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Ranger and Pacora discoveries among 6 CNOOC made for Q1 2018

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CNOOC Limited achieved total net production of 120.1 million barrels of oil equivalent for the first quarter of 2018, representing an increase of 0.8% year over year. According to a statement from the company, production from offshore China decreased...
News

Despite chaos oil major Total says it will not leave Venezuela

OilNOW -
French oil major Total S.A. says despite declining production and immense hardships it will remain in Venezuela. The South American oil producing nation has tumbled into an economic and social crisis, with millions suffering food and medicine shortages. Since last...
News

Int’l experts say frontier countries offer ‘favourable fiscal terms’ to secure oil deals

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It is not uncommon for countries with little or no proven oil reserves to offer prospective investors favourable fiscal terms in an effort to kick-start their petroleum ambitions says the International Monetary Fund (IMF), Norway-based industry analyst, Rystad Energy...
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Sovereign Wealth Fund critical to Guyana benefiting from billions in oil revenue – Commonwealth

OilNOW -
The small South American country of Guyana is on the verge of receiving big money when oil from the giant Liza field begins flowing in less than two years. However, the extent to which this newfound wealth benefits the...
News

Venezuela arrests two Chevron executives amid oil purge

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(Reuters) - Chevron Corp (CVX.N) said on Tuesday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime. Venezuelan Sebin intelligence...
News

Guyana to take IMF’s recommendation on petroleum taxation on board

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Guyana will be taking on board some of the recommendations made by the International Monetary Fund (IMF) recently with regards the modernizing of its petroleum fiscal regime, taxation structure and Production Sharing Agreements (PSAs). The International Financial Institution, in 2017,...
News

Time will tell how successful Guyana policy framework for O&G is, Jamaica must prepare says former PM

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Former Prime Minister of Jamaica, Bruce Golding says a number of examples in the region point to mistakes that can be made by oil producing nations and while time will tell how successful Guyana is in avoiding pitfalls, Jamaica,...
News

18 bidders take part in CNOOC’s LNG auction on Shanghai Gas Exchange – CNOOC official

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Eighteen bidders took part in China National Offshore Oil Corp’s (CNOOC) liquefied natural gas (LNG) auction on the Shanghai Petroleum and Gas Exchange on Wednesday, an official at the state-controlled oil company involved in the sale said. The 90,000 tonnes...
News

Analysts say ExxonMobil PSA in line with frontier countries worldwide

OilNOW -
As debate continues in the South American country of Guyana on the fiscal terms outlined in the Production Sharing Agreement (PSA) with US oil major ExxonMobil, UK-based Wood Mackenzie and Norwegian headquartered research company Rystad Energy say the agreement...
Exploration

Government releases CGX’s PSA covering Corentyne offshore concession

OilNOW -
The Government of Guyana on Monday released another Petroleum Agreement, this time for CGX Resources Inc.’s Corentyne offshore concession. Government had a few weeks ago released a similar agreement between itself and CGX Resources Inc. but for their Demerara...
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Hess reports Q3 gains with Guyana leading production growth

Hess Corporation revealed a strong third quarter driven by expanded production in Guyana’s offshore Stabroek Block. The company reported...

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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