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Chinese oil demand has reportedly almost rebounded to pre-pandemic levels

OilNOW -
Oil demand in China has almost returned to its level before the coronavirus pandemic spurred the government to impose lockdowns and shut down industries, Bloomberg reported Monday. Consumption has rebounded to about 13 million barrels per day, Bloomberg said, citing Chinese energy...
News

Exxon’s expertise, stability will keep Stabroek operations moving – analysts

OilNOW -
Over 175 International Oil Companies, National Oil Companies and independents are cutting CAPEX and OPEX in tune with low oil prices and have slashed CAPEX guidance for 2020 to around US$122 billion as of May 13. This includes US...
News

ExxonMobil acquires 50% stake in Suriname block from Petronas

OilNOW -
Malaysian oil and gas company Petronas through its subsidiary, Petronas Suriname Exploration & Production B.V. (PSEPBV), has completed the farm-down of 50 percent of its participating interest to ExxonMobil Exploration and Production Suriname B.V. (ExxonMobil) from a 100 per cent...
News

Global oil and gas contract activity reports downtrend – GlobalData

OilNOW -
The global oil and gas industry has witnessed a significant slowdown in the number of oil and gas contracts and contract value, which is largely attributed to the decline in crude oil prices and reduced demand amid the COVID-19...
News

Guyana energy department beefing up human resource capacity

OilNOW -
Guyana’s Department of Energy (DE) is looking to engage the services of several specialists as it continues to build capacity and acquire the expertise needed to effectively manage the country’s emerging oil and gas industry. DE Director Dr. Mark Bynoe...
News

Brent at one-month high, U.S. oil tops $30 as restrictions ease

OilNOW -
(Reuters) - Oil prices climbed by more than $1 a barrel on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30 supported by optimism about the re-opening of economies and output cuts by major producers. Brent...
Exploration

Stabroek Block: Discovery Highlights

OilNOW -
ExxonMobil initiated oil and gas exploration activities in Guyana in 2008, collecting and evaluating 3-D seismic data that led to the company safely drilling its first exploration well in 2015. The 6.6 million acres (26,800 square kilometers) Stabroek Block is located...
News

Iran warns US against disrupting fuel shipments to Venezuela

OilNOW -
(Al Jazeera) Iran's foreign minister on Sunday warned the United States against deploying its navy in the Caribbean to disrupt Iranian fuel shipments to Venezuela. According to an oil shipment analyst, five Iranian-flagged tankers loaded with tens of millions of...
News

Early project approvals will shield Guyana from further reductions in oil revenues – AMI experts

OilNOW -
The COVID-19 pandemic and decline in oil prices are causing major economic disruptions to crude producers around the world forcing them to adjust their projected revenue inflows downward as lockdown measures continue to curtail demand. Americas Market Intelligence (AMI) experts...
Opinions

The structure and features of the global oil market for Guyana

Bobby Gossai, Jr. -
The members of the Organization of the Petroleum Exporting Countries (OPEC) negotiate over production allocations. This is as opposed to restricting their choice set to non-cooperative or fully cooperative strategies. There are two stages in the OPEC decision tree...
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Latest News

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“Delay, Baby, Delay”: Oil industry to pull back as prices tumble – Wood Mackenzie

The global oil industry is preparing to delay spending and development in response to falling crude prices and market...

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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