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PDVSA denies reports of Gazprombank freezing its accounts

OilNOW -
Russian news agency TASS is reporting that Venezuelan state-owned oil company PDVSA (Petroleos de Venezuela) “has denied Sunday reports that the Russian Gazprombank had decided to freeze its accounts.” PDVSA reportedly made the statement on its Twitter account. "PDVSA categorically denies...
News

Liza Unity will follow Destiny in Guyana oil bonanza

OilNOW -
The Liza Unity Floating Production Storage and Offloading vessel, the first of its kind produced by SBM Offshore using its Fast4WardTM programme, is expected to closely follow the Liza Destiny which will begin producing oil for Guyana by 2020. The Unity...
News

Guyana, Brazil pushing FPSO demand through 2025 – Rystad Energy

OilNOW -
From 2019 to 2021 Rystad Energy expects 33 FPSOs to be sanctioned as oil and gas activity picks up in the offshore sector.  15 of the FPSOs will require a production capacity above 80,000 barrels/day. This high capacity demand comes...
Opinions

Ensuring Guyana’s petroleum resources are a blessing and not a curse

Bobby Gossai, Jr. -
Whether the natural resources of a country will be a blessing or a curse, depends on various factors. The recent oil discoveries of Guyana can induce an appreciation of the real exchange rate, deindustrialisation and bad growth prospects, and...
News

Venezuela’s collapse holds lessons for neighboring Guyana

OilNOW -
Venezuela’s slide from top of the heap to a virtual bit player in the oil market is a slow-motion car crash. Production sank progressively from 2.6 million barrels per day (b/d) a decade ago, when it was third in...
News

President signs Guyana’s wealth fund into law

OilNOW -
On January 23 this year, Guyana’s President, David Granger, signed the Natural Resources Fund (renamed from Sovereign Wealth Fund) into law. This was announced by Minister of State, Joseph Harmon, on Friday at a news conference at the Ministry...
Exploration

Major oil find excites southern Caribbean

OilNOW -
(Amsterdam News) U.S. supermajor ExxonMobil announced two major oil finds offshore Guyana in the past week, and the discovery has raised the hopes for similar massive oil discoveries in two of its neighbors that incidentally already produce oil and...
Exploration

Tilapia encountered “highest net pay count” to date on Stabroek Block

OilNOW -
The two most recent discoveries on Guyana’s prolific Stabroek Block is particularly significant since one represents the highest net pay count found to date and the other the first gas discovery announced by the ExxonMobil-led consortium of Hess and...
News

Tullow confirms Guyana 2019 campaign with three-well programme set to begin in Q2

OilNOW -
Guyana will be the focus for UK-based Tullow Oil’s exploration drilling programme in 2019 as the company gears up to drill the Jethro prospect in the second quarter of the year, as the first of two planned wells on...
Featured

Security high on agenda as O&G preparations intensify in Guyana

OilNOW -
An inter-ministerial technical cooperation and petroleum committee is being set up in Guyana by the Department of Energy (DOE) as a means to encourage greater interagency collaboration; focusing on a broad spectrum of matters including security, in the country’s...
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Steam turbines, oil tanks in Guyana for Gas-to-Energy project

US-based group Lindsayca-CH4 said two state-of-the-art steam turbines and two oil tanks arrived in Guyana on December 21, 2024.  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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