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New estimate pushes Orinduik prospective resources to over 5 billion BOE

OilNOW -
Eco (Atlantic) Oil & Gas Ltd. said on Monday that an updated Competent Persons Report (CPR) on the Orinduik Block offshore Guyana has upped the gross prospective resources to 5.141 billion barrels of oil equivalent, from the previous estimate...
News

Coronavirus pushing oil price decline as Guyana government prepares to lift its first share of crude

OilNOW -
As the government in the South American country of Guyana prepares to lift its first shipment of oil from the Liza Phase 1 Development, the largest demand shock the oil market has suffered since the global financial crisis of...
News

Potential grows for more than 5 FPSOs at prolific Stabroek Block

OilNOW -
With the gross recoverable resource estimate now above 8 billion barrels of oil equivalent at the Stabroek Block, co-venturers ExxonMobil, Hess and CNOOC are analysing data and assessing development needs that would help determine the number of floating production...
Opinions

Separation of powers to govern Guyana’s political economy

Bobby Gossai, Jr. -
A reliance on rules is vulnerable to the possibility that policymakers have incentives to break them. In states where the costs of breaking rules are low, therefore, other mechanisms are needed to change policymakers' incentives. An alternative to (or reinforcement...
Exploration

Explorers face growing battle for support in 2020 – WoodMac

OilNOW -
What's the role for the exploration industry as the energy transition takes long-term oil growth off the agenda? In 2019, Andrew Latham, vice president of global exploration at Wood Mackenzie, asked if there's room for explorers in a low-carbon...
News

Exxon, other majors boost demand for FPSOs as deepwater drilling takes off – Rystad Energy

OilNOW -
Demand from the world’s top oil companies for floating drilling units has climbed steadily in the past two years and is set to rise further through 2020 and 2021. Norway-based Rystad Energy said this trend is a result of the...
News

Shell shares sink as full-year net profit tumbles 23% on lower oil and gas prices

OilNOW -
(CNBC) Oil giant Royal Dutch Shell reported a sharp fall in full-year net profit on Thursday, citing challenging macroeconomic conditions and lower oil and gas prices. Net income attributable to shareholders on a current cost of supplies (CCS) basis and excluding identified...
News

Three injured in fire at Perenco platform offshore T&T

OilNOW -
Three oil workers have been injured as a result of a fire at Perenco Trinidad and Tobago’s (TT) offshore AD platform. TT’s Ministry of Energy and Energy Industries is actively engaging the company, according to reports. According to the Trinidad...
News

ExxonMobil earns $14.3B in 2019 as Guyana operations enter new chapter

OilNOW -
Exxon Mobil Corporation (NYSE:XOM) announced Friday its estimated fourth quarter 2019 earnings of $5.7 billion, or $1.33 per share assuming dilution. Earnings included favorable identified items of about $3.9 billion, or $0.92 per share assuming dilution, mainly a $3.7 billion...
News

Guyana government will soon lift its first 1 million barrels of oil

OilNOW -
The government of Guyana in the coming days will lift its first share of oil from the Liza Phase 1 Development located 120 miles offshore at the 6.6 million acres Stabroek Block. Shell Western Supply and Trading Limited has been...
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Latest News

NewsOilNOW -

Guyana barrels remain ‘extremely competitive’ even in low-price scenarios – Norway research firm

Guyana’s deepwater volumes remain central to the pool of “advantaged barrels” that analysts say can withstand prolonged low-price environments....

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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