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Big investors cut net holdings in most oil majors in Q1 after prices tumble

OilNOW -
Large institutional investors decreased their net holdings in many of the world's largest integrated oil and gas majors in the first three months of the year as measures to curb the spread of COVID-19 crushed petroleum demand, crashed oil...
News

Salvation Army welcomes support from ExxonMobil to help Guyanese affected by COVID-19 measures

OilNOW -
When COVID-19 cases began appearing in Guyana resulting in quarantine measures and reduced economic activity, the Salvation Army Guyana Division had to move quickly to ensure that persons in need still got fed; but there was one big hurdle—funding. Persons...
Opinions

Options for Guyana’s crude oil disposition

Bobby Gossai, Jr. -
Crude oil to be produced from an Exploitation Area shall be taken and disposed of in accordance with the rules set out in the agreed lifting procedures. Arguably, this is the best and the hardest option. It presupposes that...
News

China, India soak up oil from floating storage as demand recovers

OilNOW -
(Reuters) - The volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a recovery in demand in China and India, trade sources and analysts said. A total of 3.4 million tonnes...
News

Liza crude now listed on Platts periodic table of oil

OilNOW -
Like the periodic table of elements, S&P Global Platts has compiled a list of different crudes ranging from lightest to heaviest. The oil being produced at the Liza Field offshore Guyana is now listed on that table. Platts says the...
News

Greenfield investments headed for lowest level since 1970s – Rystad Energy

OilNOW -
The outbreak of COVID-19 and the drop in oil prices has caused E&P companies to cut back on investments. This is especially the case for approvals of new investments, Rystad Energy said in its latest COVID-19 report. The chart below...
Exploration

Tullow says 57 workers test positive for COVID-19 on Ghana support vessel

OilNOW -
(Reuters) - Tullow Oil said in a statement on Friday that 57 workers tested positive for COVID-19 onboard a support vessel at its production facilities offshore Ghana. One other worker tested positive on another storage and production vessel. Production was unaffected,...
News

ICJ will open hearings on jurisdiction for Guyana-Venezuela border case on June 30

OilNOW -
Public hearings on the question of the International Court of Justice’s (ICJ) jurisdiction in the case concerning the Arbitral Award of October 3, 1899 (Guyana v. Venezuela) will open on Tuesday June 30, 2020 at 2 p.m. at the...
News

A big deal: Transparency in Guyana’s booming oil sector

OilNOW -
A note from the Extractive Industries Transparency Initiative Recent oil discoveries looked certain to transform Guyana’s economy. But the oil price shock could alter Guyana’s expected windfall and prospects of becoming a leading oil-producing nation. Faced with the repercussions of Covid-19,...
News

Guyana urged to avoid gasoline subsidies, over-dependence on its multi-billion-barrel oil resources

OilNOW -
With 16 discoveries, 8 billion barrels of recoverable oil resources and the start of production all in just under five years, Guyana is now one of the best-known newcomers to the league of petroleum producing nations. While the significant hydrocarbon...
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Energy Chamber Head urges Guyanese youths to embrace long-term opportunities in oil sector 

President of the Guyana Oil and Gas Energy Chamber (GOGEC), Manniram Prashad, has called on Guyanese youth to embrace...

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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