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CGX looking for ‘new dawn’ in Guyana oil and gas hotspot

OilNOW -
CGX Energy is looking to have its joint venture with Frontera Energy Corporation provide working capital for the company's ongoing commitments on its Berbice, Corentyne and Demerara blocks, through a signing bonus of $33,300,000 paid by Frontera. CGX said on Wednesday...
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Management of resource income spending for Guyana

Bobby Gossai, Jr. -
Countries making resource discoveries often find themselves facing a number of important and difficult decisions. One such decision regards whether to set up a sovereign wealth fund – or more generally, determining a time profile for the usage of...
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Gunmen kidnap Shell employees, kill police guards in Nigeria

OilNOW -
Gunmen have kidnapped two senior employees of Shell and killed their police escorts in Nigeria's restive Delta region. According to a BBC report, the workers were on Thursday returning from an official trip to Bayelsa state and were on a...
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Liza Destiny topsides in place; 1st oil possible this year – Hess

OilNOW -
Hess Corporation says work on the 120,000 bpd Liza Destiny is almost complete with commissioning activities underway. The company also said there is a possibility of first oil coming by year-end from the Liza Phase 1 Development project. Speaking to...
News

US Ambassador plugs infrastructure development as Guyana heads to first oil

OilNOW -
One of the areas that Guyana should look at closely, in keeping with the demands of a new oil and gas economy, is the country’s infrastructural development agenda. This was the advice given by US Ambassador to Guyana, Sarah-Ann...
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Exxon earns $2.4 billion in Q1 2019

OilNOW -
Exxon Mobil Corporation today announced estimated first quarter 2019 earnings of $2.4 billion, or $0.55 per share assuming dilution, compared with $4.7 billion a year earlier. Cash flow from operations and asset sales was $8.4 billion, including proceeds associated...
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Guyana hits milestone with submission of 1st EITI report

OilNOW -
Guyana’s first Extractive Industries Transparency Initiative (EITI) Annual Report has been successfully submitted to the International Secretariat on the submission deadline of April 25, 2019; a milestone in Guyana’s march to becoming a fully compliant member of the Norway-based...
News

Future oil discoveries at Stabroek could run into billions of barrels

OilNOW -
Hess Corporation, a 30 percent stakeholder in the prolific Stabroek Block offshore Guyana, believes more mega oil deposits are still to be found in the 6.6 million-acre block. “Gross discovered recoverable resources on the block are estimated to be more...
News

Tullow confirms 3-well Guyana campaign

OilNOW -
UK-based Tullow Oil on Thursday confirmed its three-well exploration programme in the South American country of Guyana where US oil major ExxonMobil has already found more than 5.5 billion barrels of oil equivalent in the adjacent block. Tullow plans to...
News

CNOOC releases operations report; Guyana tops company’s discoveries

OilNOW -
CNOOC Limited (the “Company”, SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the first quarter of 2019. The Company achieved a total net production of 120.1 million barrels of oil equivalent (“BOE”) for the first...
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Dredging in Demerara Channel to continue through 2025

The Maritime Administration Department (MARAD) announced that dredging works will continue in the Demerara Main Ship Channel and off...

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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