Exploration

Exploration

Tullow to drill Suriname well in Q4 2020, remains hopeful of better-quality oil in Guyana

OilNOW -
UK-based Tullow Oil has confirmed that it will drill the Goliathberg-Voltzberg North prospect at Suriname’s Block 47 this year. The prospect lies approximately 260 kilometres off the coast of the country in 1,900 metres of water and is one of...
Exploration

Oil Field Service companies under threat as E&P budgets face massive cuts

OilNOW -
The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad...
Exploration

US drilled but uncompleted wells under threat from oil price collapse – Rystad Energy

OilNOW -
In the wake of one of history’s largest oil price declines in a single day, a Rystad Energy impact analysis shows that US drilled but uncompleted wells (DUCs) will be the first assets to be threatened by the newly...
Exploration

Exploration plans cover 31 wells offshore Guyana – region in need of jackups

OilNOW -
South America is home to several regions of offshore expansion, with few basins currently displaying more growth potential than the Guyana Suriname Basin. Exploration in this area continues to impress and the list of oil and gas participants is...
Exploration

Guyana oil production on track to surpass Newfoundland and Labrador – Rob Strong

OilNOW -
South America’s newest oil producer Guyana is on track to ramp up production to more than 750,000 bpd by 2025 from multiple developments at massive oil fields located off the country’s coast at the 6.6 million acres Stabroek Block. Speaking...
Exploration

Apache second well offshore Suriname looking favourable

OilNOW -
Following a significant discovery at the Maka Central-1 well at Block 58 offshore Suriname, Apache Corp. is now gunning for oil at a second prospect on the block which reports indicate look promising. John J. Christmann IV, CEO and President...
Exploration

Guyana could become 2nd largest producer in Latin America by end of decade

OilNOW -
Guyana could be on course to become the second largest oil producing country in Latin America by the end of this decade, particularly if conditions in neighbouring Venezuela fail to improve and Mexico's decline in output progresses. Oil production in...
Exploration

Not all discoveries are developed, success not guaranteed – Bernstein analyst

OilNOW -
An analyst at private wealth management company, Bernstein, says offshore exploration and production activities, including campaigns in the Guyana-Suriname basin where US oil major ExxonMobil has made 16 discoveries since 2015, remain risky since many projects do not make...
Exploration

One vital corner of oil market is surging despite coronavirus

OilNOW -
(Bloomberg) A closely watched North Sea oil-price indicator is reflecting little of the demand destruction that the coronavirus has wrought on global markets. Brent crude futures for April, the most immediate contract, are trading 61 cents a barrel higher than...
Discoveries

Offshore drillers look to Guyana, Suriname as global market struggles to recover – S&P Global

OilNOW -
(S&P Global) Off the coasts of Guyana and Suriname, exploration and production companies are turning to offshore drillers and services providers to help them discover then recover massive amounts of crude oil locked beneath the floor of the Atlantic...
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DSIC launches Errea Wittu FPSO for ExxonMobil’s Stabroek Block

Chinese contractor Dalian Shipbuilding Industry Company (DSIC) has launched the Errea Wittu floating production, storage, and offloading (FPSO) vessel,...

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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