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Guyana oil potential remains strong, but country must avoid becoming another Venezuela

OilNOW -
Venezuela, the country with the largest proven oil reserves in the world, continues to experience a rapid decline in output, reaching just around 300,000 b/d at the start of July – the lowest in several decades. The United States Congressional...
News

Heavy oil at Orinduik Block becoming more attractive as Venezuela’s supply dwindles – Gil Holzman

OilNOW -
Even though the oil discovered in the Jethro and Joe wells at the Orinduik block turned out to be heavier than expected, one of the partners of the offshore license, Eco Atlantic, is convinced that the attractiveness of the...
News

Oil can help Guyana feed the region, become leader in renewables – UK High Commissioner

OilNOW -
British High Commissioner to Guyana, Greg Quinn, says the new oil producing country now has a real opportunity to use those revenues to strengthen its agriculture industry making it once again the breadbasket of the Caribbean, and perhaps even...
Exploration

Liza Crude could be ‘oil of choice’ as refiners seek lighter, sweeter blend

OilNOW -
The relaxing of COVID-19 lockdown measures is resulting in more vehicles taking to the roads and this is driving up the demand for lighter, sweeter oil which refiners need to produce gasoline. With a sulfur level of 0.51% and...
News

Exxon signals second quarterly loss in a row on production, refining hits

OilNOW -
(Reuters) - Exxon Mobil Corp’s oil and gas producing and refining businesses will report operating losses in the second quarter, it said in a regulatory filing on Thursday, setting the stage for the company to post another quarterly loss...
News

SBM Offshore secures US$600 million bridge loan for FPSO Sepetiba

OilNOW -
SBM Offshore on Wednesday announced the closure of a US$600 million bridge loan facility for the financing of the construction of FPSO Sepetiba, to be deployed in the Santos Basin offshore Brazil. The facility was secured by the special purpose company...
News

Business Chamber bids farewell to ExxonMobil Guyana President

OilNOW -
The Georgetown Chamber of Commerce and Industry (GCCI) on Thursday bid farewell to President of ExxonMobil Guyana, Rod Henson, who will be leaving to take up a new post in Houston soon. GCCI members joined the event virtually at which...
News

Hundreds of Guyanese businesses accessing CLBD’s online training courses

OilNOW -
Hundreds of Guyanese businesses are benefitting from a wide range of online training courses being offered by the Centre for Local Business Development (CLBD) as COVID-19 restrictions continue to prevent indoor sessions from being conducted. Since its establishment in 2017,...
News

World will still rely on oil and gas for much of its energy needs beyond 2040 – WoodMac Analysts

OilNOW -
In keeping with the goal of the Paris Agreement which calls for a limit to the increase in global temperatures to below 2 degrees Celsius by 2040, countries have begun the transition to renewable forms of energy. In the...
News

Guyana remains cautious of Dutch disease even as oil takes GDP to an “impressive” 5.4 percent

OilNOW -
Following its latest assessment of the economy’s performance for the year 2019, the Government of Guyana has stated in its End of Year Outcome Report that the country’s Gross Domestic Product (GDP) grew to an “impressive” 5.4 percent. The...
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Oil Law 101Joanna Simmons -

The PAA Series: Management Themes (Part 6)

Management Themes (Part 5) introduced our discussions of matters pertaining to the development and production of a petroleum discovery....

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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