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ExxonMobil lowers 2020 production target, slows Permian growth

OilNOW -
(S&P Global) ExxonMobil on Thursday lowered its 2020 total oil and gas production estimate about 7% to 3.9 million boe/d, which includes slowing operations slightly in the Permian Basin, based on both lower oil prices. In the West Texas/New Mexico...
Opinions

The potential economic effects of a global pandemic on the Guyanese economy

Bobby Gossai, Jr. -
The global economic activity will be more strongly affected by a pandemic with high infection rates rather than high virulence rates, all else being equal. At the regional level, regions with a higher degree of economic integration with the...
News

Largest oil and gas trade show in the world postponed

OilNOW -
Organizers of the Offshore Technology Conference announced that the event has been postponed to the third quarter of 2020. The group is working to confirm new dates for the event in August or September. Event organizers said in a statement...
News

As new producer Guyana enters market global oil demand set to decline by 600,000 bpd

OilNOW -
The volatile nature of the oil market is now becoming more evident than ever to new producer Guyana where production got underway just last December at ExxonMobil’s giant Liza field. Declining demand and prices mean producers around the world...
News

Sanctions-hit Venezuela offers big discounts as oil prices collapse

OilNOW -
(Reuters) - Venezuela’s oil company PDVSA was last week offering discounts of up to $23 per barrel on its flagship crude, traders said, as a collapse in global oil prices puts more pressure on the state-run firm, already reeling...
News

Apache targeting 3rd Suriname well after Sapakara campaign ends

OilNOW -
Apache Corporation (NYSE, Nasdaq: APA) said on Thursday that multiple actions are being taken in response to the current oil price environment. The company reduced its 2020 capital investment plan to a range of $1.0 billion to $1.2 billion from a previous range of $1.6...
News

Guyana should aim to produce 2 to 3 million barrels of oil per day ‘as quickly as possible’ – Mangal

OilNOW -
President and CEO of oilfield services company TOTALTEC, Lars Mangal, says if Guyana is to truly benefit from what he calls the closing window of opportunity due to the rise of renewable energy, oil production must be ramped up...
Exploration

Tullow to drill Suriname well in Q4 2020, remains hopeful of better-quality oil in Guyana

OilNOW -
UK-based Tullow Oil has confirmed that it will drill the Goliathberg-Voltzberg North prospect at Suriname’s Block 47 this year. The prospect lies approximately 260 kilometres off the coast of the country in 1,900 metres of water and is one of...
News

Carnage in Latin America as oil plummets; coronavirus fears rise

OilNOW -
(Reuters) - Mexico's peso was set for its worst day in 3-1/2 years on Monday and Colombia's peso slumped to a record low as the currencies of major crude oil exporters were hammered after oil lost a third of its value. Oil...
News

Exxon’s giant Hammerhead project will push Guyana production to three-quarter million bpd milestone

OilNOW -
ExxonMobil’s 4th proposed development project offshore the South American country of Guyana will produce approximately 150,000 - 190,000 barrels of oil per day (bpd), pushing total production at the Stabroek block to 750,000 bpd. This latest development, once approved,...
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NewsOilNOW -

Guyana journalists explore the geopolitics of energy, climate change in pivotal three-day workshop

A three-day workshop on the Geopolitics of Energy and Climate Change in Latin America concluded on Sunday at Cara...

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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