Pemex in talks with major players for drilling prospects in Gulf of Mexico

Mexico’s PEMEX wants to develop its offshore deep water capabilities in the Gulf of Mexico and was in discussions with Chevron, Total and ExxonMobil. The company also plans to engage with Statoil ASA to look at mutual areas of interest for jointly developing offshore capabilities.

Mexico is scheduled to auction offshore assets in the Gulf of Mexico on 5 December 2016, hoping to raise $44bn to support its economy.

Source: Rigzone



ExxonMobil increases its dividend slightly

Exxon Mobil declared a quarterly dividend of 75 cents a share on Wednesday, an increase of 2 cents a share, to yield 3.4%. The dividend is payable to shareholders of record as of 13 May 2016.

The dividend increase is the company’s smallest in the last 34 years, as other energy firms have been reducing expenditure to conserve cash for operations.

Separately, S&P downgraded ExxonMobil to AA+ from its earlier rating of AAA.

Source: WSJ


ExxonMobil commences production at Point Thomson in Alaska

U.S-based oil E&P firm Exxon Mobil has started production at its Point Thomson field, its first self-operated project on Alaska’s North Slope. Point Thomson, located on state acreage along the Beaufort Sea, is estimated to hold about 8 Tcf of natural gas and associated condensate, representing about 25% of the known gas on the North Slope.

Initially, the production at its central pad facilities would produce about 5,000 bcpd and 100 MMscfd of recycled gas. At full rate production, the facility is designed to produce up to 10,000 bpd of natural gas condensate and 200 MMscfd of recycled gas. It is anticipated to reach that level when the west pad well would commence operations in a few months.

Exxon Mobil, along with other stakeholders, have invested approximately $4bn in the development of Point Thomson facilities through 2015.

Source: WorldOil