Exploration

Exploration

ExxonMobil sees future demand for oil and gas increasing by 20% – Darren Woods

OilNOW -
As the global economy tightens under severe pressure brought on by the COVID-19 pandemic, demand for oil has plummeted to an all-time low creating a supply glut that has seen prices plummet as the world runs out of storage...
Exploration

Global exploration & production revenues will fall by staggering 1 trillion dollars – Rystad Energy

OilNOW -
The devastating effect of the COVID-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020. A Rystad Energy analysis shows that global E&P...
Exploration

BP profits dive 66% as UK O&G industry faces 30,000 job losses

OilNOW -
BP's first quarter profit has dived by two thirds after the global coronavirus crisis hit demand for oil. The oil giant warned it was facing an "exceptional level of uncertainty" after a sharp reduction in the need for its products. Lockdowns...
Exploration

Final modules for Johan Castberg Turret Mooring System set sail for Singapore

OilNOW -
Dutch floater specialist SBM Offshore on Monday announced the sailaway of the last two modules for the Turret Mooring System, destined for Singapore for integration into the hull of Equinor’s Johan Castberg FPSO. This milestone represents the successful completion...
Exploration

Petronas shuts down 14 projects as deepwater pressure mounts on oil price, COVID-19 concerns

OilNOW -
Malaysian oil and gas company Petroliam Nasional Bhd (Petronas) is said to have reduced the number of its fully active rigs from 18 to four since oil price began dropping late last year. According to The Straits Times, the national...
Exploration

High impact exploration set for major decline…Guyana not likely to be affected

OilNOW -
Energy market research and intelligence company Westwood says exploration plans are being redrawn and the well count is expected to drop globally by as much as 35% on 2019 levels as a result of the double whammy of the...
Exploration

Low oil price could squeeze out 4 million b/d of non-OPEC supply – WoodMac

OilNOW -
The OPEC+ ‘deal of the century’ last weekend changes oil market dynamics in the short run. The 10 million b/d production cut from May is huge, amounting to 10% of global supply, and it’s needed says Simon Flowers, Chairman,...
Exploration

Transocean drill ship Discoverer India suffers contract termination

OilNOW -
Offshore drilling contractor Transocean is reporting that it has received a contract termination for its drill ship Discoverer India which has been operating in Egypt. This is according to Transocean’s latest Quarterly Fleet Status Report dated April 16, 2020. The...
Exploration

Brazil’s Petrobras shutting down 62 offshore platforms

OilNOW -
(Reuters) - Brazil’s state-owned oil firm Petroleo Brasileiro SA said on Wednesday it had begun suspending operations of 62 shallow water platforms in the Campos, Sergipe, Potiguar and Ceara basins. Petrobras, as the company is known, had previously announced the...
Exploration

Oil prospects keeping Guyana’s outlook favourable

OilNOW -
The vast oil fields which have been discovered off the coast of Guyana by ExxonMobil continue to boost the economic outlook of the country even in light of an imminent global recession and growing domestic challenges triggered by political...
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More Guyanese technicians graduate from FacTor training program 

SBM Offshore Guyana’s Trainee Technician program churned out another 24 Guyanese graduates, who are now one step closer to...

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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