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Energy Chamber enters tripartite agreement for capacity building

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The Guyana Oil and Gas Energy Chamber (GOGEC) has entered into a tripartite agreement with the University of Guyana and CBMEX Energy Guyana Inc. GOGEC said the objective of this Memorandum of Understanding (MoU) is to work in close collaboration...
Exploration

Recent Stabroek discoveries delivered extraordinary sand quality, says co-venturer with 30% stake

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The most recent string of discoveries made this year at Guyana’s Stabroek Block are being recognized for their significant volumes and sand quality. They’ve also played a key role in ramping up the estimated gross recoverable resources to 10...
News

Venezuela slashes daily oil production target to 1 million barrels

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(Bloomberg) Venezuela’s state oil company slashed its output target by one-third as years of corruption, brain drain, and inadequate investment crippled the nation’s energy infrastructure. PDVSA cut its daily production target to 1 million barrels from a 1.5-million-barrel goal announced in...
News

Oil settles higher fuelled by renewed supply concerns

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(Reuters) - Crude prices settled higher on Friday fuelled by renewed supply concerns after OPEC+ producers rebuffed a U.S. call to accelerate output increases even as demand nears pre-pandemic levels. Brent crude rose $2.20 to settle at $82.74 per barrel,...
Opinions

The seesaw dilemma: matching Guyana’s labor force with its energy bonanza

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In February 2021, the new Guyanese government released the first draft of their proposed local content policy for the energy sector. Local content regulation defines how much local labor is utilized during the development of an industry—a fundamental policy...
News

No major U.S. oil sanctions relief for Venezuela expected from its elections

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(S&P Global Platts) Any major easing of US oil sanctions against Venezuela remains off the table, but the country's Nov. 21 elections could provide a chance for relief around the edges like a restart to crude-for-diesel swaps. Candidates backed by...
News

Suriname to deliver over 500,000 bpd, says Rystad Energy

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Suriname is expected to follow Guyana with rapid development of its offshore oil fields. Norway independent energy research and business intelligence company Rystad Energy sees output from the South American country hitting the half million barrels per day mark...
News

Oil moves back up after OPEC+ producers rebuff call to hike supply

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(Reuters) - Oil prices rose on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus...
News

UK investor still upbeat about Canje block prospects despite third non-commercial discovery

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Westmount Energy Limited, the UK investment company that is focused on giving international investors exposure to prime blocks in the Guyana-Suriname Basin said it remains upbeat about the highly prospective Canje block despite explorers hitting a third non-commercial discovery...
News

Ghana team begins analysis of Guyana’s draft Local Content Bill

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Guyana’s Attorney General and Minister of Legal Affairs, Mohabir Anil Nandlall S.C on Tuesday met with the Ghanaian delegation to share expertise and critically analyze Guyana’s draft Local Content Bill. At the meeting which took place at the AG’s Chambers...
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Guyana’s local content spend hits US$350M in six months 

Guyana’s local business community continues to secure strong gains from the country’s oil and gas industry, with spending on...

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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