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Cost of producing Norway’s oil and gas is rising again: Petoro

OilNOW -
(Reuters) - Petroleum production costs on the Norwegian continental shelf rose in 2018 after falling for three consecutive years, state-owned oil firm Petoro said on Thursday. Cost cuts were high on oil firms’ agenda following a sharp fall in crude...
News

Apache eyeing large prospects offshore Suriname; mid-year drill campaign targeted

OilNOW -
Houston-based Apache Corporation is set to spud its first well offshore Suriname by mid-year in Block 58 which sits adjacent to sections of the prolific Stabroek Block where ExxonMobil has found more than 5.5 billion barrels of oil equivalent. Apache...
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AmCham President calls for diversification of Guyana economy to avert oil curse

OilNOW -
President of the American Chamber of Commerce Guyana Inc. (AmCham) Zulfikar Ally is calling for secure investments of oil revenues and economic diversification in Guyana in order to guard against the pitfalls experienced by some oil-producing nations. He was delivering...
News

ExxonMobil increases Guyana resource estimate to 5.5 billion barrels

OilNOW -
In wake of the two recent discoveries announced in February 2019 by US oil major ExxonMobil, bringing the total finds offshore Guyana to 12, the company has since increased its gross recoverable resource estimate to greater than 5.5 billion...
News

TechnipFMC setting up new service facility in Guyana

OilNOW -
ExxonMobil’s prime contractor for the manufacturing and installation of subsea equipment, TechnipFMC, days ago broke ground on its new location at Houston, on the East Bank of Demerara in Guyana. According to ExxonMobil Guyana, the new TechnipFMC location will initially...
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Brazil overtakes Russia as top supplier to China’s independent refineries in Feb

OilNOW -
(S&P Global Platts) Surpassing Russia, Brazilian crude oil shipments for China's independent refineries topped the list in February at 2.17 million mt, S&P Global Platts monthly survey showed Tuesday. Total imports from Brazil were just 54,000 mt more than those...
News

ExxonMobil to increase Permian output to 1 million barrels per day by 2024

OilNOW -
ExxonMobil said on Tuesday it has revised its Permian Basin growth plans to produce more than 1 million oil-equivalent barrels per day by as early as 2024 – an increase of nearly 80 percent and a significant acceleration of value. The...
News

Saipem ramping up work ahead of Liza Destiny arrival; in-country fabrication planned for Phase 2

OilNOW -
Over the next few months Italian oil and gas contractor Saipem will be ramping-up operations offshore Guyana as preparatory work gets underway ahead of the arrival of the Liza Destiny in Q3. This includes a survey of the sea floor...
News

Why billions of barrels of oil go untapped in Brazil

OilNOW -
(Bloomberg) There’s enough as-yet-unassigned oil under the Atlantic Ocean off Brazil’s Rio de Janeiro to keep the entire world running for almost six months. So why is the crude just sitting there? A contract dispute between oil giant Petrobras...
Opinions

Creating a more resilient Guyanese economy to overcome the challenges of the Resource Curse

Bobby Gossai, Jr. -
The theory of a ‘curse of natural resources’ can be traced back to the 1970s. The subsequent two decades saw the emergence of a significant body of research proposing a link between resource production, economic underperformance and various socio-political...
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DSIC launches Errea Wittu FPSO for ExxonMobil’s Stabroek Block

Chinese contractor Dalian Shipbuilding Industry Company (DSIC) has launched the Errea Wittu floating production, storage, and offloading (FPSO) vessel,...

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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