Exxon is not trying to acquire Hess in dispute with Chevron over Guyana oil assets, CEO says
HOUSTON — Exxon is not trying to acquire Hess as the oil major battles with Chevron over lucrative oil assets in the Guyana, CEO Darren Woods said Monday.
When asked directly, Woods told the CERAWeek by S&P Global energy conference that acquiring Hess is not one of Exxon’s objectives in the dispute with Chevron. Exxon would not have waited for Chevron to announce its deal if the company were interested in purchasing Hess, the CEO said during the interview.
Chevron’s pending $53 billion acquisition of Hess is largely a play to gain a foothold in Guyana’s massive oil assets. Exxon is claiming a right of first refusal over Hess’ Guyana assets under a joint operating agreement that governs the Stabroek oil block — which is estimated to have 11 billion barrels of oil and gas.
Exxon controls 45% the Stabroek block while Hess has a 30% stake. The China National Offshore Oil Corporation, or CNOOC, controls the remaining 25%.
Exxon escalated the dispute with Chevron by seeking arbitration at the International Chamber of Commerce in Paris earlier this month. Chevron rejects Exxon’s claim to a right of first refusal, but has told investors in financial filings that its deal with Hess would not close if an arbitration court rules in its competitors’ favor.
“We want to make sure the rights afford to us under the JOA are recognized conformed with,” Woods told CNBC’s “Squawk on the Street” in a separate interview at CERAWeek. Woods said Exxon is also trying to find out how much value Chevron’s deal is placing on Hess’ Guyana assets.
“It gives us the opportunity to … make sure that we’re making a decision that’s in the best interest of the company and the shareholders,” Woods said.
Exxon wrote the joint operating agreement that governs the Stabroek block, Woods said. “We’re pretty familiar with the intent and objectives and language of that document.”
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A fully-electric 10,000 ton container ship has begun service equipped with over 50,000 kWh in batteries
Chinese state-owned company COSCO Shipping has launched what it calls the “world’s largest” river-to-sea electric container ship. The Green Water 01 is a 10,000-ton+ fully electric vessel that sets a new benchmark in sustainability in the marine logistics industry.
China Ocean Shipping (Group) Company, or COSCO for short, is a state-owned multinational conglomerate headquartered in Shanghai specializing in marine transport. Not to be confused with Costco, COSCO Shipping was founded as a subsidiary in 2016 following an approved merger between COSCO and China Shipping.
The COSCO Group is the largest liner carrier in China, transporting hundreds of container vessels daily while also providing ships to Chinese automakers to help them export their electric vehicles to new markets overseas, including Europe.
To adapt to the times, COSCO has developed a massive, fully electric container ship, which has now officially begun service in China.
COSCO’s electric container ship begins service in China
According to a WeChat post from COSCO Shipping, which features reports from China’s CCTV, the company’s Green Water 01 electric container ship arrived safely and was berthed in the Port of Yangshan by the local maritime safety administration.
The Green Water 01 sails at a total length of 119.8 meters, a molded width of 23.6 meters, a molded depth of 9 meters, a design draft of 5.5 meters, and a maximum speed of 19.4 km/h (12 mph). COSCO Shipping says the Green Water 01 electric container ship presents multiple firsts for the marine industry, including total length, width, container capacity, deadweight tonnage (10,0000 tons), and battery capacity (50,000+ kWh).
Speaking of batteries, the electric container ship is powered by a large-capacity battery combining for over 50,000 kWh. However, COSCO says the number of battery modules can be configured depending on the length of the voyage at sea. For example, additional 20-foot battery boxes offering 1,600 kWh of electricity can be loaded onto the container for extra range.
This ship’s captain, Wang Jun, told CCTV that when the Green Water 01 is equipped with 24 battery boxes, the electric container ship can complete trips that consume 80,000 kWh of energy, equivalent to approximately 15 tons of fuel for a similar journey in a traditional container ship.
COSCO Shipping also shared that the new Green Water 01 can save 3,900 kg (8,600 pounds) of fuel for every 100 nautical miles traveled, cutting carbon dioxide emissions by 12.4 tons. Following the successful launch, the Green Water 01 has commenced weekly service between Shanghai and Nanjing.
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