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How does an oil and gas company measure and state its production?

OilNOW -
Oil and gas exploration and production companies, or E&P companies, use three basic formats for measuring and reporting oil and gas production: (1) Oil production is measured and reported in barrels, or “bbl.” Production rates are typically reported in terms...
News

Economist urges Guyana not to use oil money for “make-work jobs”

OilNOW -
Trinidadian Economist, Dr. Roger Hosein, is urging Guyana not to use oil revenue to create “make-work jobs” especially at elections time when politicians look to induce voters in order to secure their support.  The act of the State intervening...
News

Total to acquire Maersk Oil

OilNOW -
Maersk Oil will become part of a leading global oil and gas operator with a long-term investment interest in the sector. Total will take over Maersk Oil’s entire organisation, portfolio, obligations and rights with minimal pre-conditions. Planned development schedules...
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Exxon bets on Brazil; buys 10 oil blocks in auction

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(Reuters) - Exxon Mobil Corp vastly expanded its presence in Brazil on Wednesday, winning 10 blocks in the country’s 14th round of bidding for oil exploration and production rights, helping the cash-strapped nation fetch a record 3.8 billion reais...
News

Exxon adds 22,000 acres to Permian Basin resource

OilNOW -
Exxon Mobil Corporation announced Wednesday that it has added 22,000 acres to its Permian Basin portfolio since May through a series of acquisitions and acreage trades. Located in the highly prolific, stacked oil pay zones of the Delaware and...
News

Keppel snags FPSO conversion contract for Liza Destiny

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Keppel Shipyard Ltd. has been awarded a contract by Dutch floater specialist SBM Offshore for the conversion of the Floating Production Storage and Offloading vessel (FPSO) which will be deployed to the Liza field, 193km offshore Guyana in 2019. The...
News

Supermajor Total in new Option Agreement with Eco for 25% interest in Orinduik Block

OilNOW -
Toronto, Ontario (FSCwire) - Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), is pleased to announce that its subsidiary, Eco Atlantic (Guyana) Inc. has entered into an option agreement  on its Orinduik Block, offshore Guyana, with Total E&P...
News

Oil & gas is not a tsunami; Guyana PM urges positive outlook at opening of business conference

OilNOW -
A two-day conference examining investment opportunities in Guyana’s economy got underway this morning at the Marriott Hotel in Georgetown. Delivering the keynote address, Prime Minister of Guyana, Moses Nagamootoo, said a positive outlook is needed for the emerging oil and...
News

Oil money will go towards savings, infrastructure and social programmes – Trotman

OilNOW -
A percentage of revenue from oil production in Guyana will go towards savings via the Sovereign Wealth Fund (SWF) and investments will be made in a raft of social and infrastructural programmes which the country’s government believes will help...
Opinions

Bank account for every baby, free education and better infrastructure; Guyanese vision for oil money mixed

OilNOW -
UPDATE: This report was first published on September 23, 2017. Oil production in Guyana started on December 20, 2019 at the Liza Phase 1 Development. As preparation for oil production in Guyana continues, the view of the population regarding what...
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ExxonMobil sees 60% year-on-year production boost in Guyana

ExxonMobil’s Chief Financial Officer, Kathy Mikells reported a 60% year-on-year increase in crude oil production offshore Guyana, during the...

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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