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Global economy will not stay paralyzed; oil heading to $40 – OPEC president

OilNOW -
OPEC rotating president and Energy Minister of Algeria, Mohamed Arkab, believes oil prices will rise to $40 per barrel following the implementation of the OPEC+ output cut deal on May 1. Speaking during an interview on the country’s national radio...
News

Petronas refutes claims of shutting down 14 deepwater projects

OilNOW -
Malaysian oil and gas company Petroliam Nasional Bhd (Petronas) over the weekend refuted media reports that it had deactivated 14 of its oil rigs. “Petronas would like to clarify that the Company has not shut down any of its rigs,...
News

Guyana’s next FPSO will be first of its kind in the world

OilNOW -
The Liza Unity Floating Production Storage and Offloading vessel (FPSO) being built by Dutch floater specialist SBM Offshore is the first of its kind to be constructed under the company’s pioneering Fast4Ward program which aims to transform business by...
News

Oil prices skid on oversupply, storage concerns

OilNOW -
Oil prices fell on Monday on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic. According to a Reuters report, U.S. oil futures led losses, falling by more than $2 a barrel on fears that storage...
News

BP revises $5.6 billion Alaska deal after oil price crash

OilNOW -
UK-based multinational oil and gas company BP said on Monday it had amended some financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp following the recent slump in oil prices, which may lead...
News

‘Water-based’ crude producers can stay afloat…for now – TT Energy Minister

OilNOW -
While trading at Brent futures does not necessarily provide insulation from the oil price volatility gripping the global industry at present, it puts producers in this class in a better position to rally as storage space for crude continues...
News

Guyana battling oil crisis, global pandemic and internal conflict

OilNOW -
The International Energy Agency (IEA) says low oil prices impact the livelihood of millions of people employed along the oil industry’s extensive value chain. The IEA said too that low prices damage the economies of weaker producing countries where...
News

Loaded tankers unable to discharge fuel forces Pemex to declare force majeure on imports

OilNOW -
Mexican state oil company Pemex has declared force majeure over fuel imports from its trading arm PMI Comercio Internacional, two sources with knowledge of the decision told Reuters on Thursday, as demand craters due to fallout from the coronavirus...
Opinions

Network structure of oil producing countries and the impact of oil price changes

Bobby Gossai, Jr. -
Fluctuations in oil prices have caused oil-producing countries to design policies to control the global oil production and increase oil prices. The Organization of the Petroleum Exporting Countries (OPEC) regularly takes actions to coordinate its members’ oil production decisions...
News

Halliburton follows Chevron in halting Venezuelan operations

OilNOW -
Oilfield services provider Halliburton Co said on Friday it would cease most of its operations in Venezuela after the U.S. Treasury Department imposed tight new regulations on oil and gas companies doing business in the South American nation, Reuters...
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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...

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