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Full-blown crisis in Trinidad & Tobago’s petrochemical sector

OilNOW -
There is now a full-blown crisis in Trinidad and Tobagio’s petrochemical sector, with four plants shut down in four months and word that more could be taken out of operation as the sector reels under low commodity prices and...
News

Struggling oil market finally stabilized but recovery will take up to 3 months – JP Morgan

OilNOW -
Global oil demand remains at historic lows as inventory vastly outpaces storage, but JPMorgan analysts think the worst of the commodity-market carnage is over, according to a report from Markets Insider. The coronavirus pandemic and the ignition of a price...
News

Chevron, Exxon curtail production as US shut-ins set to double

OilNOW -
US production of 616,000 barrels of oil per day (bpd) will be shut during May and 655,000 bpd during June as a result of the supply-demand imbalance that the Covid-19 pandemic has created, according to a Rystad Energy analysis...
News

Hess reports US$2.4 billion loss – Liza field helps boost production

OilNOW -
Hess Corporation reported Thursday a net loss of $2,433 million, or $8.00 per common share, in the first quarter of 2020 even as oil production increased due in part to output from the Liza Phase 1 Development offshore Guyana. “Our priorities...
News

Credit Suisse sees 9 development phases at Stabroek Block with production ballooning to more than 1 million bpd

OilNOW -
Zürich-based investment bank Credit Suisse sees potential at Guyana’s Stabroek Block for 9 development phases that would push production well above 1 million barrels of oil per day and expects the resource estimate on the block to further increase...
News

Noble books $1.1 billion in Q1 losses as Guyana offshore helps to offset decline in operating days

OilNOW -
Noble Corporation on Wednesday reported a net loss of $1.1 billion or $4.25 per diluted share for the first quarter of 2020, on total revenues of $281 million. Noble said the adjusted results for the first quarter compared to a net loss attributable to...
Exploration

Canada-based energy company inks deal to sell TT gas

OilNOW -
Touchstone Exploration said on Monday after markets closed that it had inked a deal for the sale of natural gas and gas liquids produced from the Ortoire block in Trinidad and Tobago. The Canada-based oil and gas explorer said it had signed...
News

Guyana’s 65-day election could be over in another 25

OilNOW -
South America’s newest oil producer Guyana could be moving to finally conclude its presidential election which took place on March 2. A recount of all the votes cast is set to get underway today on the outskirts of the...
News

Plans to ramp up production to 340,000 bpd by 2022 on schedule – Energy Department

OilNOW -
The giant Liza Phase 2 Development Project offshore Guyana remains on course for production startup in 2022, the country’s Department of Energy (DE) has said. Liza Phase 2 will have a production rate of up to 220,000 barrels of oil...
News

Oil prices fall as rising U.S. inventories reassert supply concerns

OilNOW -
Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. According to...
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Macaw-1 to kick off Suriname’s offshore exploration drive – Staatsolie 

TotalEnergies will begin drilling the Macaw-1 exploration well in Suriname's Block 64 by mid-May 2025. According to the state-owned...

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