ExxonMobil saw its earnings fall in the second quarter to $1.7 billion, a nearly 60% drop from the same period in 2015
Plans also include extracting carbon dioxide from the fields and transporting it via pipeline to the Žutica and Ivanić oil basins for use in INA’s EOR project.
The company's results on July 26 missed expectations, with analysts surprised by higher corporate charges, including administrative costs relating to Gulf of Mexico oil spill liabilities, and a lower contribution from its stake in Rosneft.
Mozambique made one of the world's biggest gas finds in a decade in 2010 but negotiations with operators Eni and Anadarko Petroluem have dragged on for years due to disputes over terms and concerns about falling energy prices.
The subsalt Miocene project is another sign of how operators are relying on subsea tiebacks to reduce both costs and startup times.
The project is worth more than 50 billion riyals (US$13.3 billion) and, when completed in 2019, will be the first program in the kingdom to treat gas from both onshore and offshore fields.
The fire was under control and the company was working to restore the facility that carries natural gas from the southwestern province of Sichuan to eastern China, a spokesman for China Petroleum & Chemical Corp. (Sinopec) said.
The production enables Marathon Oil to convert about 130 million barrels of oil equivalent of proved undeveloped reserves, which more than doubles the company’s remaining proved developed reserve base in Equatorial Guinea, the company said in a news release.
FPSO Cidade de Saquarema is capable of processing 150,000 barrels of oil and compressing up to 6 million cubic meters of gas per day. The vessel is anchored at a water depth of 2,120 meters, the release said.
The final investment decision for the Tengiz expansion is the latest of several projects in recent weeks to receive financial commitments.
The start of the complex work, which has been planned for 10 years, has been delayed to next year after it took longer than expected to equip the specialist vessel which will transport the 25,000-tonne topside of the platform to Hartlepool harbor where it will be taken apart.
South Atlantic Holding, which is owned by Statoil and Sinochem, has selected Wood Group to provide detailed engineering and design, and procurement services for development of the Peregrino Field wellhead platform C offshore Brazil, a news release said.