Exploration

Exploration

US rig count set for dramatic 65% free-fall

OilNOW -
US oil and gas companies are putting the brakes on drilling due to the combined global effect of the COVID-19 pandemic and declining oil prices, according to new research from industry analyst Rystad Energy. In a recent report, Rystad Energy...
Exploration

“We do not see Exxon turning off the taps in Guyana” – Rystad Energy

OilNOW -
The fall in oil prices triggered by the Saudi Arabia-Russia price war and the COVID-19 global pandemic has resulted in a number of oil and gas companies readjusting their 2020 exploration and production programmes. US oil major ExxonMobil said...
Exploration

Coronavirus pushes oil towards the abyss

OilNOW -
The crude oil market is staring into an abyss. The challenges are physical – dealing with extreme oversupply – and financial, with market participants from wellhead to forecourt under severe duress. Ann-Louise Hittle and Alan Gelder, who, respectively, lead...
Exploration

Largest number of bankruptcy filings in modern history in play as US upstream industry braces for impact

OilNOW -
Whiting Petroleum this week opened the door of Chapter 11 filings but will not be the only company to cross that threshold. As the US upstream industry is heavily indebted, the current price environment is likely to create the...
Exploration

Political turmoil, price uncertainty will delay FIDs in Guyana for months – Rystad Energy

OilNOW -
Political turmoil in South America’s newest oil producing nation Guyana, coupled with falling oil prices and the COVID-19 pandemic will delay Final Investment Decisions (FIDs) for offshore projects by several months, according to Norway-based energy research and business intelligence...
Exploration

Global E&P CAPEX will reach 13-year low as COVID-19, price war persist – Rystad Energy

OilNOW -
Global capital expenditure (CAPEX) for exploration and production firms (E&Ps) is expected to drop by up to $100 billion this year, about 17% versus 2019 levels, under Rystad Energy’s updated base case scenario of $34 per barrel in 2020...
Exploration

Virus delays oil exploration offshore Bahamas

OilNOW -
(Tribune Business) An oil explorer has delayed the drilling of its first well in Bahamian waters until late May/early June to ensure the coronavirus crisis does not cost it “millions of dollars”. Simon Potter, the Bahamas Petroleum Company’s (BPC) chief...
Exploration

How will the oil price crash hit the upstream sector?

OilNOW -
(Wood Mackenzie Analysis) The coronavirus outbreak has derailed OPEC+, thrown the oil market into turmoil and sent an already unloved sector into freefall, setting in motion a chain of events that led to the biggest fall in the oil price...
Exploration

Tullow writes off Jamaican oil exploration licence

OilNOW -
(The Gleaner) Tullow oil Plc has fully written off its oil exploration licence for the Walton-Morant Basin offshore Jamaica, on which it has taken a US$36-million hit. The write-off relates to what the company indicated in its most recent earnings report...
Exploration

Guyana future uncertain as election woes deepen and coronavirus devastates global economy

OilNOW -
Guyana ended 2019 on the high note of a new oil producer and with the 16th discovery announced at the Stabroek Block off the country’s coast in January, hope for the future has been at an all time high....
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Guyana to engage U.S. partners on tariffs as gold, oil exports remain exempt

If Guyana has its way in talks with the United States, recently announced tariffs on Guyanese exports would be...

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