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BP to take up to $17.5 billion writedown, lowers oil outlook

OilNOW -
(Reuters) – BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels. The earnings are...
News

ExxonMobil plugs additional GY$50 million into Iwokrama forest conservation efforts

OilNOW -
The Iwokrama International Centre (IIC) said in a press release on Friday it has received an additional GY$50 million from ExxonMobil Guyana toward the implementation of a five-year science strategy that will also fund key investments to help protect...
Opinions

Setting Guyana’s hydrocarbons production forecasts for lifting agreements

Bobby Gossai, Jr. -
Production forecasts are a workmanlike description of the forecasting and reporting activities which must be performed by the operator under the lifting agreement. The lifters will require adequate notice of the expected quantity and timing of their entitlements; typically,...
News

U.S. court tosses $1.4 billion judgment against former Venezuelan oil minister

OilNOW -
(Reuters) - A federal judge in Texas set aside a $1.4 billion default judgment against a former Venezuelan oil minister, ruling he was not properly notified of the lawsuit, but said the U.S. company that alleged fraud and bribery...
News

Exxon set to revive North Sea sale after months of delays

OilNOW -
(Reuters) - ExxonMobil is preparing to restart the sale of its British North Sea assets after weaker oil prices and the coronavirus outbreak led to months of delay, industry and banking sources said. The sale process, initially planned for late...
News

Global upstream investments set for 15-year low – falling to $383 billion in 2020

OilNOW -
Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years...
News

Oil demand recovery under spotlight as lockdowns ease

OilNOW -
Optimism over a swift and steady economic rebound from crushing pandemic lockdowns have helped global oil prices stage a dizzying rebound from near two-decade lows in April, S&P Global said in a report on Thursday. Nearly all the oil demand...
Production

Guyana oil revenue climbs to almost US$95 million as proceeds from second oil export deposited

OilNOW -
More than US$35 million has been deposited into Guyana’s Natural Resource Fund (NRF) account representing payment for its second one-million-barrel oil cargo lifted in May. This brings the total revenue collected so far from profit oil and royalty to...
News

Liza Destiny FPSO designed to avoid routine flaring

OilNOW -
The 120,000 barrels per day Liza Destiny FPSO producing oil at the Stabroek Block offshore Guyana was designed to ensure there is no routine flaring in the daily operations of the vessel. Operating processes during production operations include safely flowing...
News

Analysis – Guyana Elections Results

Bobby Gossai, Jr. -
By Economist - Bobby Gossai, Jr. The National Recount exercise following the March 2, 2020, General and Regional Elections took thirty-three days and the preliminary tabulations from the Guyana Elections Commission (GECOM) have shown that the People’s Progressive Party –...
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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...

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