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TT suffered 20,000 job losses in five years; O&G sector employment reduced by 40 percent

OilNOW -
More than 20,000 people in Trinidad and Tobago have lost their jobs since 2015, with more than 5,500 being sent home when the Petrotrin refinery closed down on November 30, 2018 in what has been a slew of job...
News

Brent oil prices could slip below $60 in 2020 even in face of Middle East tensions

OilNOW -
Despite heightened tensions in the Gulf region following the US drone attack in Baghdad that killed Iranian General Qassem Soleimani, the resulting surge in oil prices will not be sustained. In fact, analyst expect to see a downward risk...
News

Suriname discovery contains 300 million barrels of oil, over 1 trillion cubic feet of gas – WoodMac

OilNOW -
UK-based global energy consultancy group Wood Mackenzie says based on its estimate the discovery announced last week off the coast of Suriname could contain hundreds of millions of barrels of oil and over a trillion cubic feet of gas,...
Opinions

Spending and political support from Guyana’s natural resources revenues

Bobby Gossai, Jr. -
There is an important fact that must be addressed for new oil-producing states such as Guyana: The government's spending decisions can affect the incumbent's likelihood of remaining in power. As the incumbent foresees these consequences, they will modify their...
News

Three years after $1 billion Venezuela deal, U.S. oilfield firm shuts doors

OilNOW -
(Reuters) - An Oklahoma oilfield company that played a central role in Venezuela’s high-profile attempt to convince the world it could halt production declines at its dilapidated oilfields has shut its doors, according to three people familiar with the...
News

China opens up oil and gas exploration, production for foreign, domestic firms

OilNOW -
(Reuters) - For the first time, China will this year allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants, as Beijing looks to...
Exploration

Exxon, Hess and CNOOC are 2019 top explorers – Rystad Energy

OilNOW -
Continued success offshore the South American country of Guyana is once again playing a major role in the addition of discovered volumes and value creation for US oil major ExxonMobil and its Stabroek Block co-venturers, Hess and CNOOC. “ExxonMobil can...
News

Trinidad must up oil production to reverse economic fortunes says Ramnarine

OilNOW -
Former Minister of Energy and Energy Affairs in Trinidad and Tobago Kevin Ramnarine believes that 2020 will be another year of weak growth in the twin-island republic due to the current over-supply of petroleum worldwide and the strong US...
News

North Sea to remain global hotspot in 2020 – WoodMac

OilNOW -
UK-based global energy consultancy group Wood Mackenzie says it will be a noteworthy year for the North Sea – companies will increase production for the first time since 2017 and the outlook for both exploration and investment is looking...
News

One dead, five injured after ingesting toxic liquid on Brazil-bound FPSO

OilNOW -
Dutch dredging and heavylift company Boskalis said in a statement on Thursday that an incident occurred earlier this week on board an FPSO which is currently being transported by the Vanguard from China to Brazil. During the journey a contractor, designated by...
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Improvements in infrastructure, productivity pushing Guyana’s non-oil GDP – IMF

Guyana’s oil sector is projected to account for a slightly smaller share of the country’s economy in 2025 for...

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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