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Exploration

Orinduik oil strike sparks renewed call for legislation to be urgently enacted

OilNOW -
Following the announcement on Monday by Tullow Oil that it had made its first discovery offshore Guyana, private sector stakeholders have renewed their calls for the requisite legal and regulatory framework to be urgently put in place if the...
News

Tullow could be sitting on multi-billion-barrel block – Rystad Energy

OilNOW -
On Monday 12 August, UK-based Tullow Oil announced it had made a “significant and high-value oil discovery” off the coast of Guyana. Commenting on the announcement, Rystad Energy exploration analyst Palzor Shenga said, “After dominating the list of major...
Exploration

Yellowtail, Tilapia are biggest ‘high-impact’ oil discoveries so far for 2019

OilNOW -
ExxonMobil’s discoveries at the Yellowtail and Tilapia wells in the Stabroek Block offshore Guyana were the largest made in the first half 2019. Westwood Global Energy Group, in a report published on August 12, said high-impact exploration drilling activity increased substantially...
Exploration

Tullow strikes oil offshore Guyana

OilNOW -
Oil has been discovered outside the prolific Stabroek Block offshore the South American country of Guyana. Tullow Oil announced on Monday that Evaluation of logging data confirms that Jethro-1 is the first discovery on the Orinduik licence and comprises...
News

Revised model PSA targeting future licensing rounds – Energy Department confirms

OilNOW -
Guyana’s President, David Granger has made it clear that his APNU+AFC coalition administration respects the sanctity of contracts. This is a position the Department of Energy (DE) embraces, with its Director confirming to OilNOW on Friday that revisions to...
Opinions

Realisable economic rents and local risks for the Guyanese offshore licencing option

Bobby Gossai, Jr. -
The introduction of a contingent system of taxation is not the only possible response to the existence of exploration risk. The state could reduce the perceived risks by financing a programme of geological research. The fruits of this research...
News

Use oil revenue to ‘make agriculture great again’ – Finance Minister

OilNOW -
In anticipation of Guyana’s projected oil revenue, the nation’s finance minister, Winston Jordan says that a portion of the money should go to the improvement of other productive sectors. Speaking to OilNOW, at his Ministry’s office on Main Street, Georgetown,...
News

Liza Unity one of 3 multipurpose hulls under construction on SBM’s Fast4Ward®

OilNOW -
The 220,000 barrels per day Liza Unity Floating Production Storage and Offloading vessel is one of three oil production platforms currently being built under SBM Offshore’s Fast4Ward® programme. The Dutch floater specialist said on Thursday the Liza Unity hull, the...
News

Future Venezuela events may have significant impact – Chevron

OilNOW -
(Bloomberg) - The last major U.S. oil producer in Venezuela is warning that developments in the crisis-torn South American nation could hurt its earnings. “Future events related to the company’s activities in Venezuela may result in significant impacts on the...
Exploration

Substantial oil resources to be unlocked in Norway through increased recovery projects

OilNOW -
Increased recovery projects in Norway will unlock substantial oil resources, driven predominantly by the majority state-owned Equinor, says GlobalData, a leading data and analytics company. Daniel Rogers, Upstream Oil & Gas Analyst at GlobalData, comments: “Field expansion projects in Norway...
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ExxonMobil anticipates lower Q2 2025 earnings due weaker oil and gas prices

ExxonMobil expects lower crude and natural gas prices will weigh on its second quarter 2025 earnings, according to its...

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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