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Venezuela crude output keeps sliding, fields shut due to fire damage

OilNOW -
Venezuela’s oilfields produced 687,000 barrels of crude last Saturday, up from 653,000 barrels on Friday but below the 718,000 barrels per day (bpd) the country said it produced in March, according to documents seen by Reuters on Monday. The drop...
News

Guyana much closer to selecting firm for 2D, 3D seismic survey of offshore blocks

OilNOW -
After receiving seven applications and completing a significant portion of the evaluation process, Director of the Energy Department, Dr. Mark Bynoe has disclosed that Guyana is just a few steps away from declaring the company that will be conducting...
News

Equatorial Guinea grants two year extensions on oil & gas exploration

OilNOW -
(Reuters) - Equatorial Guinea has granted oil and gas companies two-year extensions on their exploration programmes, a statement from the hydrocarbons minister said. The move is an effort to keep investments flowing into the nation’s energy industry amid a historic...
Production

Oil storage not an issue for Guyana at this point but all options being considered

OilNOW -
Even though global oil storage space continues to come under immense pressure following depressed demand, the situation is not one that has affected Guyana at this point. Be that as it may, nothing is being left to chance says...
News

Production at Liza Phase 1 expected to hit 120,000 barrels per day by June – Dr. Bynoe

OilNOW -
Oil production from the Liza Phase 1 Development is expected to reach its full capacity of 120,000 barrels per day by early June according to the Director of the Department of Energy in Guyana, Dr. Mark Bynoe. He told reporters...
Opinions

Protracted elections could see Guyana losing hundreds of millions from delay in project approvals

OilNOW -
By Kevin Ramnarine - OilNOW  Last Friday, in presenting its first quarter 2020 results, Exxon mentioned that the Payara project would be delayed by at most twelve months and the target of 750,000 barrels of oil per day (bopd) production...
News

Guyana should collaborate with industry stakeholders to consider oil storage alternatives – API’s Chief Economist

OilNOW -
As the COVID-19 pandemic continues to batter oil prices along with global demand, major exploration and production companies are growing concerned about storage space for all the oil that is not being consumed. It therefore means that along with making...
News

Saipem bags 280-million-euro contract for Baltic Pipe Project

OilNOW -
Italian-based oilfield services company Saipem has been awarded a contract by GAZ-SYSTEM S.A. for the transportation and installation of a natural gas pipeline between Denmark and Poland in the Baltic Sea. The contract, signed by its controlled subsidiary in U.K. Saipem...
News

Oil demand is beginning a slow and fragile recovery worldwide

OilNOW -
(Bloomberg) --Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting...
News

Finding oil is really hard, making money even harder

OilNOW -
(Journal of Petroleum Technology) As ExxonMobil announced discovery after discovery offshore Guyana, it sounded easy. Beginning with the Liza-1 discovery well, the giant oil company announced 16 successful exploration wells. There were four or five successful wells per year from...
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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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