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Exploration

Average discovery size at Stabroek block is 500 million boe with a record 90% success rate

OilNOW -
Since 2015, ExxonMobil has made 18 discoveries at the Stabroek block offshore Guyana with just two non-commercial encounters – Skipjack-1 and Sorubim-1 – which demonstrate a 90% exploration success rate in the prolific Guyana-Suriname basin. The 18 discoveries so far...
Exploration

Guyanese Diaspora targeted as first junior company in the world provides investor access to Canje, Kaieteur block exploration

OilNOW -
Westmount Energy Limited, a junior oil and gas company with investor interest in the highly prospective Canje and Kaieteur blocks offshore Guyana, began cross-trading on the OTCQB market in New York on Tuesday under the ticker symbol WMELF. OTCQB is...
News

World could face a 200 million-barrel oil glut through May if OPEC+ increases output

OilNOW -
As the world is aching to put an end to a devastating 2020, oil producers are now assessing the lasting effect of the pandemic into 2021 – and in particular, the consequences of oil demand destruction to global balances....
News

Local companies must move beyond ‘buying and selling’ and embrace innovation, inventiveness – Guyana President urges

OilNOW -
Guyana’s President, Dr Irfaan Ali has reaffirmed his Government’s commitment to ensure that local businesses are optimally involved in the oil and gas sector. The Head of State made this assertion during his address at the Guyana Oil and Gas...
News

Tankers with ‘hidden identities’ shipping oil out of Venezuela even as U.S. tighten sanctions

OilNOW -
(Bloomberg) --Venezuela almost tripled its crude oil exports even as the U.S. continues to tighten sanctions against companies seeking to do business with its ruling regime. Exports of oil surged to more than half a million barrels a day in...
News

Jail time for non-disclosure of oil revenues, Petroleum Commission with ‘independent board’, part of Guyana plans

OilNOW -
New oil-producing countries such as Guyana face the daunting challenge of transforming expected revenue windfalls into sustainable and inclusive economic development, notes the Inter-American Development Bank in a recent paper. Record discoveries and growing hydrocarbon reserves bring high prospects for...
News

Guyana Oil and Gas Virtual Summit opens today

OilNOW -
The Guyana Oil and Gas Virtual Summit is set to open today and will run until December 3. The event is expected to place special emphasis on local content development and the increasing participation of women in Guyana’s oil...
News

Canada-Guyana Chamber set for official launch on December 4

OilNOW -
Guyana’s President, Dr. Irfaan Ali will deliver the keynote address at the launch of the Canada-Guyana Chamber of Commerce set to take place this Friday – December 4, at the Arthur Chung Conference Centre in Georgetown. In a press update...
Exploration

ExxonMobil to prioritize spending on “advantaged assets” in Guyana, USA and Brazil

OilNOW -
Following a review of its future business plans, ExxonMobil announced on Monday that it intends to prioritize near-term capital spending on advantaged assets with the highest potential future value. It said that these will include developments in Guyana and...
Exploration

Eco Atlantic increases acreage in Namibia, remains focused on world class Guyana basin

OilNOW -
Eco (Atlantic) Oil & Gas Ltd. said Monday it has successfully negotiated the reissuance of four licences in the Walvis Basin, offshore Namibia conditional to customary final government signature. The company was awarded four new Petroleum Exploration Licenses (PEL) on its existing offshore blocks,...
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Latest News

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Kumu’s new small-scale hydropower plant now operational

Guyana commissioned a new 1.5 megawatt (MW) hydropower station in the southeastern community of Kumu on Friday, part of...

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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