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US strategic petroleum reserves sink to 35-year-low

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(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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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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US$60 billion to be invested in Guyana oil and gas sector this decade – Rystad analyst

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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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US lawmakers blast change in policy towards Venezuela; oil projects could increase

OilNOW -
(S&P Global Platts) Details remained scant May 18 on a US policy shift that could chart a path for US companies to again invest in and operate Venezuelan oil projects as the Biden administration has reportedly begun to ease...
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Exxon, Equinor looking to expand oil development offshore Brazil

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(Reuters) - Equinor SA and Exxon Mobil Corp have taken the first steps to expand an $8 billion oil development off Brazil's coast, the Norwegian oil producer told Reuters. The firms want to boost future production from the Bacalhau oil field, Equinor's...
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T&T appoints Chair of National Gas Company as High Commissioner to Guyana

OilNOW -
Conrad Enill, the current Chairman of Trinidad and Tobago’s National Gas Company (NGC) is now the twin-island Republic’s High Commissioner to Guyana. His appointment comes at a time when Guyana is amassing considerable natural gas reserves in the offshore Stabroek Block, and...
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Refrain from MoU with T&T until trade barriers are removed – Georgetown Chamber tells Government

OilNOW -
The Georgetown Chamber of Commerce and Industry (GCCI) is strongly urging the government to refrain from inking a Memorandum of Understanding (MoU) with Trinidad and Tobago, until the twin-island nation opts to remove its Non-Tariff Barriers (NTBs), which are...
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Energy Guyana launches special edition magazine celebrating ’10 Years of Oil in Guyana’

Georgetown, Guyana – Energy Guyana has released a landmark special edition publication titled "Energy Nation: 10 Years of Oil...

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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