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Venture Global Doesn't Want to Deliver LNG to EU in 2025 American Venture Global wants to extend force majeure deals at its SPG Calcasieu Pass plant in Louisiana until 2025, delaying first deliveries under long-term contracts by three years after production starts.  https://lnkd.in/dyNjVJsZ The extension of the plant's commissioning deadline due to power problems has led to arbitration claims over AC contracts by BP, Shell, Edison, Repsol and Orlen, which have led to Venture's long-term LNG supply contracts. The cases could cost Venture Global billions of dollars if it loses, Reuters notes. Under the extended force majeure events, customers will not be able to terminate their purchase and sale agreements after June 2025, Venture Global said.

ExxonMobil has completed the sale of its Fos-sur-Mer refinery and two oil terminals in Toulouse and Villette-de-Vienne to Rhone Energies, a consortium formed by Trafigura and Entara LLC. The sale, announced today, marks a pivotal shift as ExxonMobil refines its asset portfolio and Trafigura strengthens its European energy foothold. Key Transaction Details: The Fos-sur-Mer refinery, with a 0.14 million barrels-per-day processing capacity, is one of France’s major refining assets. This acquisition further complements Trafigura’s portfolio after its recent acquisition of UK-based fuels and biofuel supplier Greenergy. This deal highlights Trafigura’s continued investment in energy infrastructure across Europe, capitalizing on market opportunities shaped by recent energy price spikes and supply chain shifts following the Russia-Ukraine conflict. Trading houses, including Trafigura and rivals like Vitol, are leveraging elevated energy prices and market volatility to build diversified energy portfolios in Europe and beyond. By adding significant refining capacity, Trafigura and Rhone Energies reinforce their competitive positioning in the oil and fuels market at a time when refining margins are in focus. Major players in oil and energy are rebalancing portfolios to navigate evolving market dynamics, optimizing asset allocations, and strengthening resilience in the face of geopolitical shifts.

Insights into Exxon Delaying Startup of $10-Billion Golden Pass LNG Export Project Project Background and Financial Impact 1. Major Financial Implications: • The Golden Pass LNG export project is a significant investment, valued at around $10 billion. Delays in such a large-scale project can have substantial financial ramifications for both ExxonMobil and its partner, QatarEnergy. 2. Strategic Importance: • The project’s location near Port Arthur in Jefferson County, Texas, is strategically chosen for its deepwater port suitable for LNG carriers. This positioning underscores the importance of the project in enhancing LNG export capabilities. Causes and Challenges 1. Bankruptcy of Lead Contractor: • The bankruptcy of Zachry Holdings, the lead contractor, is the primary reason for the delay. The Chapter 11 process initiated by Zachry has caused significant disruptions, including the firing of thousands of workers. 2. Compounding Issues: • The project has faced multiple challenges, starting with disruptions from the COVID-19 pandemic and more recent international geopolitical issues. These factors have compounded the difficulties in maintaining the project timeline. 3. Legal and Procedural Hurdles: • The U.S. Bankruptcy Court’s involvement and the subsequent settlement agreement were necessary steps to resolve the impasse. The legal processes have added layers of complexity and delay to the project. Organizational and Management Insights 1. Leadership and Decision-Making: • ExxonMobil’s CFO Kathy Mikells announced the delay, highlighting the importance of transparent communication from leadership during crises. The decision to delay was likely based on a thorough assessment of project viability and risk management. 2. Contractor Transition: • With Zachry exiting the project, Chiyoda has taken over as the lead contractor. This transition is crucial for resuming work and requires effective coordination and management to ensure continuity and mitigate further delays. Market and Industry Implications 1. LNG Market Dynamics: • The delay in the startup of the Golden Pass LNG export project could impact the LNG market, particularly in terms of supply dynamics. Any delay in bringing new capacity online can influence global LNG prices and trade flows. 2. Competitive Landscape: • The delay may affect Exxon’s competitive position in the LNG market. Timely project completion is critical for maintaining market share and capitalizing on demand growth in the LNG sector. Risk Management and Future Considerations 1. Risk Mitigation: • The situation underscores the importance of robust risk management practices, including contingency planning for contractor-related issues and other external disruptions. 2. Long-Term Outlook: • Despite the delay, the project’s long-term outlook remains positive, given its strategic location and significant capacity.

ExxonMobil's French affiliate, Esso SAF, intends to sell its Fos-Sur-Mer refinery near Marseille, France, along with fuel terminals in Toulouse and Villette by year-end. The buyer, Rhone Energies, a consortium between Trafigura and Entara, will take over, with about 310 Esso employees expected to transfer. This move aligns with Esso's strategy to ensure competitiveness while maintaining supply continuity in southern France. The refinery's new operator, Entara, plans to focus on sustainability, while Trafigura secures a 10-year crude oil supply agreement, ensuring competitive costs and reliable product off-take. Meanwhile, Rhone Energies plans to invest in reducing the site's carbon footprint and expanding renewable fuel production. Additionally, ExxonMobil Chemical France separately announced the planned closure of its chemical production at Gravenchon in Normandy in 2024, pending government approvals.

