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Coronavirus pushes oil towards the abyss

OilNOW -
The crude oil market is staring into an abyss. The challenges are physical – dealing with extreme oversupply – and financial, with market participants from wellhead to forecourt under severe duress. Ann-Louise Hittle and Alan Gelder, who, respectively, lead...
Opinions

Policy interventions for Guyana’s dependency on crude oil and financial implications

Bobby Gossai, Jr. -
In the context of the oil price volatility (OVP), which is occurring, the global dependency on crude oil has serious financial implications; chiefly, trade deficits are now foremost the result of expenditure allocated to crude oil imports. Expenditure devoted...
News

Half the world under ‘stay at home’ orders as COVID-19 cases surpass 1 million

OilNOW -
(S&P Global) At the conclusion of a difficult week, the world surpassed 1 million confirmed cases of coronavirus and the total global death toll neared 60,000. A new wave of infections prompted China and Singapore to reinstate lockdowns over...
News

OPEC+ poker game on Monday: Russia holds better cards than Saudi Arabia

OilNOW -
A month after the last unproductive OPEC+ meeting and with COVID-19 slashing demand amid the ongoing price war, the US has managed to broker a new extraordinary meeting for oil-producing nations. Russia and Saudi Arabia will be back to the...
News

Brazil’s Petrobras makes new oil discovery at Santos Basin

OilNOW -
Brazilian oil and gas company Petrobras said Thursday it has identified the presence of oil in the pioneer well of the Uirapuru block, located in the Santos Basin pre-salt. In a press release, the company said that the pioneer well,...
News

Low O&G prices, COVID-19 will hit an already vulnerable TT hard – Ramnarine

OilNOW -
Former Minister of Energy and Energy Affairs of Trinidad and Tobago Kevin Ramnarine says that the Twin-Island Republic will be hit hard by the fall in oil and natural gas prices which is wreaking havoc in the energy market...
Exploration

Largest number of bankruptcy filings in modern history in play as US upstream industry braces for impact

OilNOW -
Whiting Petroleum this week opened the door of Chapter 11 filings but will not be the only company to cross that threshold. As the US upstream industry is heavily indebted, the current price environment is likely to create the...
News

Tullow gets approval for $1.9 billion debt capacity

OilNOW -
Tullow Oil plc said Friday it has completed the bi-annual redetermination of its Reserves Based Lending (RBL) credit facility with $1.9 billion of debt capacity approved by the lending syndicate. As a result, the Group has c.$700 million liquidity...
News

Over US$1.2M in royalty for NRF by month end…Liza production surpasses 1.7 million barrels in January

OilNOW -
Oil production from the Liza Phase 1 Development at Guyana’s Stabroek Block amounted to 1,745,930 barrels for the month of January which is equivalent to 56,320 barrels of oil per day. Guyana’s Ministry of Finance said on Thursday in its...
News

Apache, Total make second discovery offshore Suriname

OilNOW -
Apache Corporation (NYSE, Nasdaq: APA) and Total S.A. (NYSE: TOT) on Thursday announced a significant oil discovery at the Sapakara West-1 well drilled offshore Suriname on Block 58. The well was drilled using the Noble Sam Croft with Apache as operator...
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Technip Energies highlights collaborative role in GranMorgu FPSO project

PARAMARIBO, SURINAME  - In an exclusive interview with OilNOW during the Suriname Energy, Oil & Gas Summit (SEOGS) 2025,...

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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