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Stabroek co-venturer CNOOC appoints new president

OilNOW -
CNOOC Limited announced on Friday the appointment of Hu Guangjie as Executive Director and President. The company said Xu Keqiang has resigned as the President and he remains as an Executive Director and the Chief Executive Officer of the Company. CNOOC...
News

Venezuela to close pumps as gas runs short, viral outbreak grows

OilNOW -
(Bloomberg) -- Venezuela’s government is shutting fuel stations nationwide to ration dwindling gasoline inventories as a quarantine designed to stop the coronavirus paralyzes the country, seven people said. Just a few dozen of Petroleos de Venezuela SA’s 1,800 gas stations...
Exploration

How will the oil price crash hit the upstream sector?

OilNOW -
(Wood Mackenzie Analysis) The coronavirus outbreak has derailed OPEC+, thrown the oil market into turmoil and sent an already unloved sector into freefall, setting in motion a chain of events that led to the biggest fall in the oil price...
Opinions

Impact of oil price shock on Guyana’s macroeconomic activities

Bobby Gossai, Jr. -
Crude oil is an important source of energy and used in domestic as well as transport and industrial sector widely. This is the reason it is considered as the crucial and important factor of economic development of the country....
News

Largest oil supply surplus in history about to hit global market

OilNOW -
The largest oil supply surplus the world has ever seen in a single quarter is about to hit the global market from April, creating an imbalance of around 10 million barrels per day (bpd). An exclusive Rystad Energy analysis...
Exploration

Tullow writes off Jamaican oil exploration licence

OilNOW -
(The Gleaner) Tullow oil Plc has fully written off its oil exploration licence for the Walton-Morant Basin offshore Jamaica, on which it has taken a US$36-million hit. The write-off relates to what the company indicated in its most recent earnings report...
News

Stabroek Block operations could be affected due to COVID-19 disruptions – ExxonMobil

OilNOW -
The impact of the coronavirus (COVID-19) outbreak globally continues to impact the oil and gas industry and could see operations at Guyana’s Stabroek Block slowing down as ExxonMobil grapples with travel restrictions which is affecting the movement of personnel...
News

Exxon, contractors step up measures in Guyana to confront COVID-19 threat

OilNOW -
As the spread of the coronavirus (COVID-19) continues globally, measures are being put in place in Guyana to ensure the safety and health of those working in support of the offshore activities at the Stabroek Block where US oil...
News

Suriname’s Maka well can bring US$50M per year in revenue

OilNOW -
The Maka Central-1 discovery has the potential to bring more than US$50m in revenue per year to the Surinamese Government if it sees similar success to Guyana’s Stabroek, according to leading data and analytics company GlobalData. Gregory Bosunga, Oil and Gas Analyst...
News

Total boss tells staff it will cut spending and freeze recruitment

OilNOW -
(Reuters) - French oil major Total (TOTF.PA) will freeze recruitment, boost costs savings and halt its share buyback programme due to tumbling oil prices, chief executive Patrick Pouyanne told staff in a video message on Thursday, according to a...
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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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