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Last major U.S. oil company in Venezuela gets license renewal from Biden administration

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(Reuters) Chevron Corporation, the last major U.S. oil company still operating in Venezuela, received a new U.S. government license allowing it to remain in Venezuela until Dec. 1, the Treasury Department said on Tuesday. The United States beginning in 2019...
News

Repsol sells exploration and production assets in Malaysia, Vietnam

OilNOW -
Repsol has agreed to sell its E&P assets in Malaysia and in Block 46 CN in Vietnam to a fully owned subsidiary of Hibiscus Petroleum, a publicly-traded company based in Kuala Lumpur. The sale of the company’s upstream assets in...
News

Exxon pulls out of deepwater oil prospect in Ghana

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(Bloomberg) -- Exxon Mobil Corp. is pulling out of a deep-water oil prospect in Ghana just two years after the west African nation ratified an exploration and production agreement with the U.S. oil titan. The company relinquished the entirety of...
News

Brent oil hits highest point since March

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(Reuters) Oil prices rose on Tuesday, with Brent hitting above $71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the United States as OPEC+ agreed to boost output. Brent...
News

EIA submitted for Guyana’s first large-scale wind farm

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Hope Energy Development Inc. (HED) has submitted an Environmental Impact Assessment (EIA) for the construction and operation of the first large-scale wind farm in Guyana along the East Coast of Demerara. The Hope Wind Farm Project base-case scenario proposes the...
News

Public engagements continue for project set to transform Guyana into world’s largest per capita oil producer

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Public consultations for the Yellowtail Development Project continue in Guyana with another virtual session set to take place on Wednesday, June 2. The public is being urged to participate in the process and submit comments for consideration in the...
News

Equinor, Exxon and partners sanction US$8 billion project in Brazil

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Equinor (operator) and ExxonMobil, Petrogal Brasil and Pré-sal Petróleo SA (PPSA) have decided to develop phase one of the Bacalhau field in the Brazilian pre-salt Santos area. The investment is approximately 8 billion USD. “This is an exciting day. Bacalhau...
Exploration

Global exploration has more than 3 decades of life left – Guyana remains top destination

OilNOW -
Updated May 31, 2021 Major oil and gas explorers around the world expect at least three decades of exploration still to come and see this lasting beyond 2050 even as the global pandemic and slashed oil prices have caused companies...
Exploration

Guyana and Suriname have reached ‘developmental take-off speed’ – analysts

OilNOW -
Nestled on the north coast of South America, Guyana and Suriname are among the smallest of the countries on the continent. But with the discovery of multi-billion-barrel hydrocarbon resources, the economic prospects of these upcoming potential giants are among...
Exploration

Big oil not yet out for the count, says Platts in new analysis

OilNOW -
(S&P Global Platts) Global oil and gas producers, facing a pummeling from environmental activists and shareholders, can rely at least for a while on persistent oil demand and a need for their expertize and scale, even as pressure increases...
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Petronas adds Roystonea-2 to Suriname exploration campaign

PETRONAS has added the Roystonea-2 appraisal well to its exploration program in Block 52 offshore Suriname, according to Staatsolie. Staatsolie...

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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