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New South American oil star arrived in the year prices collapsed

OilNOW -
The price of oil fell to its lowest level in 11 years in 2015 as commodity markets responded to signs that the global glut of oil would have deepen the following year. While oil ministers from Qatar and Iraq...
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Barreleye unearths new oil column

OilNOW -
The new Barreleye-1 well, drilled in 3,840 feet of water, found roughly 230 feet of hydrocarbon-bearing sandstone reservoirs, 52 feet of which is high quality oil bearing. The well is located about 20 miles southeast of the original Liza...
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US strategic petroleum reserves sink to 35-year-low

OilNOW -
(Reuters) - The amount of crude oil in the U.S. Strategic Petroleum Reserve (SPR) dropped by 5 million barrels in the week to May 13, data from the U.S. Department of Energy showed. Stockpiles in the Strategic Petroleum Reserve (SPR) fell...
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TechnipFMC developing pool of local companies to work by its side in Guyana

OilNOW -
A major ExxonMobil contractor, TechnipFMC, is gradually building a pool of local companies that can support its work in Guyana, said Area Director for Guyana, Suriname and Trinidad, Nicolas Sicard. “Nowadays, we have a pool of nearly 70 Guyanese-owned companies...
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Houston, wider East Bank morphing into major corridor of oil and gas development in Guyana – Bharrat

OilNOW -
A new oil and gas corridor is quickly emerging in Guyana on the East Bank of Demerara where several oil field services companies have been setting up operations in recent years. “It seems as though Houston in Guyana is becoming like Houston in Texas;...
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T&T eyes preferred bidder for Point-a-Pierre refinery

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Trinidad and Tobago has identified another suitable bidder for the sale or lease of the state-owned Point-a-Pierre oil refinery, Prime Minister Dr. Keith Rowley announced on Friday. The refinery was moth-balled back in 2018 following the restricting of Petrotrin, the...
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Budding oil powerhouse bent on boosting food security, slashing import bill for 15 countries

OilNOW -
New oil producer, Guyana, is placing much emphasis on having a diversified economy and has put agriculture on the front burner as it seeks to boost food security for the Caribbean region. The Caribbean Community (CARICOM) has set out an ambitious target of slashing its food import...
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US$60 billion to be invested in Guyana oil and gas sector this decade – Rystad analyst

OilNOW -
Rystad Energy’s Latin America analyst, Sofia Forestieri, said the energy research firm expects international oil companies to invest approximately US$60 billion into exploration and production activities, mainly in the Stabroek Block, in the decade 2021-2030. Rystad projected that, of investments...
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Better to use gas for Guyana’s benefit than to flare, reinject it – GCCI President

OilNOW -
Guyana’s current natural gas reserves total some 16 trillion cubic feet, according to the Vice President, Dr. Bharrat Jagdeo. And that gas can either be used for energy generation or reinjected into Guyana’s offshore wells. The government has a ‘no...
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Guyana received over GY$16 billion in royalty payments since 2020

OilNOW -
Since becoming an oil producer, Guyana has received GY$16,889,629,390.29 (US$81,005,416.74) in royalty payments. In keeping with the stipulations of the Natural Resource Fund Act 2021, the information was recently presented to the National Assembly after being published in the Official...
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ExplorationShikema Dey -

Suriname puts 60% of offshore basin on offer in new Staatsolie open-door programme

Staatsolie launched its new Open-Door Offering this morning, creating new opportunities for exploration and production companies to enter the...

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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