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Oil jumps after Trump orders Navy to “shoot down and destroy” Iranian gunboats

OilNOW -
US President Donald Trump said Wednesday that he has ordered the Navy to “shoot down and destroy” any Iranian gunboats that harass U.S. ships, a directive that comes a week after the Navy reported a group of Iranian boats made...
News

Trump orders US oil major to leave Venezuela by December 1

OilNOW -
(MarketWatch) The Trump administration on Tuesday ordered Chevron Corp. to “wind down” operations in Venezuela by Dec. 1, barring the California-based oil giant in the meantime from drilling or exporting, as the U.S. increases pressure on President Nicolás Maduro...
News

Oil storage, price and Guyana’s production

OilNOW -
As the coronavirus pandemic continues to crush oil demand globally, the oversupply of crude is placing a growing strain on storage capacity. In the US this resulted in the May contract for U.S. West Texas Intermediate (WTI) futures tumbling into negative territory...
Exploration

High impact exploration set for major decline…Guyana not likely to be affected

OilNOW -
Energy market research and intelligence company Westwood says exploration plans are being redrawn and the well count is expected to drop globally by as much as 35% on 2019 levels as a result of the double whammy of the...
News

Seismic industry revenues to nearly evaporate in 2020 – Rystad Energy

OilNOW -
The COVID-19 pandemic and the current low-oil-price environment have pushed global exploration and production operators to cut costs, scrapping all but the most vital of their investment plans. The supply industry that will suffer the most as a result...
News

Oil price collapse a ‘body blow’ for North Sea oil and gas sector, industry chief warns

OilNOW -
The collapse in global crude prices, led by the US, is a “body blow” for the North Sea industry, and government help will be needed to protect the sector, industry group Oil & Gas UK’s chief executive Deirdre Michie...
Exploration

Low oil price could squeeze out 4 million b/d of non-OPEC supply – WoodMac

OilNOW -
The OPEC+ ‘deal of the century’ last weekend changes oil market dynamics in the short run. The 10 million b/d production cut from May is huge, amounting to 10% of global supply, and it’s needed says Simon Flowers, Chairman,...
News

Large oil traders vie for Guyana marketing deal despite price plunge

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(Reuters) - Guyana has attracted interest from several oil trading companies for a contract to serve as the marketing agent for the government’s share of the country’s crude, despite a plunge in global prices, four people familiar with the...
News

Halliburton suffers net loss of $1 billion and 12% decrease in revenue in Q1 2020

OilNOW -
Halliburton Company announced on Monday that it made a net loss of $1.0 billion, or $1.16 per diluted share, for the first quarter of 2020. According to the company, this compares poorly to net income for the first quarter...
News

Tullow Oil appoints Rahul Dhir as CEO

OilNOW -
Tullow Oil plc on Tuesday announced the appointment of Rahul Dhir as Chief Executive Officer and an Executive Director of the Group. Dhir will take up his appointment from July 1, 2020 and Dorothy Thompson, currently Executive Chair of...
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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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