Good morning, here's what the Oilman has for you today:

• Exxon Leaves Suriname, To Focus on Guyana

• G20 Slams Door on Oil, Gas Phaseout

• Tweet of the Day

Exxon Leaves Suriname, To Focus on Guyana

Exxon has quit a Suriname exploration project.

But it is very definitely staying in its neighbor Guyana.

It plans to give production there a substantial boost.

No luck left for Suriname

Exxon has struck billions of barrels of oil in Guyana in less than a decade.

Sooner or later, its luck was going to run out.

And this happened in Guyana’s neighbor.

Suriname has been hoping to repeat Guyana’s oil success.

And it just might—but Exxon won’t be taking part.

Not after a gas well came out disappointingly dry.

Its partner in the country, Malaysia’s Petronas, is staying on, though.

It will keep trying to make it work.

Exxon, meanwhile, will be commissioning a new FPSO in Guyana.

The vessels should arrive by March 2025 at the Yellowtail Discovery.

Production should begin later in the year.

At this rate, the next milestone of 1 million bpd will be reached soon.

It’s almost as if those people don’t care about climate change.

The new FPSO will add 250,000 bpd to the overall output.

This will push the total to over 900,000 bpd.

And Guyana will become the fourth-largest oil producer in Latin America.

The great oil reshuffle

Exxon may have failed in Suriname, but TotalEnergies struck big oil and gas.

Latin America is turning into a major new source of oil and gas supply.

Guyana and Suriname may spearhead this new era in global oil.

Brazil also has production boost plans.

Venezuela may live to see the end of U.S. sanctions; you never know.

More oil is coming, and it’s coming from Latin America.

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G20 Slams Door on Oil, Gas Phaseout

COP29 is over.

So are transition dreams.

They died after the G20 refused to embrace a call for the phaseout of oil and gas.

Welcome to the wall of reality

The G20 met for their annual summit, which was held in Brazil this year.

At that summit, the 20 largest economies were expected to embrace the phaseout.

But they didn’t.

They very explicitly didn’t.

Totally unexpected when half the members are huge oil and gas producers.

But those same members have made some brave net-zero pledges.

And now they pretended they’d never done that.

Sure, they’re still talking about net zero.

Brazil, the host, is even urging the rest to be serious about it.

But we all know that’s just for show.

It’s the politically correct thing to do.

Meanwhile, Petrobras plans to boost oil and gas production by over 1 million boed.

Nice, right? Talking the talk, walking a very different walk.

Return to business as usual pending

The 2024 COP received much less media attention than last year’s edition.

Part of the reason was Trump’s election victory.

Another part was the absence of some big world leaders.

That absence spoke volumes.

First, they had more urgent business to attend to in Europe.

Second, the evidence against a so-called energy transition is mounting.

It has become impossible to ignore.

The G20's refusal to declare support for a phaseout is just the latest evidence.

Tweet of the Day

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