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Oil exports pushes Guyana’s trade balance to US$143 million in first half of 2020

OilNOW -
December 2019 saw the introduction of oil production in Guyana resulting in the goods trade balance moving from a deficit of US$627 million or 12.1% of GDP in the first half of 2019 to a surplus of US$143 million...
News

Guyana rakes in over US$180 million from oil exports this year, 4th cargo lifted this month

OilNOW -
Guyana has earned over US$180 million from oil exports this year. The country lifted its fourth and final cargo for 2020 earlier this month from the Liza Destiny FPSO representing its share of oil being produced by ExxonMobil at...
Production

Understanding the FPSO

OilNOW -
The FPSO (Floating Production Storage and Offloading) system is used extensively by oil companies for the purpose of storing oil from the oil rigs in the middle of the ocean and in the high seas. It is one of...
Exploration

Exxon conducted largest 3-D seismic survey in company’s history offshore Guyana

OilNOW -
By the time ExxonMobil acquired rights to explore the 6.6 million-acre Stabroek block 120 miles offshore Guyana, 22 wells, from as far back as the 1970s, had already been drilled by other companies on the coastal shelf outside the...
News

Big window of opportunity ahead for oil producers as major deficits loom

OilNOW -
Oil producers around the world, particularly in locations like Guyana, will soon have a window of opportunity as new analysis shows that 2021 could see monthly supply deficits reaching their highest level in years. Low breakeven prices and good quality...
Featured

‘Mighty and unstoppable hand’ shaping Guyana’s future – President Ali

OilNOW -
President of Guyana, Dr. Irfaan Ali is urging his fellow citizens to look toward the future with high optimism as the South American country prepares for a massive economic transformation. Below is Mr. Ali’s message delivered on the occasion...
News

Defying U.S. sanctions, Venezuela resumes direct oil shipments to China

OilNOW -
(Reuters) Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA). Chinese state...
News

Brazil’s Petrobras strikes high-quality oil at Búzios field

OilNOW -
Brazil state-oil company Petrobras has made a discovery of high-quality crude at the Búzios field, in the Santos Basin. The company confirmed Tuesday the presence of “oil of excellent quality” with the drilling of the 9-BUZ-48D-RJS well. The well is...
News

Scale of investments needed to develop oil fields beyond Guyana’s capabilities – Vice President

OilNOW -
The role of international companies in the development of Guyana’s oil and gas industry is vital if the vast hydrocarbon resources discovered off the country’s coast are to be developed. Vice President, Bharrat Jagdeo, says the objective must be...
News

Shell’s massive write-down may hinder stock price recovery

OilNOW -
(S&P Global Platts) Royal Dutch Shell PLC is wrapping up a volatile year with caution as its fourth-quarter financial results may include a write-down that could put the company's total impairment charges for 2020 at close to $22 billion. The...
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Survey says Exxon is ‘Most Admired Explorer’ propelled by mega wins in Guyana

ExxonMobil has been named the most-admired upstream explorer in the world, according to Wood Mackenzie’s 2025 Exploration Survey, a...

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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