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PETRONAS launches seismic survey in Suriname’s Offshore blocks 63 and 52

OilNOW -
PETRONAS Suriname E&P B.V. (PSEPBV), a subsidiary of the Malaysian energy giant, has announced plans to conduct a 3D seismic acquisition across Offshore Block 63 and the Ironman Prospect in Block 63/52, Suriname. This follows the signing of the...
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Guyana seeks consultant to review Exxon’s Hammerhead proposal

OilNOW -
The Guyana government is seeking a consultant to review and evaluate ExxonMobil's proposed Hammerhead oil development, its seventh offshore project.  A request for expressions of interest, issued through the Ministry of Natural Resources, aims to secure consulting services with part...
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Capital One lowers Hess’ Q3 2024 earnings forecast

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Capital One Financial has revised its Q3 2024 earnings forecast for Hess Corporation, lowering its estimate from US$2.45 per share to US$1.80. This adjustment was shared in a report to investors on October 3rd.  Analyst P. Johnston also provided updated...
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Rystad Energy reports rising oil project costs amid inflation and supply chain disruptions

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Rystad Energy has reported a continued rise in the cost of developing new upstream oil projects, driven by inflation and supply chain issues. The latest research shows that the average breakeven cost for non-OPEC oil projects has climbed to...
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“Bluffing didn’t work” – Seeking Alpha Analyst on CGX, Frontera losing Guyana’s Corentyne Block 

OilNOW -
Guyana has taken control of the Corentyne Block from Frontera Energy and its partner, CGX Resources. This move follows a series of unmet contract obligations. Frontera and CGX had been working on this block for some time, with CGX...
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Guyana and Brazil drive US$189 billion offshore investment surge

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Guyana and Brazil are leading a massive investment wave in South America’s offshore oil sector, accounting for a significant portion of the region’s US$189 billion in conventional greenfield capital expenditure between 2020 and 2030, according to Rystad Energy.  Rystad said...
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ExxonMobil expects Q3 2024 earnings to drop, impacted by lower commodity prices and industry margins

OilNOW -
ExxonMobil forecasts a dip in Q3 2024 earnings due to market factors, with estimated total earnings at US$9.2 billion.  ExxonMobil’s advantaged assets in Guyana, Permian Basin pushing it well ahead of competition | OilNOW A key factor is declining liquid prices,...
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Norwegian, British firms among bidders to conduct 3D seismic study offshore Guyana

OilNOW -
Guyana's National Procurement and Center Administration Board published a list of four bidders for a contract to conduct a 3D Multi-Client Seismic Survey offshore Guyana:  The four bidders are PSS-GEO from Norway, CGG Veritas Services UK Ltd. from the United...
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2024 withdrawals from oil fund now at US$1.150 billion – Guyana’s Finance Ministry 

OilNOW -
To date, a total of US$1.150 billion (GY$239.176 billion) has been withdrawn from Guyana’s Natural Resource Fund (NRF), the Ministry of Finance said in a recent update.  Guyana transferred US$300 million (GY$62.394 billion) to the Consolidated Fund on Oct. 1,...
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Guyana congratulates Suriname as interest in gas monetization grows

OilNOW -
Guyana’s Vice President, Bharrat Jagdeo, said he looks forward to the potential “shared infrastructure” Guyana and Suriname can have as contiguous states with significant petroleum resources.  TotalEnergies recently announced its final investment decision (FID) for the Block 58 Gran Morgu...
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Guyana’s AFC party promises transparency, amended contracts in oil sector if it wins elections

Guyana’s Alliance for Change (AFC) political party is promising oil and gas transparency reforms and a review of existing...

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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