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Hess reports US$2.4 billion loss – Liza field helps boost production

OilNOW -
Hess Corporation reported Thursday a net loss of $2,433 million, or $8.00 per common share, in the first quarter of 2020 even as oil production increased due in part to output from the Liza Phase 1 Development offshore Guyana. “Our priorities...
News

Credit Suisse sees 9 development phases at Stabroek Block with production ballooning to more than 1 million bpd

OilNOW -
Zürich-based investment bank Credit Suisse sees potential at Guyana’s Stabroek Block for 9 development phases that would push production well above 1 million barrels of oil per day and expects the resource estimate on the block to further increase...
News

Noble books $1.1 billion in Q1 losses as Guyana offshore helps to offset decline in operating days

OilNOW -
Noble Corporation on Wednesday reported a net loss of $1.1 billion or $4.25 per diluted share for the first quarter of 2020, on total revenues of $281 million. Noble said the adjusted results for the first quarter compared to a net loss attributable to...
Exploration

Canada-based energy company inks deal to sell TT gas

OilNOW -
Touchstone Exploration said on Monday after markets closed that it had inked a deal for the sale of natural gas and gas liquids produced from the Ortoire block in Trinidad and Tobago. The Canada-based oil and gas explorer said it had signed...
News

Guyana’s 65-day election could be over in another 25

OilNOW -
South America’s newest oil producer Guyana could be moving to finally conclude its presidential election which took place on March 2. A recount of all the votes cast is set to get underway today on the outskirts of the...
News

Plans to ramp up production to 340,000 bpd by 2022 on schedule – Energy Department

OilNOW -
The giant Liza Phase 2 Development Project offshore Guyana remains on course for production startup in 2022, the country’s Department of Energy (DE) has said. Liza Phase 2 will have a production rate of up to 220,000 barrels of oil...
News

Oil prices fall as rising U.S. inventories reassert supply concerns

OilNOW -
Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. According to...
News

Venezuela crude output keeps sliding, fields shut due to fire damage

OilNOW -
Venezuela’s oilfields produced 687,000 barrels of crude last Saturday, up from 653,000 barrels on Friday but below the 718,000 barrels per day (bpd) the country said it produced in March, according to documents seen by Reuters on Monday. The drop...
News

Guyana much closer to selecting firm for 2D, 3D seismic survey of offshore blocks

OilNOW -
After receiving seven applications and completing a significant portion of the evaluation process, Director of the Energy Department, Dr. Mark Bynoe has disclosed that Guyana is just a few steps away from declaring the company that will be conducting...
News

Equatorial Guinea grants two year extensions on oil & gas exploration

OilNOW -
(Reuters) - Equatorial Guinea has granted oil and gas companies two-year extensions on their exploration programmes, a statement from the hydrocarbons minister said. The move is an effort to keep investments flowing into the nation’s energy industry amid a historic...
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Latest News

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Guyana seeking firm to construct new NGL storage and offloading facility 

The Guyana government has launched a two-part procurement process for the development of a natural gas liquids (NGL) storage...

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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