Exxon, CNOOC, Hess Partner On $4.4 Billion Mega Oil Project In Guyana

By Ernest Scheyder (Reuters) Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale. Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era … [Read more...]

Sales Drop for China Offshore Producer Cnooc

By Aibing Guo (Bloomberg) -- Cnooc Ltd., China’s biggest offshore oil and gas producer, posted a 15 percent fall in third-quarter sales as output declined with capital spending. Revenue from oil and natural gas was 30.75 billion yuan ($4.5 billion) in the three months ended Sept. 30, the Beijing-based company said in a statement to the Hong Kong stock exchange … [Read more...]

CNOOC Beats Estimates as Spending Cuts Cushion Oil Crash

By Aibing Guo (Bloomberg) -- Cnooc Ltd., China’s biggest offshore oil and gas explorer, posted annual profit that exceeded analyst estimates as cost cuts countered a decline in energy prices. Net income dropped 66 percent to 20.2 billion yuan ($3.1 billion) from 60.2 billion yuan a year earlier, the Beijing-based explorer said in a statement to the Hong Kong stock … [Read more...]

China Offshore Driller CNOOC to Cut Output for First Time Since 1999

Aibing Guo and Rakteem Katakey (Bloomberg) -- China’s largest offshore oil company will cut output for the first time in more than a decade, prompting speculation the nation’s producers are succumbing to the global price war. Cnooc Ltd. will produce 470 million to 485 million barrels of oil equivalent this year, slipping from 495 million in 2015, it said in a statement to … [Read more...]

China Offshore Producer Cnooc’s Revenue Dips 32% on Lower Oil Prices

By Aibing Guo (Bloomberg) -- Cnooc Ltd., China’s biggest offshore oil and gas producer, posted a 32 percent decline in third-quarter sales as a slump in energy prices outpaced a boost in production and a cut in spending. Revenue from oil and natural gas output was 36.3 billion yuan ($5.7 billion) in the three months ended Sept. 30, the Beijing-based explorer said in a … [Read more...]