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How will global catastrophe and domestic discord affect the ‘fastest growing economy in the world’?

OilNOW -
In November 2019, the International Monetary Fund gave Guyana the nod as the world’s fastest growing economy on the strength of ExxonMobil’s mega oil discoveries. The country became an oil producer just over three months ago when the price...
News

COVID-19 precautions ramped up as Liza Destiny FPSO continues to produce Guyanese oil

OilNOW -
Extensive measures remain in place and precautions are being taken to ensure the health and safety of personnel working onboard the 120,000 barrels per day Liza Destiny FPSO producing oil offshore the South American country of Guyana. SBM Offshore, the...
News

Noble drill contracts shortened due to oil price, COVID-19 woes

OilNOW -
Noble Corporation says as a result of the oil price war and the global COVID-19 outbreak, its oil drilling contracts have been shortened, drill ships placed on standby and day rates slashed. The US drilling corporation has updated its drill...
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Understanding the dynamics of the global oil market: OPEC and non-OPEC production

Bobby Gossai, Jr. -
Crude oil is a major component of modern lifestyle. It has played an important role in many world events for over a hundred years. Wars have been fought over crude oil, and energy security is one of the major...
News

Norway says still willing to cut oil output if OPEC+ plan implemented

OilNOW -
(Reuters) - Norway, Western Europe’s largest oil producer, said on Saturday the country was still considering cutting oil production if the OPEC+ group implemented its plan. “How any potential output cut will be carried out by Norway, and the size...
News

Record oil production cut hangs in balance as G20 meeting concludes with no specifics

OilNOW -
(CNBC) A record oil production cut hangs in the balance after energy ministers from the Group of 20 major economies on Friday agreed that stabilization in the market is needed but stopped short of discussing specific production numbers. “To underpin global...
News

Guyana oil production in best position to weather global price storm

OilNOW -
As disruptions in the global oil and gas industry intensify as a result of oil price shocks and the COVID-19 pandemic, companies have been forced to slow down or stop operations altogether. While the co-venturers at Guyana’s Stabroek Block...
News

Offshore drillers face up to $3 billion in contract cancellations – Rystad Energy

OilNOW -
The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling in particular is among the most affected industry segments. A Rystad Energy impact analysis estimates that drillers...
News

CNOOC plans to cut 2020 investment by up to 15%

OilNOW -
(Reuters) - China National Offshore Oil Corp (CNOOC) will trim annual investment by 10% to 15% in 2020, while maintaining its goal of increasing domestic crude oil and natural gas production for the year, the company said in a...
News

Canada leads global list of those in trouble, set to see above 1.1 million bpd halt

OilNOW -
The COVID-19 pandemic has devastated global oil demand triggering the start of shut-ins at operations around the world, led by Canada. A Rystad Energy analysis shows that Canada is the oil producer most affected so far, with the damage estimated...
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Improvements in infrastructure, productivity pushing Guyana’s non-oil GDP – IMF

Guyana’s oil sector is projected to account for a slightly smaller share of the country’s economy in 2025 for...

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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