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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...
News

Guyana-Suriname basin stratigraphic traps delivering multi-billion barrel pay – Westwood

OilNOW -
More oil and gas were discovered in stratigraphic traps than any other trap type in the last decade and the Guyana-Suriname basin remains one of the most prolific. Excelling in stratigraphic trap exploration is now the key to top...
News

Canada upstream spending moving to 20-yr low, shut-ins could reach 1.2 million bpd

OilNOW -
As a result of recent guidance revisions and the wider collapse in drilling and completion activity in Western Canada, Rystad Energy now expects total 2020 Canadian upstream spending to fall below C$21 billion. This represents a 41% year-over-year decline,...
News

Brazil issues new end-of-life rules for oil and gas fields

OilNOW -
Brazil's National Petroleum Agency (ANP) issued new rules and procedures on Monday for deactivating mature oil and natural gas fields that should result in about $5 billion in investments over the next five years as Latin America's biggest producer...
Exploration

BP profits dive 66% as UK O&G industry faces 30,000 job losses

OilNOW -
BP's first quarter profit has dived by two thirds after the global coronavirus crisis hit demand for oil. The oil giant warned it was facing an "exceptional level of uncertainty" after a sharp reduction in the need for its products. Lockdowns...
Exploration

Final modules for Johan Castberg Turret Mooring System set sail for Singapore

OilNOW -
Dutch floater specialist SBM Offshore on Monday announced the sailaway of the last two modules for the Turret Mooring System, destined for Singapore for integration into the hull of Equinor’s Johan Castberg FPSO. This milestone represents the successful completion...
News

Global economy will not stay paralyzed; oil heading to $40 – OPEC president

OilNOW -
OPEC rotating president and Energy Minister of Algeria, Mohamed Arkab, believes oil prices will rise to $40 per barrel following the implementation of the OPEC+ output cut deal on May 1. Speaking during an interview on the country’s national radio...
News

Petronas refutes claims of shutting down 14 deepwater projects

OilNOW -
Malaysian oil and gas company Petroliam Nasional Bhd (Petronas) over the weekend refuted media reports that it had deactivated 14 of its oil rigs. “Petronas would like to clarify that the Company has not shut down any of its rigs,...
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SBM Offshore Guyana and VMFA inspire young female athletes at Kickin’ Conversations 2025

SBM Offshore Guyana, in collaboration with the Vurlon Mills Football Academy (VMFA), successfully hosted its second ‘Kickin’ Conversations’ empowerment...

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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