ExxonMobil Discovered Oil on Offshore Guyana at Tripletail

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ExxonMobil
ExxonMobil

ExxonMobil released press notice stated that it discovered oil on the Stabroek Block offshore Guyana at the Tripletail. It’s located in the Turbot area. The discovery includes the previous press release estimated recoverable resource of more than six billion barrels of oil on the Stabroek.

Tripletail-1 came into contact with approximately 108 feet (33 meters) of a high-quality oil-bearing mechanical sedimentary rock reservoir.

“This discovery helps to further inform the enlargement of the Turbot area,”

“Together with our partners, ExxonMobil is deploying industry-leading powers to identify projects that can be enlarged efficiently and in a cost-efficient way.”

Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil said that in a press briefing. Exploration and enlargement activities are climbing forward somewhere else on the Stabroek Block offshore Guyana.

ExxonMobil

ExxonMobil is an American multinational oil and gas corporation also one of the world’s largest companies. The headquarter of ExxonMobil is in Irving, Texas. It was formed by the merge of two different companies Exxon and Mobil; on November 30, 1999, it became ExxonMobil. The primary brands of ExxonMobil are Exxon, Mobil, Esso, and ExxonMobil Chemical.

By revenue ExxonMobil is one of the largest companies in this world; it varied from 1st to 6th largest publicly traded company by capitalization. ExxonMobil was ranked 9th globally in the Forbes Global 2000 list in 2016. It also thee 10th profitable company globally. In 2018 it was ranked 2nd in the Forbes 500 by revenue.

ExxonMobil Stock quote

The largest shareholders of ExxonMobil include The Vanguard Group (8.15%), BlackRock (6.61%), and State Street Corporation (4.83%). It is one of the world’s largest oil companies. according to 2007, ExxonMobil had a daily production of 3.921 million BOE (barrels of oil equivalent) but significantly smaller amounts than national companies.

As of 2008, this was approximately 3% of world production that is less than several of the largest state-owned petroleum companies. ExxonMobil also is the world’s biggest oil refiner.

ExxonMobil produces 2,325,000 BPD or $967,432,500 per year all by itself and to maintain gross revenue in Iraq at low prices. This term is considered to be beneficial to the big oil consumer countries and let Exxon produce higher profit crude oil products such as plastic, lubricant, fertilizer, medication, and clothing.

ExxonMobil bought XTO Energy which is the company focused on the development and production of unconventional resources in 2010.

ExxonMobil Discovered Oil

Then ExxonMobil started strategic cooperation with Russian oil company Rosneft to make the East-Prinovozemelsky field in the Kara Sea and the Tuapse field in the Black Sea in 2011. ExxonMobil signed an agreement with Rosneft to assess possibilities to produce tight oil from Bazhenov and Achimov formations in Western Siberia in 2012.

In 2018, because of international sanctions imposed against Russia and Rosneft after that ExxonMobil announces that it will end these joint ventures with Rosneft, but will continue the Sakhalin-I project. ExxonMobil estimates its cost would be about $200 million after-tax. In 2012, ExxonMobil began a coalbed methane development in Australia that they withdrew from the project in 2014.

In November 2013, ExxonMobil announced to sell its majority stakes in a Hong Kong-based utility and power storage firm the Castle Peak Co Ltd which was for a total of $3.4 billion, to CLP Holdings. In 2014, ExxonMobil had 2 “non-monetary” asset swap deals with LINN Energy LLC with these transactions that ExxonMobil gave to LINN part of interests in the South Belridge and Hugoton gas fields signed the deal in the exchange of assets in the Permian Basin in Texas and the Delaware Basin in New Mexico.

ceo ExxonMobil-Darren Woods
New CEO ExxonMobil-Darren Woods

On December 13, 2016, the CEO of ExxonMobil Rex Tillerson who was nominated as The Secretary of State by President-elect Donald Trump. Donald Trump’s administration disagreed the request from ExxonMobil to let it resume oil drilling in Russia which happened in April 2017.

The representative Adam Schiff added that the “Treasury Department should deny any waiver from sanctions, this would allow Exxon Mobile or any other company to resume business with prohibited Russian entities.

In July 2017, ExxonMobil filed a lawsuit against the Trump administration challenging the finding that the company infringed sanctions imposed on Russia. William Holbrook said that ExxonMobil had to follow “clear guidance from the White House and Treasury Department especially when its representatives signed documents which involve ongoing oil and gas activities in Russia with Rosneft”.

After that Washington D.C. increased sanctions on Iran which was a rocket landed near residential headquarters of ExxonMobil, Royal Dutch Shell, and Eni SpA in June 2019. This whole issue came after two separate attacks on the United States Military which were bases in Iraq. After that two oil tankers being hit by a ‘flying object’ in the Gulf of Oman.

ExxonMobil Reward Program

To provide values to the customers ExxonMobil launched a reward program. A person can earn points and can redeem the points to purchase fuel, convenience store items, and car washes.

ExxonMobil Rewards Plus
ExxonMobil Rewards Plus

According to February 6, 2019, the current members of the ExxonMobil management committee are

  • Darren W. Woods, CEO.
  • Neil A. Chapman, senior vice president.
  • Andrew P. Swiger, senior vice president and principal financial officer.
  • Jack P. Williams, senior vice president.

 

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