s business, the discovery is expected to advance Eni’s agenda to completely replace gas imports from Russia by 2025, particularly after the implementation of sanctions resulting from the invasion of Ukraine.

Since Eni’s discovery of the Zohr field in the Eastern Mediterranean in 2015, Egypt’s profile as a gas producer has been heightened. Aside from Egypt, Eni has also relied on imports from Israel to meet rising domestic demand.

The post Eni and Chevron Announce New Gas Discovery in Egyptian Offshore Field appeared first on theprimarymarket.com.