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World could face a 200 million-barrel oil glut through May if OPEC+ increases output

OilNOW -
As the world is aching to put an end to a devastating 2020, oil producers are now assessing the lasting effect of the pandemic into 2021 – and in particular, the consequences of oil demand destruction to global balances....
News

Local companies must move beyond ‘buying and selling’ and embrace innovation, inventiveness – Guyana President urges

OilNOW -
Guyana’s President, Dr Irfaan Ali has reaffirmed his Government’s commitment to ensure that local businesses are optimally involved in the oil and gas sector. The Head of State made this assertion during his address at the Guyana Oil and Gas...
News

Tankers with ‘hidden identities’ shipping oil out of Venezuela even as U.S. tighten sanctions

OilNOW -
(Bloomberg) --Venezuela almost tripled its crude oil exports even as the U.S. continues to tighten sanctions against companies seeking to do business with its ruling regime. Exports of oil surged to more than half a million barrels a day in...
News

Jail time for non-disclosure of oil revenues, Petroleum Commission with ‘independent board’, part of Guyana plans

OilNOW -
New oil-producing countries such as Guyana face the daunting challenge of transforming expected revenue windfalls into sustainable and inclusive economic development, notes the Inter-American Development Bank in a recent paper. Record discoveries and growing hydrocarbon reserves bring high prospects for...
News

Guyana Oil and Gas Virtual Summit opens today

OilNOW -
The Guyana Oil and Gas Virtual Summit is set to open today and will run until December 3. The event is expected to place special emphasis on local content development and the increasing participation of women in Guyana’s oil...
News

Canada-Guyana Chamber set for official launch on December 4

OilNOW -
Guyana’s President, Dr. Irfaan Ali will deliver the keynote address at the launch of the Canada-Guyana Chamber of Commerce set to take place this Friday – December 4, at the Arthur Chung Conference Centre in Georgetown. In a press update...
Exploration

ExxonMobil to prioritize spending on “advantaged assets” in Guyana, USA and Brazil

OilNOW -
Following a review of its future business plans, ExxonMobil announced on Monday that it intends to prioritize near-term capital spending on advantaged assets with the highest potential future value. It said that these will include developments in Guyana and...
Exploration

Eco Atlantic increases acreage in Namibia, remains focused on world class Guyana basin

OilNOW -
Eco (Atlantic) Oil & Gas Ltd. said Monday it has successfully negotiated the reissuance of four licences in the Walvis Basin, offshore Namibia conditional to customary final government signature. The company was awarded four new Petroleum Exploration Licenses (PEL) on its existing offshore blocks,...
News

Oil companies drill where data is most promising, but Liza and Tanager show results could vary

OilNOW -
Back in 2015, ExxonMobil made the decision to begin drilling for oil in Guyana at Liza-1 since this prospect was the biggest and best, based on data analysed by the company. Several elements need to line up in order to...
News

Saipem pledges support for Women Empowerment Principles

OilNOW -
Italian multinational oilfield services company Saipem has signed the declaration of support for the Women Empowerment Principles (WEP) and the Manifesto for female employment of the Valore D association. The company, a prime contractor for ExxonMobil’s Stabroek block developments in...
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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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