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Protracted elections could see Guyana losing hundreds of millions from delay in project approvals

OilNOW -
By Kevin Ramnarine - OilNOW  Last Friday, in presenting its first quarter 2020 results, Exxon mentioned that the Payara project would be delayed by at most twelve months and the target of 750,000 barrels of oil per day (bopd) production...
News

Guyana should collaborate with industry stakeholders to consider oil storage alternatives – API’s Chief Economist

OilNOW -
As the COVID-19 pandemic continues to batter oil prices along with global demand, major exploration and production companies are growing concerned about storage space for all the oil that is not being consumed. It therefore means that along with making...
News

Saipem bags 280-million-euro contract for Baltic Pipe Project

OilNOW -
Italian-based oilfield services company Saipem has been awarded a contract by GAZ-SYSTEM S.A. for the transportation and installation of a natural gas pipeline between Denmark and Poland in the Baltic Sea. The contract, signed by its controlled subsidiary in U.K. Saipem...
News

Oil demand is beginning a slow and fragile recovery worldwide

OilNOW -
(Bloomberg) --Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting...
News

Finding oil is really hard, making money even harder

OilNOW -
(Journal of Petroleum Technology) As ExxonMobil announced discovery after discovery offshore Guyana, it sounded easy. Beginning with the Liza-1 discovery well, the giant oil company announced 16 successful exploration wells. There were four or five successful wells per year from...
Exploration

ExxonMobil sees future demand for oil and gas increasing by 20% – Darren Woods

OilNOW -
As the global economy tightens under severe pressure brought on by the COVID-19 pandemic, demand for oil has plummeted to an all-time low creating a supply glut that has seen prices plummet as the world runs out of storage...
Opinions

Relationship between petrodollar and oil price shocks for Guyana

Bobby Gossai, Jr. -
The crude oil market has a dominant impact on the total connectedness of the crude oil currency-implied volatility relationship, suggesting that crude oil affects currencies more than currencies affect crude oil during oil price volatilities. However, during the crude...
News

Oil producers scramble to find ‘creative’ storage options after historic price crash

OilNOW -
An unprecedented collapse in oil demand has forced some producers to come up with “creative” measures in order to find places to store their crude, with one energy analyst describing the situation as like a “very elaborate game of...
News

Oil production offshore Guyana continues but project delays triggered by COVID-19 unavoidable

OilNOW -
Chairman and Chief Executive Officer of Exxon Mobil Corporation, Darren Woods told investors Friday that Guyana remains a key part of the oil major’s long-term growth plans. Although faced with the drop in oil prices and challenges resulting from...
News

Ongoing elections process in Guyana slowing down project approvals – ExxonMobil CEO

OilNOW -
A now two-month long delay in the completion of a presidential election in the South American country of Guyana is slowing down the project approvals for ExxonMobil’s third development at the 6.6 million acres Stabroek Block where the company...
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Letter-to-the-Editor: The Guyana Super League is redefining cricket in Guyana

As an aspiring cricketer and proud Guyanese, I’m excited to see how the Guyana Super League (GSL) is not...

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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