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IDB expects Guyana’s ‘huge deepwater oil discoveries’ to keep growing

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The Inter-American Development Bank (IDB) expects the mega deepwater oil discoveries offshore the South American country of Guyana will keep growing in the coming years as more companies explore for hydrocarbon resources. The number of companies operating in the offshore...
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“It’s a great time to be a woman entrepreneur in Guyana” says new business owner

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With the emergence of offshore exploration and production activities in Guyana, more Guyanese have been positioning themselves to benefit from growing business opportunities in the country with one such individual making it clear; “It’s a great time to be...
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bp hits first gas at Qattameya field

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On Monday bp announced the start of gas production from its latest development ‎offshore Egypt – the Qattameya gas field in the North Damietta offshore concession. Through bp’s joint venture, Pharaonic Petroleum Company (PhPC), the field, which is ‎expected to...
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Brazil soars to China’s No. 3 crude oil supplier in September

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(Reuters) - Brazil jumped to China’s third-biggest crude oil supplier in September, import data showed on Sunday, as China’s independent refiners scooped up cheap supplies of the South American exporter’s relatively high-quality oil. Imports from Brazil hit 4.49 million tonnes,...
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Russian oil tanker hit by fire, explosion in Sea of Azov

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The General Hazi Aslanov oil tanker was hit by a fire and explosion in the Sea of Azov on Saturday, Russian federal agencies reported. According to S&P Global Platts, the tanker was empty at the time, according to the Krasnodar...
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Guyana will see increased migration inflows, demand for electricity and housing – IDB

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The start of oil production in Guyana will see more people migrating to the South American country in coming years contributing to a significant increase in the demand for electricity, housing, and other supporting infrastructure. In its recently released paper...
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Several imported equipment and supplies required for petroleum operations in Guyana are duty-free – GRA

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The Guyana Revenue Authority said on Friday that based on the Petroleum Agreement between the Government and ExxonMobil affiliate Esso Exploration and Production Guyana Limited, contractors and sub-contractors are permitted to import a number of equipment and supplies duty-free...
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Several attempts made since 2019 to offload cargo from Venezuelan tanker threatening to spill crude

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The Venezuelan ship - FSO Nabarima - with more than 1 million barrels of crude has been immobilized and anchored in the Gulf of Paria in northeastern Venezuela since January 2019. State-owned oil company PDVSA has not been able to...
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Payara deepwater contract helps deliver strongest quarter for TechnipFMC

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TechnipFMC said this week it was able to deliver its strongest operational results in the third quarter of 2020 mainly due to notable projects in Norway and South America, including a major contract awarded by ExxonMobil for its Payara Development...
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North American oil and gas bankruptcy debt to blow past US$100 billion

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The impact of the coronavirus pandemic continues to take its toll on the global oil and gas industry with North America being particularly hard it. Mounting bankruptcies will see associated debt running into billions of dollars surpassing the previous...
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U.S. Senator presents bill to strengthen security cooperation with Guyana amid Venezuela threats

United States Senator Michael Bennet (Democrat, Colorado) has proposed new legislation aimed at enhancing security cooperation with Guyana, deterring...

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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