"ExxonMobil sells French Fos-sur-Mer refinery to Trafigura consortium" PARIS, Nov 1 (Reuters) - ExxonMobil's (XOM.N), opens new tab Esso division has completed the sale of the Fos-sur-Mer refinery - one of France's major refineries - and two other oil terminals to Trafigura consortium firm Rhone Energies, the companies said on Friday. Trading houses, including Trafigura and rival Vitol, have sought acquisitions as they spend the proceeds of energy price spikes and market volatility caused by the disruption following Russia's invasion of Ukraine. The Fos-sur-Mer deal is Trafigura's second major acquisition this year, after it bought UK road fuels and biofuel supplier Greenergy. Rhone Energies, a consortium formed by Trafigura with Entara LLC, is also buying the Toulouse and Villette-de-Vienne terminals from Esso. The Fos-sur-Mer refinery has a crude oil processing capacity of 140,000 barrels per day. https://lnkd.in/gfNFWTDj

🌊 WoodsideEnergy has commenced its US$7.2 billion Trion oil and gas project in the #GulfofMexico, celebrating the start of steel fabrication for the floating production unit (FPU). 👉 https://lnkd.in/dBG6pdty Woodside CEO Meg O'Neil described the steel-cutting ceremony as “an exciting moment” for the project team. It marks the beginning of a multi-year construction effort, with the first oil targeted for 2028. The Trion field, discovered in 2012 at a water depth of 2,500 metres, is jointly owned by Woodside (60% operator) and PEMEX Exploration & Production Mexico (40%). Originally advanced through a 2017 agreement between PEMEX and BHP Petroleum, the project transitioned to Woodside following its merger with BHP Petroleum. #EnergyDevelopment #TrionProject #GulfOfMexico #WoodsideEnergy #PEMEX #InnovationInEnergy

Industry Update: Afentra Completes Acquisition in Angola 🌟 Afentra has successfully completed its acquisition from Azule Energy Angola Production, securing a material equity position in offshore Angola's Blocks 3/05 and 3/05A. This acquisition boosts Afentra’s interest to 30% in Block 3/05 and 21.33% in Block 3/05A, marking a crucial step in their strategic expansion. Afentra's CEO, Paul McDade, highlighted the importance of this acquisition, noting it as a pivotal milestone in maximizing the potential of these assets while focusing on reducing their carbon footprint. With an average gross production of approximately 23,000 bopd for the first four months of 2024, the Blocks 3/05 and 3/05A are set to significantly contribute to Afentra's growth and success. At Blue Sky, we are proud to support such dynamic advancements in the industry. Our commitment to providing top-tier oilfield exploration, production, and drilling & workover equipment, along with manpower services, remains steadfast as we continue to back our partners' growth and operational excellence. Congratulations to Afentra on this landmark achievement! For more information, visit: https://lnkd.in/dMB6MXyB #OilfieldSupply #OilfieldServices #InnovationInOil #ElevateYourBusiness #OilandGas #EnergyIndustry #OilfieldSolutions #SmartTechnology #DigitalTransformation #SupplyChain #OilfieldInnovations #EfficiencySolutions

ExxonMobil, Hess and CNOOC consortium recorded a combined $6.33 billion in net profit for their joint operations at Stabroek block in 2023 🛢 🇬🇾 Stabroek is a key energy asset offshore Guyana, containing more than 11 billion barrels of oil equivalent discovered. Exxon has 45% stake alongside Hess (30%) and CNOOC (25%). The consortium has committed more than $50 billion to develop six approved oil developments. The production capacity is planned to reach 1.3 million barrels per day in 2027 Exxon received $2.9 billion in net profit from Stabroek operations last years, Total revenue for the joint venture jumped by 23% annually to $11.25 billion in 2023. The Stabroek block JV’s combined net margin was 56%, even higher than Nvidia’s 49%. According to the provisions of 2016 PSA, the government of Guyana is entitled to take 50% of profits generated from Stabroek operations and 2% royalty on all petroleum produced and sold.

Royal Dutch Shell and Equinor ASA are set to merge their UK upstream operations, forming a joint venture that will become the largest oil and gas producer in the UK North Sea... . . . #shell #Equinor #Oilindustry #GasIndustry #oilandgasindustry #frackingindustry #Hydraulicfracking #fracking #fracplugs #plugs #wellcompletiontools #wellcompletion #frackingproducts #oilexploration #oilproduction #gasexploration #gasproduction #oilwells #gaswells #oilandgaswells #Solublefracballs #fracball #solubleball #oilfield #oilfieldtoolaccessories #accessories #tools #oilfieldtools #Oilindustry #GasIndustry #oilandgasindustry #frackingindustry #Hydraulicfracking #fracking #wellcompletiontools #wellcompletion #frackingproducts #oilexploration #oilproduction #gasexploration #gasproduction #oilwells #gaswells #oilandgaswells #trending #topcompany #supplier #supplierfromchina #importexport #latestnews #breakingnews #oilindustry #oilnews #gasnews #oilandgasindustry #thankfulmaterial #offshore #inshore #oilproduction #supplier #oilproducer #oilandgasfacts #oilproducts #gasproducts #oilandgasproducts #ai #trending #wellcompletion #wellproducts #titanium #magnesium #metals #products #exportimport #oilexploration #fracplugs #oiltools #crudeoil #crudeoilexploration #crudeoilindustry #us #downholetools #tools #supplier #supplierfromchina #topcompany #trending #china #importexport

📢Houston-based Westlawn Americas Offshore (WAO), part of Westlawn Group, has wrapped up the #acquisition of a partial stake in a concession, covering two #oil fields #offshore #Brazil. The firm’s new partner, BRAVA Energia, former 3R Petroleum before the merger with Enauta, has welcomed the company to Brazil and revealed a timeline for the resumption of production at another #oilfield in Brazil’s Campos basin. 𝐑𝐞𝐚𝐝 𝐦𝐨𝐫𝐞: https://buff.ly/4eGnwM6 #oilgas #energy #oilandgasnews #offshoreenergy #oilandgas #LatinAmerica 📸 Background image: FPSO Atlanta; Source: Yinson Production