Caracas has for more than 200 years claimed rights over Essequibo, a vast swath of the territory of neighbouring Guyana. The heightened interest in the expanse of Amazon jungle springs in part from its resource riches, including offshore oil deposits that have since 2019 made Guyana the world’s fastest-growing economy. Another reason lies closer to home for Venezuela’s strongman leader Nicolás Maduro: elections next year.
ExxonMobil (XOM) plans to incorporate a new hydrogen plant into Britain's largest oil-processing complex, a move that could open avenues for the development of sustainable aviation fuel.
Occidental Petroleum (NYSE: OXY) could be nearing a deal to buy privately held oil producer CrownRock. The Wall Street Journal reported that the oil giant was in the lead to buy the Permian Basin producer. The potential deal would be the latest in a wave of merger activity in the oil patch.