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Angola’s Sonangol, ExxonMobil sign oil exploration agreement

OilNOW -
(Reuters) - Angola’s state oil company Sonangol and ExxonMobil on Friday signed a memorandum of understanding for oil exploration in the country’s Namibe basin, the two firms said. Angola, Africa’s second-largest crude producer, is facing a steep output decline unless...
Industry Insight

Inter-generational equity and the rationale for Guyana’s “Sovereign Wealth Fund”

Bobby Gossai, Jr. -
The policy of investing resource revenues in reproducible capital suggests irresistibly that some appropriately defined stock is being maintained intact, and that consumption can be regarded as the "interest" on that stock (Solow 1986). Since the discovery of oil and...
News

More project approvals will give Guyanese companies confidence to invest, build capacity – Henson

OilNOW -
ExxonMobil Guyana Country Manager Rod Henson says the next decade will be transformational for businesses in the South American country and with the approval of more projects offshore, these local companies will become more confident to invest and take...
News

Institute launched to boost maritime safety in oil and gas industry

OilNOW -
Combining courses being offered in the Maritime and Petroleum sectors, two local institutions have partnered to launch the Maritime Safety Training Institute (MSTI). The institute was on Thursday morning launched by MATPAL Marine Institute which operates out of the Critchlow...
News

Guyana “monitoring” Russia/Venezuela military exercises

OilNOW -
The Ministry of Foreign Affairs in Guyana says it is monitoring developments regarding military exercises between Russia and Venezuela in that neighbouring country. International media reported that two Tu-160 bombers landed in Venezuela on Monday in a Russian show of...
News

Tullow eyeing potential 4 billion barrel ‘game changer’ off Guyana coast

OilNOW -
United Kingdom based oil and gas exploration company Tullow is confident that it will strike oil off the Guyana coast where it has a 60% equity in the Orinduik Block and 37.5% equity in the Kanuku Block. Tullow’s Executive Vice...
News

University of Guyana gets US$40,000 in equipment from ExxonMobil

OilNOW -
ExxonMobil Guyana on Tuesday donated US$40,000 in equipment to the University of Guyana’s Faculty of Natural Science. Since 2015, through its long-standing relationship with the university, the company has supported various projects. The highly specialised equipment included; a Baader Multi-Purpose...
News

Brazilian regulator IBAMA denies Total license for offshore drilling

OilNOW -
Brazilian federal environmental regulator IBAMA has denied French oil company Total a license to drill in the environmentally sensitive Foz do Amazonas Basin, accusing the company of failing to submit documents and complete impact studies despite several requests. The discovery...
News

U.S. expected to end 2018 as world’s top oil producer: EIA

OilNOW -
(Reuters) - U.S. crude oil output growth was expected to slow slightly for this year compared with previous forecasts, the Energy Information Administration said on Tuesday, but at a record 10.88 million barrels per day, the nation will end...
News

Guyana ratifies conventions to protect against oil spills – Greenidge

OilNOW -
Guyana’s ratification of several international conventions has been approved by Cabinet. These are aimed at, among other things, strengthening the country’s legal framework for the emerging Oil and Gas industry. This was announced by the country’s Foreign Affairs Minister Carl...
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Latest News

Guyana's Oil LedgerKemol King -

Guyana gets another US$191 million from oil sales in June

Guyana earned just over US$191 million (GY$40 billion) from the sale of three oil cargoes (each about a million...

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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