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Canada Guyana Chamber looking to ramp up activities in 2021

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Chief Executive Officer (CEO) of the Canada Guyana Chamber of Commerce (CGCC), Ms. Natalia Seepersaud, said the organisation will be looking to ramp up its activities in 2021 as pandemic restrictions ease and more focus is placed on business-to-business...
News

Venezuelan oil exports slump to 71-year low in 2020

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(Bloomberg) Venezuelan oil exports plummeted this month as U.S. sanctions have left some of the South American country’s cargoes stranded in Asia and competition with fellow OPEC+ members is set to heat up. A linchpin of the Venezuelan economy, the...
News

Trinidad made list of errors to avoid; then committed all – Dr. Hosein

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In an effort to ensure it did not suffer the fate of many resource rich countries around the world, Trinidad and Tobago carefully outlined the errors that should be avoided in the management of petroleum revenue; but then proceeded...
News

Russian annual oil output falls for the first time since 2008

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(Reuters) - Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed on...
News

Brazil moving to implement reforms to lure investors as competition from countries like Guyana rise – S&P Global Platts

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Mature oil producer Brazil is looking to implement important oil industry reforms in 2021 to remain one of the world's top destinations for investments amid heated global competition and uncertainties about the coronavirus pandemic. S&P Global Platts said in a...
News

High-cost oil producers can lose market share to strong emerging player Guyana – Lisa Viscidi

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With approximately 9 billion barrels of oil equivalent and counting, Guyana is forging ahead as a major oil producer with experts saying the country is on course to become one of the largest sources of non-OPEC oil supply in...
News

‘We must not remain a rich country of poor people’ Guyana President affirms in new year’s message

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President of Guyana, Dr. Irfaan Ali says 2021 will be the springboard from which the new oil producing country will leap into recovery, rebuilding its economy and enhancing the health and well-being of its more than 750,000 people. Mr. Ali...
News

Exxon signals up to $20 billion asset write-down

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(Reuters) -Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset write-down. The largest...
Discoveries

Guyana could find more oil, and closer to shoreline

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Experts in the oil and gas industry believe that more oil could be discovered closer to Guyana’s shoreline in the coming years with one official saying that the hydrocarbon resources found at the Stabroek block so far is just...
News

Crude oil markets lost a fifth of their value in 2020 but prices are rebounding

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(Reuters) - Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralysed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out stimulus. On...
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Exxon hits 900,000 barrels of oil per day in Guyana as Yellowtail reaches full capacity

ExxonMobil Guyana today announced that the country’s daily oil production has reached a new milestone of 900,000 barrels per...

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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