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Guyana oil field equipment expenditure to hit peak in 2022 on FPSO demand

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The largest component of forecast offshore Oil Field Equipment (OFE) expenditure will be fixed and floating production equipment, totalling $139 billion, bolstered by activity in Latin America, particularly Guyana, where regional expenditure on the floating platform sector is set...
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IEA raises 2020 oil demand estimate but warns over threat to strong rebound

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(S&P Global Platts) The global economy bounced back from the worst of pandemic lockdowns faster than expected in the second quarter, but a second wave of COVID-19 infections could still derail the strong recovery so far, the International Energy...
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U.S. turns screws on maritime industry to cut off Venezuela’s oil

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(Reuters) - Several companies that certify vessels are seaworthy and ship insurers have withdrawn services to tankers involved in the Venezuelan oil trade as the United States targets the maritime industry to tighten sanctions on the Latin American country. U.S....
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Crucial aspects of Guyana’s oil & gas development on back burner as election impasse drags on

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The South American country of Guyana entered 2020 with great expectations for a bright future as oil production got underway last December and an upgrade in the offshore Stabroek Block resource estimate was announced in January along with the...
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Apache extends Noble Sam Croft contract for Suriname campaign

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Apache Corporation, operator at Block 58 offshore Suriname, has extended its contract for the Noble Sam Croft drillship by executing an option for another well. The contract initially expired in June, prior to which the Sam Croft made two discoveries...
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Brazil, Angola take bigger share of Chinese oil market

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China imported crude oil at the rate of 11.93 million barrels per day last month, 25.4 percent faster than a year earlier and the fastest rate in any month on record, the OilX Research website says. OilX Research says the...
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Bristow observes 1,000 days accident-free

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Nine bases throughout the Americas reached the critical milestone of a 1,000 days without a recordable incident on June 18, 2020: making them 1,000 days Target Zero for helicopter giant Bristow. The company said the milestone was achieved by the...
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Source bed for Guyana basin similar to those in Venezuela, Colombia and Trinidad- WoodMac

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With only 19 discoveries to date, geological experts at Wood Mackenzie posit that the Guyana basin stands as the most exciting exploration hotspot, with ExxonMobil leading the way in showcasing the basin’s outstanding prospectivity. In one of its special reports...
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Staatsolie taking ‘accelerated steps’ to prepare for offshore oil bounty

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Fresh off the historical twin oil discoveries at Block 58, Suriname state oil company Staatsolie says the oil strikes mark a change for both the company and country and it has been preparing for this for years, partly through...
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‘There is no wealth to distribute’: Venezuela poverty rate surges

OilNOW -
Venezuela's poverty rate surged in 2019 to levels unmatched elsewhere in Latin America as the once-prosperous oil producing nation's hyperinflationary economic collapse continued for a sixth-straight year, according to a new study. The 2019-20 National Survey of Living Conditions (ENCOVI),...
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Kamla Persad-Bissessar returns as TT PM in historic win

Voters in Trinidad and Tobago have removed the ruling People’s National Movement (PNM) from power. Electing the United National...

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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