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Oil futures rise as uncertainties mount over when blocked Suez Canal passage would be cleared

OilNOW -
(S&P Global Platts) Crude oil futures rose during mid-morning trade in Asia March 26, as the market braced for the possibility that the Suez Canal may remain blocked by the stuck Ever Given container ship for days, while anticipation over...
News

Major marine traffic jam in Suez Canal as 40 oil tankers, other vessels pile up

OilNOW -
The reopening of the Suez Canal is now likely to take several days, market watchers told S&P Global Platts on March 25, as almost 40 oil and LNG tankers have piled up to transit one of the world's most...
News

Guyana barrels add to CNOOCs’ reserves and production – record high volumes logged in 2020

OilNOW -
CNOOC Limited announced on Thursday its 2020 annual results for the year ended December 31, 2020. The company said last year it strengthened confidence, focused on its own development, proactively responded to the sharp drop in international oil prices...
News

Noble, Pacific Drilling enter merger, deepwater drilling capabilities to be enhanced

OilNOW -
Noble Corporation and Pacific Drilling Company LLC announced Thursday that they have entered into a definitive merger agreement under which Noble will acquire Pacific Drilling in an all-stock transaction.  The definitive merger agreement was unanimously approved by each company's...
Exploration

Guyana wells have high recovery rates, can be drilled faster than any other deepwater basin in the world

OilNOW -
The Guyana basin continues to shine with a range of world class attributes such as low breakeven prices, high quality crude and wells that are relatively shallow, which one co-venturer in the prolific Stabroek block says can be drilled...
News

U.S. crude flows to India surpasses Saudi, UAE volumes in February

OilNOW -
In February, crude flows from the United States to India totaled 2.11 million mt, about 31% higher than the 1.61 million mt from Saudi Arabia, putting the US as the No. 2 importer during the month, trailing only top importer Iraq,...
News

Around 3 Suezmax-sized cargoes load in Guyana each month for multiple destinations

OilNOW -
There are approximately three Suezmax-sized cargoes that load in Guyana each month, a pattern seen since October 2020, according to cFlow, an S&P Global Platts trade-flow software. These cargos are lifted for ExxonMobil, operator at the Stabroek block, co-venturers...
News

Suez Canal blockage affecting passage of 13 million barrels of crude

OilNOW -
Energy intelligence firm Vortexa has so far identified ten tankers carrying around 13mn bbl of Middle East crude that could be affected by the blockage of the Suez Canal - caused by a container ship accident in the narrow...
News

Guyana’s 5th oil cargo was sold to Hess, no decision yet on exports to India

OilNOW -
The Government of Guyana sold its 5th oil cargo to Hess in February which saw the country being paid the highest sum to date for its exports, on par with the market price for crude at the time. The...
News

Equinor makes biggest oil discovery for the year on Norway’s continental shelf

OilNOW -
Equinor and partners Vår Energi, Idemitsu Petroleum and Neptune Energy have made the biggest discovery so far this year on the Norwegian continental shelf (NCS). Preliminary estimates place the size of the discovery between 12 and 19 million standard...
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Guyana Electric boosts grid reliability with specialized high-voltage training

Guyana Electric has launched specialized training courses in medium and high-voltage cable terminations and joints, aimed at improving installation...

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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