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Oil declines, but losses limited as U.S.-China near trade deal

OilNOW -
(Reuters) - Oil prices slipped on Monday but held near recent three-month highs amid optimism that the United States and China are close to signing a trade deal, with President Donald Trump saying an agreement would be signed “very...
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The political economy of Guyana’s natural resource funds

Bobby Gossai, Jr. -
The economic case for natural resource funds is surprisingly weak. There is, however, an important political rationale for resource funds. The importance of natural resource funds (NRFs) lies in the effects that they have on the incentives facing political...
News

Guyana opposition flays government’s handling of oil sector as production begins

OilNOW -
A day after the official announcement signalling the start of oil production in Guyana, the main opposition party restated its position that the government has done a poor job in managing the emerging petroleum sector and preparing for the...
News

Energy Dept urges due diligence, commitment to best practices as Guyana attains oil producer status

OilNOW -
The much-anticipated start of oil production was announced last evening in Guyana signaling the dawn of a new era for the small nation of just over 750,000 people. In a statement following the announcement by the country’s president, David Granger,...
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Guyana’s 1st floating oil complex moored in position for decades of oil production

OilNOW -
Stretching from Quamina Street in downtown Georgetown all the way to New Market Street, some 1,115 feet away, the Liza Destiny Floating Production Storage and Offloading (FPSO) vessel, at its highest point, is taller than the St. George’s Cathedral. The...
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Guyana is now an oil producing nation

OilNOW -
The South American country of Guyana has joined the league of petroleum producing nations with the official start of oil production at the Liza Phase 1 Development, announced on Friday December 20 by President David Granger, who proclaimed the...
News

Stabroek Block, Santos Basin set to add over 2.5 million b/d production by 2025 – WoodMac

OilNOW -
The prolific Stabroek Block offshore Guyana and neighbouring Brazil’s Santos Basin will add millions of barrels of oil to global production by 2025, industry analyst Wood Mackenzie said in a recent report. The consultancy group said a challenging few years during...
News

Capacity constraints casting dark cloud over oilfield service industry – Rystad Energy

OilNOW -
A dark cloud of capacity constraints is casting a shadow over the oilfield service industry heading into 2020, mirroring the sharp growth in the number of new projects being brought forward by oil and gas operators. About 250 new...
News

Singapore jails tanker captain in Shell oil heist case

OilNOW -
(Reuters) - The captain of a Vietnamese oil tanker has been jailed for over five years in Singapore for his role in a scheme that saw around $150 million of oil stolen from Shell’s biggest refinery over several years. Doan...
News

Trinidad discoveries signal possible resuscitation of onshore production – Kevin Ramnarine

OilNOW -
Former Minister of Energy of Trinidad and Tobago Kevin Ramnarine believes that three recent discoveries of oil or natural gas in South Eastern Trinidad are a significant development and proves that land-based oil production can possibly be resuscitated in...
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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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