Oil Daily | ExxonMobil's $1.5 Billion Nigeria Investment Boosts Deepwater Oil Exploration Potential
Thursday, May 8, 2025 8:00 am ET
1min read 【Company News】
Tesla's China-made vehicle sales dropped sharply in April, showing a decline in momentum compared to local competitors like Nio, Xpeng, Li Auto, and Xiaomi EV. The company's sales downturn extends to Europe, with significant declines noted in major markets, attributed to competition and limited product lineup. Concerns are growing among investors and analysts regarding Tesla's ability to meet delivery targets, with stock valuation under threat due to falling car sales, its core business.
Energy Transfer is progressing towards a final investment decision for the Lake Charles LNG export project in Louisiana by the end of the year. They have made significant progress with contracting LNG offtake volumes, including agreements with MidOcean Energy and a Japanese utility company. Demand for U.S. LNG is high, although infrastructure costs and tariffs may pose challenges.
Freeport LNG in Texas is recovering from an outage caused by a power feed interruption. The facility, which uses electric motors for liquefaction compressors, is more susceptible to power outages and has experienced more interruptions compared to other U.S. export facilities. Its shutdowns impact U.S. LNG export capacity and influence domestic and European gas prices.
ExxonMobil plans to invest $1.5 billion in deepwater oil and gas exploration and development offshore Nigeria. The investment aims to revitalize production in the Usan oilfield and reflects ExxonMobil's confidence in Nigeria's upstream potential. This commitment aligns with Nigeria's goals to boost oil production and tackle issues such as oil theft.
【Latest Oil Policies】
The Rockefeller Foundation is launching a Coal to Clean Credit Initiative, aiming to support projects closing coal-fired power plants in developing countries, with the potential to unlock $110 billion in investment and generate significant environmental and economic benefits. However, coal use remains high in Asia, particularly in China and India, despite global efforts to reduce reliance on coal.
India's government is easing coal supply restrictions, allowing power producers to bid for supply at auctions for up to 25 years, incentivizing new coal capacity planning. Despite renewable energy growth, India continues to rely on coal to meet surging power demand and avoid blackouts, with plans to expand coal capacity significantly by 2032.
【Oil-Producing Countries Dynamics】
Norway aims to expand oil and gas production through a new licensing round in frontier areas, supported by parliament despite environmental opposition. As Europe's largest pipeline gas supplier, Norway acknowledges the need for continued exploration and investment to maintain stable production, amidst declining reserves and industry challenges.
Tesla's China-made vehicle sales dropped sharply in April, showing a decline in momentum compared to local competitors like Nio, Xpeng, Li Auto, and Xiaomi EV. The company's sales downturn extends to Europe, with significant declines noted in major markets, attributed to competition and limited product lineup. Concerns are growing among investors and analysts regarding Tesla's ability to meet delivery targets, with stock valuation under threat due to falling car sales, its core business.
Energy Transfer is progressing towards a final investment decision for the Lake Charles LNG export project in Louisiana by the end of the year. They have made significant progress with contracting LNG offtake volumes, including agreements with MidOcean Energy and a Japanese utility company. Demand for U.S. LNG is high, although infrastructure costs and tariffs may pose challenges.
Freeport LNG in Texas is recovering from an outage caused by a power feed interruption. The facility, which uses electric motors for liquefaction compressors, is more susceptible to power outages and has experienced more interruptions compared to other U.S. export facilities. Its shutdowns impact U.S. LNG export capacity and influence domestic and European gas prices.
ExxonMobil plans to invest $1.5 billion in deepwater oil and gas exploration and development offshore Nigeria. The investment aims to revitalize production in the Usan oilfield and reflects ExxonMobil's confidence in Nigeria's upstream potential. This commitment aligns with Nigeria's goals to boost oil production and tackle issues such as oil theft.
【Latest Oil Policies】
The Rockefeller Foundation is launching a Coal to Clean Credit Initiative, aiming to support projects closing coal-fired power plants in developing countries, with the potential to unlock $110 billion in investment and generate significant environmental and economic benefits. However, coal use remains high in Asia, particularly in China and India, despite global efforts to reduce reliance on coal.
India's government is easing coal supply restrictions, allowing power producers to bid for supply at auctions for up to 25 years, incentivizing new coal capacity planning. Despite renewable energy growth, India continues to rely on coal to meet surging power demand and avoid blackouts, with plans to expand coal capacity significantly by 2032.
【Oil-Producing Countries Dynamics】
Norway aims to expand oil and gas production through a new licensing round in frontier areas, supported by parliament despite environmental opposition. As Europe's largest pipeline gas supplier, Norway acknowledges the need for continued exploration and investment to maintain stable production, amidst declining reserves and industry challenges.
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