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Guyana-Suriname basin stratigraphic traps delivering multi-billion barrel pay – Westwood

OilNOW -
More oil and gas were discovered in stratigraphic traps than any other trap type in the last decade and the Guyana-Suriname basin remains one of the most prolific. Excelling in stratigraphic trap exploration is now the key to top...
News

Canada upstream spending moving to 20-yr low, shut-ins could reach 1.2 million bpd

OilNOW -
As a result of recent guidance revisions and the wider collapse in drilling and completion activity in Western Canada, Rystad Energy now expects total 2020 Canadian upstream spending to fall below C$21 billion. This represents a 41% year-over-year decline,...
News

Brazil issues new end-of-life rules for oil and gas fields

OilNOW -
Brazil's National Petroleum Agency (ANP) issued new rules and procedures on Monday for deactivating mature oil and natural gas fields that should result in about $5 billion in investments over the next five years as Latin America's biggest producer...
Exploration

BP profits dive 66% as UK O&G industry faces 30,000 job losses

OilNOW -
BP's first quarter profit has dived by two thirds after the global coronavirus crisis hit demand for oil. The oil giant warned it was facing an "exceptional level of uncertainty" after a sharp reduction in the need for its products. Lockdowns...
Exploration

Final modules for Johan Castberg Turret Mooring System set sail for Singapore

OilNOW -
Dutch floater specialist SBM Offshore on Monday announced the sailaway of the last two modules for the Turret Mooring System, destined for Singapore for integration into the hull of Equinor’s Johan Castberg FPSO. This milestone represents the successful completion...
News

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...
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bp makes 10th discovery of the year, its largest in 25 years

bp announced a major oil and gas discovery at the Bumerangue prospect in deepwater offshore Brazil, its tenth discovery...

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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