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Payara and Pacora to be part of one development – ExxonMobil Guyana

OilNOW -
The short distance between the Payara and Pacora reservoirs offshore Guyana allows for a combined development utilizing a single Floating Production Storage and Offloading (FPSO) vessel. This would push the number of development projects offshore the South American country...
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Guyana revenue will go up if oil price increases

OilNOW -
Under the Production Sharing Agreement (PSA) between ExxonMobil affiliate Esso Exploration and Production Guyana Ltd., its partners Hess and CNOOC Nexen and the Government of Guyana, movements in the price of oil will directly impact the revenue the country...
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Oil and gas spending in Canada set to fall 4th year in a row

OilNOW -
Statistics Canada says capital spending to extract oil and gas will fall for a fourth straight year in 2018. The federal agency says a survey of investment intentions in the oil patch found spending is expected to be about $33.2 billion this year,...
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ExxonMobil confirms 7th oil discovery; expects 500,000 barrels per day total production

OilNOW -
Exxon Mobil Corporation confirmed on Wednesday a 7th oil discovery off the Guyana coast at its Pacora-1 well. The company said it encountered approximately 65 feet (20 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,363...
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Exxon strikes oil again offshore Guyana in 7th discovery

OilNOW -
ExxonMobil has made its 7th oil discovery offshore the South American country of Guyana at the Pacora well, located approximately 4 miles from the Payara reservoir in the Stabroek Block. OilNOW understands that while the discovery is not the largest...
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Government to release Petroleum Agreement for Ratio Guyana Limited tomorrow

OilNOW -
OilNOW can confirm that the Government will on Wednesday February 28, 2018 release the Petroleum Agreement between itself and the principals of Ratio Guyana Limited, signed on April 28, 2015. Ratio and its principals had commenced negotiations with the Government...
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SBM Offshore in search of wide-ranging services for Guyana operations

OilNOW -
As work on the Liza Destiny FPSO moves into high gear in Singapore, SBM offshore is ramping up its preparations for the arrival and operation of the vessel that will bring first oil for the South American country of...
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Oil talks expected during Mexican foreign minister’s visit to Jamaica

OilNOW -
(Jamaica Gleaner) A trip by Mexico’s foreign minister to Jamaica next month is being positioned by foreign media as the latest development in US-led pressure on the Nicolas Maduro administration in Venezuela. A report by Reuters news agency says Maduro retains loyalty from...
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Venezuelan oil production could further collapse on new U.S. sanctions

OilNOW -
(Oil Price) If the U.S. expands sanctions on Venezuela to include the oil industry and restricts U.S. exports of oil products that are crucial for diluting Venezuela’s extra-heavy oil, oil production in the country sitting on the world’s largest...
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Misleading, disingenuous reports on oil ‘taking toll’ – State Minister

OilNOW -
Guyana’s Minister of State, Joseph Harmon says consistently disingenuous and misleading negative reports in sections of the Guyanese media on matters relating to the country's emerging oil and gas industry is beginning to take its toll - something the...
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Tariff threat puts new oil projects at risk – Wood Mackenzie analyst 

Dozens of new upstream oil and gas projects could be delayed if Trump-era tariffs are reintroduced, according to energy...

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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