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Macaw-1 to kick off Suriname’s offshore exploration drive – Staatsolie 

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TotalEnergies will begin drilling the Macaw-1 exploration well in Suriname's Block 64 by mid-May 2025. According to the state-owned Staatsolie, the well is the first of five exploration wells planned offshore Suriname this year. The Macaw-1 is part of an...
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Europe to remain key market for Guyana’s crude – S&P

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S&P Global reported that Guyana anticipates supplying Europe with the majority of its increased crude oil output. The South American nation supplied an average of 286,000 barrels per day to Europe in 2024, according to S&P Global Commodities at...
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“Delay, Baby, Delay”: Oil industry to pull back as prices tumble – Wood Mackenzie

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The global oil industry is preparing to delay spending and development in response to falling crude prices and market uncertainty, according to an April 28 analysis by Wood Mackenzie. “While the US administration targets both lower prices and ‘Drill, baby,...
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Hess’ Q1 production from Stabroek Block averaged 183,000 b/d 

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Hess Corporation reported that its net production from the Stabroek Block averaged 183,000 barrels of oil per day (b/d) in the first quarter of 2025. That’s down slightly from 190,000 b/d in the same period last year, due mainly...
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Venezuela flouts World Court Order barring elections in Guyana’s Essequibo region

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Venezuela has rejected a binding order issued by the International Court of Justice (ICJ) prohibiting it from conducting elections in Guyana’s Essequibo region. This is according to a communiqué issued today and posted to Facebook by Venezuela’s Executive Vice...
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ExxonMobil posts US$7.7B in first-quarter earnings amid market pressures

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Today, ExxonMobil reported first-quarter earnings of US$7.7 billion, down from US$8.2 billion in the same period last year. The company said the decline was mainly due to weaker industry refining margins, lower crude prices, strategic divestments, and higher expenses...
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CNOOC Q1 output up 4.8% year-on-year to 188.8 million boe

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China’s CNOOC Limited reported this week that its oil and gas production rose 4.8% year-on-year to 188.8 million barrels of oil equivalent (boe) in the first quarter of 2025, underpinned by stronger domestic output. In its first quarter report released...
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bp awards contract for Ginger project to Subsea 7 and SLB OneSubsea

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Subsea 7 announced that the Subsea Integration Alliance (SIA) has secured the engineering, procurement, construction, and installation (EPCI) contract for bp’s Ginger project, offshore Trinidad and Tobago. The Ginger award is the first under a new global framework agreement between...
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Guyana says World Court ordered Venezuela not to conduct elections in Essequibo territory

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Guyana said Thursday that the International Court of Justice (ICJ) has ordered Venezuela not to conduct or prepare to conduct elections in the resource-rich Essequibo region, which is administered by Guyana but claimed by its western neighbor. President Irfaan Ali...
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Venezuela’s oil comeback possible but only with a normalized environment – Rystad Energy 

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Saudi Arabia is expected to anchor the next decade of global oil supply. But Venezuela’s uncertain future remains a critical variable that could disrupt a tightening and increasingly concentrated energy landscape, according to a recent Rystad Energy report.  Venezuela holds...
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IEA warns of major drop in oil investment as clean energy gains momentum

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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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