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CGX adjusts Guyana drilling plans but remains confident in potential of strategically positioned blocks

OilNOW -
Canadian-based CGX Energy Inc., operator at the Demerara and Corentyne Blocks offshore Guyana, has been left with no choice but to make adjustments to its 2020 drilling plans due to the effects of the COVID-19 pandemic. In its latest financial...
News

US company aiming to set up tubular fabrication plant in Guyana

OilNOW -
Dril-Quip Inc. and TRINPET Guyana Inc. have entered into a License and Services Agreement that includes the construction of a state-of-the-art tubular fabrication, maintenance and storage facility in Georgetown, Guyana. OilNOW understands the project is scheduled to commence this year with...
News

Producers may need to kill their old loss-making FPSO’s in this downturn – Rystad Energy tells us why…

OilNOW -
The swift oil price crash caused by the COVID-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. This is...
News

T&T is not the best example for Guyana to follow – Caribbean Economist

OilNOW -
The effects of the COVID-19 pandemic on the oil industry should help Guyana, South America’s newest oil producer, to understand a most valuable lesson — avoid heavy dependence on oil alone and diversify the economy at all costs. This...
News

Achieving carbon emission goals still possible with oil extraction – API Chief Economist

OilNOW -
Since the discovery of large volumes of oil offshore Guyana, and now becoming a producer, the ability to balance this with the country’s low carbon agenda has long engaged the attention of environmentalists, some of whom believe the two...
News

Hess charters 3 supertankers to store oil production

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(Bloomberg) -- Hess Corp. is chartering a trio of supertankers to hold more than half of its North Dakota crude production as rapidly filling storage forces some drillers to curtail output. The U.S. oil explorer said it has enlisted three...
Exploration

Apache spuds 3rd Suriname well as search for more crude intensifies

OilNOW -
Apache Corporation and Total S.A have spudded their third well offshore the South American country of Suriname. The two companies each hold 50% interest in Block 58 where they have made 2 discoveries to date. In the second half of...
News

Full-blown crisis in Trinidad & Tobago’s petrochemical sector

OilNOW -
There is now a full-blown crisis in Trinidad and Tobagio’s petrochemical sector, with four plants shut down in four months and word that more could be taken out of operation as the sector reels under low commodity prices and...
News

Struggling oil market finally stabilized but recovery will take up to 3 months – JP Morgan

OilNOW -
Global oil demand remains at historic lows as inventory vastly outpaces storage, but JPMorgan analysts think the worst of the commodity-market carnage is over, according to a report from Markets Insider. The coronavirus pandemic and the ignition of a price...
News

Chevron, Exxon curtail production as US shut-ins set to double

OilNOW -
US production of 616,000 barrels of oil per day (bpd) will be shut during May and 655,000 bpd during June as a result of the supply-demand imbalance that the Covid-19 pandemic has created, according to a Rystad Energy analysis...
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Guyana journalists explore the geopolitics of energy, climate change in pivotal three-day workshop

A three-day workshop on the Geopolitics of Energy and Climate Change in Latin America concluded on Sunday at Cara...

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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