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Shell to buy Guyana’s first three oil lifts, provide critical refinery information

OilNOW -
Following a series of meetings with bidders—including ExxonMobil, Hess, CNOOC, and Total among other big operators in the oil industry—for Guyana’s first three lifts of crude entitlement, Shell Western Supply and Trading Limited has emerged as the buyer. Guyana’s first...
News

Breakthrough technology behind ExxonMobil unprecedented success in Guyana

OilNOW -
Nearly 50 years ago, ExxonMobil pioneered a technology called 3-D seismic imaging, which uses sound waves to form three-dimensional images of geologic formations. These images have become the industry standard for understanding subsurface geology and finding oil and gas...
News

Total enters multi-million dollar farm-in deal with Apache for Suriname acreage

OilNOW -
French oil company Total (TOTF.PA) said on Monday that it would pay a bonus of $100 million as part of its previously announced deal with U.S. peer Apache (APA.N) to develop a block off Suriname. “Total is pleased with this...
News

ExxonMobil makes 15th discovery offshore Guyana at Mako-1 well

OilNOW -
ExxonMobil said today it made an oil discovery offshore Guyana at the Mako-1 well southeast of the Liza field, marking the 15th discovery on the Stabroek Block. The discovery adds to the previously announced estimated recoverable resource of more...
News

Liza Phase 1 oil production to ramp up in coming months – ExxonMobil

OilNOW -
ExxonMobil says it plans to slowly ramp-up oil production in the coming months at its first development offshore the South American country of Guyana where daily output at peak is expected to hit 120,000 barrels per day. The company announced...
News

Liza Destiny FPSO formally on hire as Guyana set to become significant oil producer

OilNOW -
Dutch floater specialist SBM Offshore said on Monday it stands ready to play a key role in making a contribution towards the South American country of Guyana becoming a significant oil producer as it generates value for ExxonMobil in...
Opinions

1-Year Later: Advice for the Guyanese Nation on the event of first oil

OilNOW -
The following op-ed was first published on December 23, 2019. One year later, the advice from Trinidad and Tobago's former Energy Minister Kevin Ramnarine remains pertinent. By Kevin Ramnarine - OilNOW  Guyana is at the dawn of a new economic era...
News

Discovery of new onshore oil mega field boosts outlook for Mexico’s state-owned Pemex

OilNOW -
(Forbes) This December Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) made one of its largest oil and gas discoveries of the past three decades. The formation, dubbed Quesqui, is located onshore in Tabasco state, and is estimated to contain...
News

Oil declines, but losses limited as U.S.-China near trade deal

OilNOW -
(Reuters) - Oil prices slipped on Monday but held near recent three-month highs amid optimism that the United States and China are close to signing a trade deal, with President Donald Trump saying an agreement would be signed “very...
Opinions

The political economy of Guyana’s natural resource funds

Bobby Gossai, Jr. -
The economic case for natural resource funds is surprisingly weak. There is, however, an important political rationale for resource funds. The importance of natural resource funds (NRFs) lies in the effects that they have on the incentives facing political...
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Guyana’s offshore growth among drivers of US$197 billion regional oilfield spending – Rystad Energy

South America will sustain strong final investment decision (FID) momentum through 2030, leading to a cumulative US$197 billion in...

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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