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Petrobras ventures into carbon market, commits to net zero emissions by 2050

OilNOW -
Petrobras, Brazil's state-owned oil giant, has ventured into the voluntary carbon market, marking its first-ever purchase of carbon credits.   The acquired carbon offsets originate from the Envira Amazonia project, dedicated to the preservation of the Amazon rainforest in Acre's western...
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Guyana instrumental in Europe’s reduced dependency on Russian oil

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In recent times, Guyana's emergence as a deepwater oil producer is proving pivotal in helping reduce Europe's reliance on Russian oil. This surge in Guyana's production has been significantly influenced by the strategic investments of ExxonMobil in the country.  In...
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Guyana gets US$166 million from sale of two lifts of profit oil 

OilNOW -
Guyana received payments from the sale of two profit oil lifts in August 2023, amounting to GY$34.66 billion (approximately US$166 million).  A Bank of Guyana report for the financial position of the Fund on August 31, 2023 did not disaggregate...
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Guyana’s oil sector grew 98.4% in H1, 2023

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Guyana's oil and gas industry witnessed an explosive growth rate of 98.4% in the first half of 2023, President Dr. Mohamed Irfaan Ali announced on September 9. This boost in the energy sector became the main driver behind the...
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Exxon back as sponsor for Guyana Amazon Warriors in CPL 2023

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The Caribbean Premier League (CPL) season is back and ExxonMobil is once again throwing its full support behind the Guyana Amazon Warriors (GAW) in their bid for the coveted title and trophy.  Exxon is expected to launch its sponsorship on...
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Hess targetting almost US$8 billion in annual earnings powered by Guyana’s mega oil-projects

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With multiple phases of developments coming online in Guyana's Stabroek Block and a robust inventory of high-return drilling locations in the US Bakken, Hess Corporation says it is projected to rake in almost US$8 billion in annual earnings by...
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Guyana’s 2023 oil fund withdrawals now up to US$600 million

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Guyana’s Ministry of Finance has announced the third and fourth drawdowns from the Natural Resource Fund (NRF) for the year 2023. As per the official press release from the Ministry of Finance, a total of US$200 million has been...
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Saipem secures €850 million worth of offshore contracts in Côte d’Ivoire and Italy

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Italian oilfield services provider Saipem has announced the acquisition of two significant contracts valued at a combined total of €850 million for offshore operations in Côte d’Ivoire and Italy. In the first contract, Saipem will collaborate with Eni Côte d’Ivoire...
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Guyana gov’t would not allow Repsol to recover old license expenses if new license is granted

OilNOW -
In a recent clarification, Guyana Vice President Bharrat Jagdeo said no decision has yet been made regarding Repsol's request for a new license for the Kanuku Block. He said some media reports appear to have misinterpreted his previous comments...
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Preliminary front-end work for Guyana’s largest oil project already underway – EIA

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Hess Corporation, a 30% stakeholder in Guyana's Stabroek Block, anticipates regulatory approval for the Whiptail Project in early 2024. This was one of the key highlights in a slide show presented by the company on Thursday at the Barclays...
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Guyana government sets firm January 2026 deadlines for local content approvals

The Ministry of Natural Resources has announced a new fixed timeline for reviewing and approving local content certification applications....

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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