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Oil prices continue to rise

OilNOW -
(Bloomberg) - Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. U.S. benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase...
News

What are oil futures?

OilNOW -
There are two major oil markets worldwide: Brent Crude, which is extracted from the North Sea and serves as the global benchmark, and West Texas Intermediate (WTI), which is primarily extracted from oil fields in Texas, Louisiana and North Dakota and...
Opinions

Lifting submissions of Guyana’s petroleum resources

Bobby Gossai, Jr. -
Efficient use of lifting and transportation capacity requires planning. By nominating to the operator acceptance of their entitlements, the parties confirm that they have arranged the required offtake capacity in time to lift their entitlements in accordance with the...
News

Future participation in oil blocks should be done via State Holding Company – IMF tells Guyana

OilNOW -
While some arguments have been put forward in favour of Guyana establishing a National Oil Company so that it may have a participating interest in its oil blocks, the International Monetary Fund (IMF), one of the key agencies assisting...
News

ExxonMobil eyes breakthrough technology for reducing emissions

OilNOW -
American multinational ExxonMobil has been undertaking research for breakthrough technology that will aid significantly in reducing emissions in certain high polluting sectors. According to the oil giant’s latest Carbon and Energy Summary, it has been focusing technology on three distinct,...
News

Extra oil cuts from deliquent OPEC+ members could shrink the market by 1 million b/d

OilNOW -
(S&P Global) OPEC+ crude oil production could fall by about 1 million b/d in July and August from May levels, based on plans submitted by Iraq and Kazakhstan to institute deeper output cuts to make up for violating their...
News

Petrobras puts shallow-water fields in northeastern Brazil on the block

OilNOW -
(Reuters) - Brazilian state-run oil firm Petrobras has kicked off a sale process for its Atum, Curima, Espada and Xareu offshore oilfields, the company said on Friday. In a securities filing, Petroleo Brasileiro SA, as the company is formally known,...
News

Striking balance between climate, energy literacy is key – Stabroek Block co-venturer

OilNOW -
Signatories to the Paris Agreement are expected to significantly reduce greenhouse gas emissions so that global temperatures can be kept below two degrees celsius by 2040 through to 2050. But the latest forecast of the International Energy Agency (IEA)...
News

Energy demand takes huge dive

OilNOW -
The coronavirus pandemic is expected to cut global energy demand by 6% overall in 2020 compared with 2019, the International Energy Agency has said. By sector, oil demand is likely to drop by 8% year on year in 2020, while...
Exploration

World oil resources take 282 billion barrels hit

OilNOW -
The 2020 release of Rystad Energy’s annual global energy outlook reveals that the COVID-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil...
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NewsOilNOW -

Guyana represented just 4.2% of ExxonMobil’s global asset portfolio in 2024

Despite its role as one of the fastest-growing oil producers in ExxonMobil’s global portfolio, Guyana accounted for just 4.2%...

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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