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

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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...
News

Hess hedged more than 80% of its oil for 2020, says Guyana remains key investment as production climbs to 75,000 bpd

OilNOW -
Since the onset of the COVID-9 pandemic, Hess Corporation’s response has been hinged on three key principles—preserve cash, preserve capability, and preserve the long-term value of its assets. In terms of preserving cash, the company’s Chief Executive Officer (CEO),...
News

Guyana will attract more investment if border controversy is settled

OilNOW -
(South Florida Caribbean News) The Guyana/Venezuela Border controversy needs to be resolved soonest so that Guyana can further exploit the resources of its maritime space and landmass which is being claimed by Venezuela. This was the view shared by three...
News

Snapshot – world in coronavirus-induced recession

OilNOW -
COVID-19 has now spread to 190 countries with more than 8 million confirmed cases and more than 430,000 deaths, GlobalData said in its latest virus-tracking report. The highest official case counts are in the US, Brazil, Russia, India, UK,...
News

Oil from US-sanctioned Venezuela regime lines up off China

OilNOW -
(Bloomberg) -- Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia. Officially, China hasn’t imported any Venezuelan crude since...
News

OPEC forecasts improving oil demand in H2 2020, ahead of key committee meeting

OilNOW -
(S&P Global) In its latest monthly oil market report released June 17, OPEC kept its 2020 forecasts largely unchanged from the May outlook, noting a historic contraction in oil demand but improving fundamentals in the months ahead. "Following an unprecedented...
News

Oil production ramps up at Stabroek Block as gas reinjection system comes back online

OilNOW -
Two of the three gas handling systems are back online at the Liza Destiny FPSO resulting in a reduction in flaring and a gradual ramp up in oil production. In a comment to OilNOW on Tuesday, ExxonMobil Guyana Public and...
News

Major oil executives ‘optimistic’ amid anxiety over coronavirus ‘second wave’

OilNOW -
(CNBC) Sixteen of the world’s leading energy executives met virtually at an unprecedented meeting Tuesday night to talk about how big oil will navigate its biggest crisis in recent history while confronting the coronavirus pandemic. “Each one of us has had...
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Guyana gov’t tables Oil Spill Bill in Parliament

The Government of Guyana on Monday tabled the long-anticipated Oil Pollution Prevention, Preparedness, Response, and Responsibility Bill 2025 in...

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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