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Oil drops more than 6% to 18-year low as global demand evaporates

OilNOW -
(CNBC) U.S. oil dropped to an 18-year low on Monday as demand continues to evaporate, and as Saudi Arabia and other OPEC+ nations prepare to ramp up production. With much of the world in lockdown as the coronavirus pandemic rages...
News

State capacity deficits put Venezuela among top 5 countries most vulnerable to COVID-19

OilNOW -
South American oil producer Venezuela is listed among the top 5 countries most vulnerable to the COVID-19 pandemic due to major deficiencies in the state’s capacity to tackle the disease. On Monday IHS Markit launched its COVID–19 Country Vulnerability Index,...
News

Chinese specialists arrive in Venezuela to combat coronavirus

OilNOW -
On Monday morning a HAINAN Airlines flight from Beijing arrived in the Venezuelan capital, Caracas, to deliver aid and transport several medical specialists to help fight the coronavirus (COVID-19) pandemic, according to a report on teleSUR. According to reports, the HAINAN...
Exploration

Global E&P CAPEX will reach 13-year low as COVID-19, price war persist – Rystad Energy

OilNOW -
Global capital expenditure (CAPEX) for exploration and production firms (E&Ps) is expected to drop by up to $100 billion this year, about 17% versus 2019 levels, under Rystad Energy’s updated base case scenario of $34 per barrel in 2020...
News

Guyana can learn from the Venezuelan crisis

OilNOW -
Venezuela provides a window to a dystopian future. The country’s neighbour to the east, Guyana, is developing its first offshore oil and gas finds made in the past five years. There’s a growing number of them; the 16th discovery...
News

Baker Hughes reports US drilling rigs drop by 44

OilNOW -
Baker Hughes’ latest Rig Count revealed that as at March 27, 2020 the count of active United States drilling rigs has dropped by 44 to 728 after falling by 20 one week earlier. In addition, the US active rig...
News

Conex Oil and Gas acquires Total’s Liberia and Sierra Leone businesses

OilNOW -
Liberia’s Conex Oil and Gas Holdings Limited (Conex) on Wednesday March 25, 2020 signed an agreement with Total to acquire Total Liberia and Total Sierra Leone, which are leaders in the importing and marketing of petroleum products throughout their...
Featured

Tullow utilizing Ebola-tested contingency strategies against COVID-19

OilNOW -
Tullow Oil PLC is using contingency plans developed to avoid the dreaded Ebola outbreak in Africa to craft strategies to guard its employees against the virulent novel coronavirus (COVID-19). The virus has to date infected more than 575,000 persons...
Opinions

Responses to oil price volatility for Guyana’s emerging oil economy

Bobby Gossai, Jr. -
The occurrence of certain events is probable in the precarious economic environment created by Oil Price Volatility (OPV); inflation and unemployment are both likely to increase, while investment, stock market returns, consumer demand, and industrial production are likely to...
News

Rosneft hands Venezuelan oil business to Russian state firm

OilNOW -
(AP) — Russia’s Rosneft oil company said Saturday that it’s halting operations in Venezuela and selling its assets there to a company fully owned by the Russian government, a move apparently intended to protect Russia’s largest oil producer from...
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Keystone Consulting debuts at OTC: set to deliver grounded market intelligence on Guyana, region 

Houston, Texas, United States - Keystone Consulting (Guyana) Inc., a new research, marketing, and business intelligence firm, was officially...

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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