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Venezuela’s PDVSA considers dramatic changes to revive oil production

OilNOW -
New leadership at Petroleos de Venezuela SA is considering a major overhaul that could see the company streamlining its oil business and even forsaking decades of state monopoly, according to people familiar with the matter, Bloomberg said in a...
News

Shell cuts dividends for the first time since World War II

OilNOW -
Oil major Royal Dutch Shell said on Thursday it will be cutting dividend to shareholders for the first time since World War II, following a dramatic decline in oil prices amid the coronavirus crisis. According to a CNBC report, the...
News

ExxonMobil, Stabroek co-venturers plug GY$60M into COVID-19 relief efforts

OilNOW -
The Civil Defence Commission (CDC), Salvation Army and Rotary Guyana have received more than GY$60 million to support COVID-19 relief programmes. ExxonMobil Guyana and the Stabroek Block co-venturers, Hess and CNOOC, are providing funds as part of the programme established...
News

US oil surges 16% as inventories reportedly rise less than expected

OilNOW -
West Texas Intermediate (WTI) for June delivery surged 17.10%, or $2.11, to $14.45 per barrel, while international benchmark Brent crude traded 4.8% higher at $21.49, CNBC reported on Wednesday. The surge higher came after data from the American Petroleum Institute showed Tuesday that U.S....
Exploration

Global exploration & production revenues will fall by staggering 1 trillion dollars – Rystad Energy

OilNOW -
The devastating effect of the COVID-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020. A Rystad Energy analysis shows that global E&P...
News

Guyana racking up millions in oil revenue – royalty payments to begin on April 30

OilNOW -
In addition to the almost US$55M that has already been deposited into the Natural Resource Fund (NRF) account held by the Bank of Guyana at the Federal Reserve Bank of New York, royalty payments are expected to begin this...
News

Trinidad & Tobago oil production hits lowest since 1950s

OilNOW -
Oil production in Trinidad and Tobago came down to the lowest point since the 1950s during the month of February this year as the Caribbean energy producing country continues to face challenges in its economy. Former energy minister Kevin Ramnarine...
News

Early April forecast sees oil demand falling by 15-18 million b/d – WoodMac

OilNOW -
Wood Mackenzie’s Macro Oils Service’s early forecast for April sees oil demand falling by as much as 18 million barrels per day year-on-year with some estimates topping the 20 million b/d mark. Simon Flowers, Chairman, Chief Analyst and author of...
News

Venezuela appoints alleged drug trafficker El Aissami as oil minister

OilNOW -
Venezuelan President Nicolas Maduro on Monday appointed his economy vice president, Tareck El Aissami, who has been indicted in the United States on drug trafficking charges, as oil minister, amid acute fuel shortages across the country, Reuters reported. Maduro named...
News

Petrobras reverses production cuts on higher-than-expected demand

OilNOW -
(Reuters) Brazilian state-run oil firm Petrobras has reversed most of its previously announced production cuts due to higher-than-expected demand for some fuels, it said on Monday, a surprising turnaround that may be tied to an aggressive bet on bunker...
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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...

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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