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Guyana Takatu Basin may have yet-to-be-found oil resources

OilNOW -
Explorers have had interest in Guyana’s Takatu Basin, located in the southern part of the country approximately 480 km (300 miles) from the coast, for several decades. The basin extends westward into Brazil and separates Guyana’s Northern and Southern...
News

Brent climbs above $40 after OPEC+ extends production cuts

OilNOW -
Crude oil prices climbed more than 2% early on Monday as the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed on Saturday to extend their current oil production cuts until July month-end. Brent crude rose as...
Regional

Underperforming offshore wells rack up over $100 billion in abandonment liabilities worldwide

OilNOW -
(Bloomberg) - Aging offshore oil wells that once brought market prominence to Europe, the U.S. Gulf and Brazil are increasingly money losers that companies want to shut down amid low oil prices and a struggling global economy. But the...
News

Days of cheap gas are over in country with largest oil reserves in the world

OilNOW -
Venezuela President Nicolas Maduro has said fuel prices will increase in the cash-strapped South American country from June, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free. Although the...
Opinions

Features for Guyana’s crude oil sale delivery point

Bobby Gossai, Jr. -
The Government of Guyana Agreement may identify the Delivery Point or Points, putting the actual location of the Delivery Point beyond discussion. However, the investing parties should also agree to the procedures for measurement and calibration of measurement equipment...
News

Market set to tighten as OPEC+ agrees to extend 9.7 million b/d output cut

OilNOW -
(Wood Mackenzie) OPEC+ today agreed a one-month extension of the 9.7 million barrels per day (b/d) production cut. The extension will tighten the market further and could see Brent prices rise from the current $40/bbl toward $45-to-$50/bbl. Ann-Louise Hittle, vice...
News

OPEC+ averts full scale disaster in market-based oil industries – Wood Mackenzie

OilNOW -
Ed Crooks, Vice-Chair, Americas at Wood Mackenzie says rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the cartel was founded in 1960, it almost broke...
News

Ranger is deepest drill campaign ever conducted by ExxonMobil offshore Guyana

OilNOW -
The successful foray by ExxonMobil into the Ranger-1 reservoir offshore Guyana saw the deepest drilling exercise to date some 60 miles north-west of the prolific Liza field. The Ranger-1 well was drilled in a new area, encountering approximately 230 feet...
News

Maka, Sapakara could be developed with 150,000 b/d FPSO

OilNOW -
The Maka Central-1 and Sapakara West-1 discoveries, the first of their kind offshore Suriname, are likely to be developed in coming years utilizing a high capacity floating oil production complex. The two discoveries are located approximately 20 kilometers (12...
Exploration

Supercomputers, high-speed internet key to operating oil fields

OilNOW -
Developing energy requires a big toolbox. It relies on detailed geological surveys to find the oil and gas, high-performance drilling platforms to access the reservoirs and, finally, the ability to transport the crude or natural gas responsibly. US oil...
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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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