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Lifting of topsides begins for Guyana’s third FPSO

OilNOW -
SBM Offshore posted footage of the lifting of the first series of topside modules onto the hull of the Prosperity floating production, storage and offloading (FPSO) vessel, on Wednesday. Work on the FPSO for ExxonMobil Guyana’s third development project at...
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Guyana’s ‘incredible oil bonanza’ growing, analysts project bigger earnings, flag potential pitfalls

OilNOW -
Guyana’s total government revenues were just US$1.4 billion in 2018, but now, with the rapidly expanding oil and gas operations off of its coast, this is estimated at US$50-US$200 billion through 2050. Hydrocarbon earnings will therefore dwarf all other sources of...
News

Company with interest offshore Guyana targets 349 million barrels in southern Africa

OilNOW -
Eco Atlantic Oil & Gas Ltd. has placed US$20 million in escrow to support its capital expenditure for the Gazania-1 well in Block 2B offshore South Africa, its joint venture partner, Africa Energy Corp. said on Tuesday. “The block has...
News

Halliburton’s first quarter profit jumps 54% over same period last year

OilNOW -
Halliburton reported net income of US$263 million for the first quarter of 2022, or US$0.29 per diluted share, a 54% increase from the US$170 million profit from the previous year’s first quarter, or US$0.19 per diluted share. It said its...
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New Petrobras CEO takes office, vows to continue maximising value from deepwater assets

OilNOW -
Brazil’s state oil company Petrobras finally has a new Chief Executive Officer (CEO) Jose Mauro Coelho, putting an end to the messy public leadership change. Coelho took up his appointment last week in the presence of Brazil’s Minister of Mines and Energy, Bento...
News

Over 670 million barrels of oil discovered at Stabroek Block so far this year – Norway group

OilNOW -
ExxonMobil has discovered over 670 million barrels of oil so far this year at Guyana’s largest deepwater block where well over 10 billion barrels of oil equivalent resources have been found since 2015. On January 5, the U.S. oil major...
Opinions

Guyana’s balancing act with gas-to-power development and climate action

OilNOW -
By Dr. Lorraine Sobers – OilNOW Natural gas has been accepted as a cleaner alternative to fuel oil for electricity generation for over eight decades. Guyana is now poised to make the switch from fuel oil to natural gas and...
News

OPEC+ oil production falls but Venezuela pumps 40,000 b/d more in March

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(S&P Global Platts) Crude oil production by OPEC and its allies fell in March from February for the first time in more than a year, the latest S&P Global Commodity Insights survey found, contributing to a tightening market thrown...
News

U.S. likely to extend Chevron’s license to operate in Venezuela – PDVSA Chair

OilNOW -
(Reuters) - The chair of the ad-hoc board of Venezuela's state-owned oil company PDVSA (PDVSA.UL), which controls some of its most important foreign assets, said earlier this month it was very likely that Washington will extend Chevron's license to operate...
News

Price tag for Guyana’s gas-to-energy project not exorbitant, economist says

OilNOW -
Initial estimates for Guyana’s massive gas-to-energy project hover around US$900 million to US$1 billion, with potential to increase, but considering the South American country has zero infrastructure in place and is essentially starting from scratch, one economist says the estimates...
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Eight Graduate Engineers complete SBM Offshore Guyana programme, nine join new cohort

Eight young Guyanese engineers have completed SBM Offshore Guyana’s Graduate Engineers’ Programme, marking the end of an intensive 18-month...

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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