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Elections stalemate, COVID-19 present risks for Guyana despite fast-growth – World Bank

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While Guyana’s Gross Domestic Product (GDP) is projected to grow by 51.7 percent in 2020 and 8.7 percent in 2021, the still incomplete national election outcome, the current low oil price market and the ongoing battle with the COVID-19...
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OPEC+ production deal: back from the brink

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After a 4-day marathon of global meetings and arduous and sometimes frustrating negotiations involving the U.S., Mexican, and Russian Presidents as well as the Crown Prince of Saudi Arabia, the OPEC+ group agreed to collectively cut production in May...
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Baker Hughes taking multi-billion-dollar impairment

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US-based international industrial service company Baker Hughes announced on Monday its financial update in response to the significant decline in oil and gas prices and the COVID-19 pandemic. In addition to taking critical steps to reduce the spread and...
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Saipem says death on FDS ship in Netherlands not COVID-19 related

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Italian-based engineering company Saipem says that the death which occurred on Friday on board the Saipem FDS ship, currently located in the port district of Waalhaven in Rotterdam, happened due to natural causes, as confirmed by the investigations of...
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S&P Global: Oil crisis, project delays will not derail Exxon-Hess development in Guyana

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(S&P Global) On the precipice of a production boom that could transform its struggling economy, Guyana has attracted the drill bits of some of the largest international oil companies in recent years. Now, amid a collapse in global oil demand...
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COVID-19: Keppel, others working to house Singapore workers on floating facilities

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Foreign workers in Singapore will be temporarily housed in two floating accommodation facilities from this week in a bid to contain the coronavirus spread, The Straits Times said in a report on Sunday. The Maritime and Port Authority of Singapore...
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Record deal to cut oil output ends price war

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(BBC) OPEC producers and allies have agreed a record oil deal that will slash global output by about 10% after a slump in demand caused by coronavirus lockdowns. The deal, agreed on Sunday via video conference, is the largest cut...
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How will global catastrophe and domestic discord affect the ‘fastest growing economy in the world’?

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In November 2019, the International Monetary Fund gave Guyana the nod as the world’s fastest growing economy on the strength of ExxonMobil’s mega oil discoveries. The country became an oil producer just over three months ago when the price...
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COVID-19 precautions ramped up as Liza Destiny FPSO continues to produce Guyanese oil

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Extensive measures remain in place and precautions are being taken to ensure the health and safety of personnel working onboard the 120,000 barrels per day Liza Destiny FPSO producing oil offshore the South American country of Guyana. SBM Offshore, the...
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Noble drill contracts shortened due to oil price, COVID-19 woes

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Noble Corporation says as a result of the oil price war and the global COVID-19 outbreak, its oil drilling contracts have been shortened, drill ships placed on standby and day rates slashed. The US drilling corporation has updated its drill...
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‘Lil Red Community Centre’ commissioned through partnership with Food for the Poor Inc. and SBM Offshore Guyana

Residents of Little Red Village on Guyana’s Essequibo Coast now have access to a new community hub following 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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