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Traders expected in Guyana within days to bid on oil cargoes

OilNOW -
At least half a dozen traders from Houston, Geneva and London are set to arrive in Guyana this weekend to bid on some of the first oil cargoes to be produced by the tiny South American nation. "After careful consideration,...
News

Global upstream investments set to decline in 2020

OilNOW -
Rystad Energy is forecasting that overall global upstream investments in 2020 will decrease by around 4%. Investments in shale/tight oil are expected to contract the most next year by almost 12%. Rystad Energy believes that the lower oil price and...
News

Mexico’s major oil find could strangle foreign investment for years: analyst

OilNOW -
(S&P Global Platts) Pemex's massive new oil discovery at the Quesqui field might paradoxically prove to be the worst news of 2019 for Mexico's energy sector, as it will be used to justify a shunning of badly needed private investment...
News

USAID $500K project to boost Guyana’s transparency efforts

OilNOW -
The United States Agency for International Development announces a $500,000 USD Extractive Industries Transparency Project to promote transparency and good governance in Guyana’s extractive industries. According to a statement from the US Embassy in Georgetown on Friday, the aim of...
News

Safety first, then first oil – production imminent

OilNOW -
From the first discovery announced in May 2015, to first oil, now potentially just days away; the tremendous work that has gone into bringing the Liza Phase 1 Development project to the point of production will soon pay off. The...
News

Oil fields above $60 break-even will be priced out – Stabroek remains viable

OilNOW -
Energy projects that need oil prices above $60 per barrel in order to break even risk being uncommercial going forward, according to Rystad Energy. However, massive investments in exploration and sanctioning are still needed to meet growing global demand. As...
News

Venezuela increases oil output amid drive to keep world inventories low

OilNOW -
(MercoPress) The Organization of Petroleum Exporting Countries (OPEC) reported on Wednesday a gradual recovery in Venezuela's oil production with a figure of 912,000 barrels per day (bpd), 151,000 above October's output, as the Venezuelan Government continues to target February's...
News

Permian operators must drill more wells to maintain current production levels – IHS Markit

OilNOW -
Oil and gas operators in the Permian Basin, the most prolific hydrocarbon resource basin in North America, will have to drill substantially more wells just to maintain current production levels and even more to grow production, owing to the...
Exploration

SBM Offshore firms up contract with Petrobras for FPSO Sepetiba

OilNOW -
SBM Offshore said on Wednesday it has signed contracts with Petróleo Brasileiro S.A. (Petrobras) for the 22.5 years lease and operation of FPSO Sepetiba (formerly known as Mero 2). These contracts follow the signing of the binding Letter of...
News

Saudi Aramco touches $2 trillion in value on second day of trading

OilNOW -
(The Guardian) Saudi Aramco has touched a market value of $2tn a day after the Saudi state-backed oil company made its stock market debut. The shares rose almost 10% at the open on the second day of trade on Riyadh’s Tadawul...
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NewsShikema Dey -

Venezuela risks more sanctions if unlawful election is held in Essequibo this May – Greenidge 

Venezuela risks triggering even more international sanctions if it proceeds with its unlawful elections in Guyana’s Essequibo region. The...

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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