South Korean shipbuilder Hyunday Heavy Industries confirmed Wednesday that Chevron has cancelled a $1.8 billion (2.1 trillion won) order for a floating production storage offloading (FPSO) destined for Chevron's Rosebank project in the UK North Sea. "As the process to build the offshore plant has not begun due to delays in Chevron's final investment decisions, the company … [Read more...]
Deepwater Mexico: Exxon, Chevron & Hess Bid To Drill Oil
by Adam Williams (Bloomberg) Exxon Mobil Corp., Chevron Corp. and Hess Corp. have agreed to bid together for rights to drill for crude in Mexico’s deepwater oil areas, according to a person with direct knowledge of the plans. The three U.S.-based producers have reached a Joint Operating Agreement, which allows the consortium to bid to produce oil in the 10 … [Read more...]
LNG Prices To Rise Due To Global Outages
(Reuters) Asian prices for liquefied natural gas (LNG) were set to rise next week on strong prompt demand from Argentina and India as well as potentially lengthier supply disruptions in Australia and Angola. However, this week Asian spot LNG prices LNG-AS traded lower at $5.25 per million British thermal units (mmBtu), down 25 cents since last week. More supply in Asia … [Read more...]
Chevron Suspends LNG Production at Gorgon Mega-Project for Second Time
By James Paton and Dan Murtaugh (Bloomberg) -- Chevron Corp. halted output at its $54 billion Gorgon liquefied natural gas development for the second time this year after a gas leak at the site, the latest problem for the Australian mega-project. The plant, located on Barrow Island off Australia’s northwest coast, evacuated workers after a minor gas leak. Chevron will … [Read more...]
Mechanical Problems Halt LNG Exports from Gorgon Mega-Project
By Henning Gloystein SINGAPORE, April 4 (Reuters) - Chevron's massive Gorgon liquefied natural gas (LNG) facility in Australia has hit technical difficulties, a spokesman said on Monday, resulting in a temporary suspension of exports less than a month after it started first production. Chevron's $54-billion project began producing LNG for export on March 7, but has since … [Read more...]
Exxon, Chevron Brace for Tough Times Ahead
By Joe Carroll and Dan Murtaugh (Bloomberg) -- Exxon Mobil Corp. and Chevron Corp., the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009 as crude prices fell twice as fast as the world’s largest crude producer by … [Read more...]
Chevron Hunts for Answers on Billion Dollar Rig Fail
(Bloomberg) An equipment failure that’s delayed Chevron Corp.’s $5.1 billion Big Foot deepwater oil project will reduce the company’s production by less than 25,000 barrels a day in 2017, the company said. More than a week after some of the production platform’s mooring cables sank below the surface of the Gulf of Mexico, Chevron continues to assess the damage … [Read more...]