Venezuela ordered to pay Exxon Mobil $1.6bn

Venezuela was yesterday ordered to pay US oil company Exxon Mobil around $1.6 billion (£1bn) after taking over its oil sites in 1997. The South American country renationalised the Cerro Negro and La Ceiba projects which Exxon owned. The oil projects were in the Orinoco river basin. Judges on a tribunal of the World Bank’s […]

Arctic oil discovery for Rosneft and Exxon

Russian energy giant Rosneft has discovered oil with its US project partner Exxon Mobil in the Arctic. It said drilling at the Universitetskaya-1 well in the Kara Sea region of the Arctic Ocean was completed in a “record-breaking” one and a half months. Igor Sechin, Head of Rosneft said: “I can inform you about the […]

Eleven companies register for Brazil’s oil auction

Brazil’s National Petroleum Agency (ANP) has announced that 11 oil companies have registered for the auction of the Libra oil field – one of the world’s largest offshore oil discoveries – although some of the world’s biggest firms have backed out according to reports. The list of companies which stumped up the 2 million Brazilian […]

13% increase in oil and gas spending

Spending in oil and natural gas is expected to increase by more than 13% worldwide this year. That’s according to GlobalData’s new report, which predicts a 13.4% increase, with North America attracting the largest investment of around $254billion (£160.3billion). It claims the increase of unconventional oil and gas activities, particularly shale gas and the development […]

Exxon sells Japanese arm for $3.9bn

Exxon Mobil Corporation will sell its Japanese refining business to partner TonenGeneral Sekiyu K.K. in a deal worth $3.9 billion (£2.48bn). The company said the deal, announced over the weekend, would result in a business “better positioned to meet Japan’s energy needs.” Under the terms of the agreement, TonenGeneral Sekiyu will purchase ExxonMobil’s shares in […]

EDF is second biggest infrastructure owner in the world

EDF has been named as the second biggest infrastructure owner in the world, beaten only by the US government. And of the other organisations in the top 10 owners’ ranking, seven are energy companies. The Bentley Infrastructure 500 lists both public and private sector owners of infrastructure and is based on the value of their […]

Exxon Mobil ready to spend over $600m on algae biofuels

Exxon Mobil is poised to spend more than $600m (£375m) on an alogae biofuls programme. The company’s senior vice president Andy Swiger said today that ExxonMobil believes threre are three areas in which innovation has the potential to turn energy challenges into energy solutions: the development of algae biofuels, carbon capture and storage, and energy […]