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Exxon targeting ‘industry-advantaged projects’ in face of volatility, uncertainty

OilNOW -
US oil major ExxonMobil said on Wednesday it is managing unprecedented market challenges from the COVID-19 pandemic while preserving long-term value to shareholders. Chairman and Chief Executive Officer Darren Woods told shareholders during the company’s annual meeting that despite the...
News

Chevron’s cost-reduction measure may eliminate up to 15% of workforce

OilNOW -
(Bloomberg) --Chevron is planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among global oil majors following the Covid-19 pandemic. The company aims to reduce costs to ride out the worst...
Exploration

Why is Exxon finding oil faster in Guyana than companies anywhere else in the world?

OilNOW -
Several high impact discoveries which have been made offshore Guyana by US oil major ExxonMobil are a direct result of the company’s research and development of new technologies which have provided geoscientists with unparalleled insights into subsurface geologic structures...
News

Guyana COVID-19 Situational Report

Bobby Gossai, Jr. -
COVID-19 has now spread to 189 countries/regions around the world with over 5 million confirmed cases and more than 350,000 deaths. The oil & gas industry continues to be heavily impacted on all fronts as falling demand and geopolitical ambitions...
News

2019 was ‘most successful year’ for discoveries; Guyana added big volumes – IEA

OilNOW -
Oil and gas exploration spending has been on a consistent downward trend in recent years, with only a slight bump in 2019. With investment budgets under renewed pressure this year, the share of exploration spending in total investment may...
News

IEA says the coronavirus crisis has set in motion the largest drop of global energy investment in history

OilNOW -
The International Energy Agency believes the coronavirus pandemic has paved the way for the largest decline of global energy investment in history, with spending set to plummet in every major sector this year, CNBC said in a reported on...
News

US oil output set to bottom out in June, will not recover to pre-COVID-19 levels in 2021- Rystad Energy

OilNOW -
US oil production, which has steeply declined as low prices forced shut-ins, will reach a bottom of around 10.7 million barrels per day (bpd) in June, a two-year low, Rystad Energy estimates, before it starts to slowly recover. Still,...
News

Massive investment in infrastructure needed as Guyana oil development grows – Energy Director

OilNOW -
The more than 8 billion barrels of oil equivalent resources discovered so far offshore Guyana represents oil found in just a portion of the 6.6 million acres Stabroek Block. With multiple targets remaining both at Stabroek and other blocks...
News

COVID-19 spreads to multiple offshore installations in Brazil

OilNOW -
Norway’s Equinor ASA and Anglo-French firm Perenco are among at least five oil producers that have registered coronavirus cases among employees or contractors at facilities off the coast of Brazil, industry and regulatory sources told Reuters on Tuesday. Royal Dutch...
News

Oil-starved Venezuela celebrates arrival of tankers from Iran

OilNOW -
(New York Times) An oil tanker called “Fortune” has sailed into Venezuela from Iran, the first of five ships expected to arrive in a nation so starved of gasoline that the docking of a single tanker was hailed on...
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Latest News

NewsOilNOW -

CNOOC Q1 output up 4.8% year-on-year to 188.8 million boe

China’s CNOOC Limited reported this week that its oil and gas production rose 4.8% year-on-year to 188.8 million barrels...

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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