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Non-OPEC producers like Guyana driving down crude prices with increased output – S&P

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Crude output is growing from some producers that are not part of the oil cartel, Organization of Petroleum Exporting Countries (OPEC). The rise in non-OPEC supply, from players like Guyana, is outpacing demand growth, contributing to a surplus in...
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Saipem secures US$2 billion offshore contract for Saudi Arabia’s Marjan field

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Saipem has been awarded a new offshore contract worth approximately US$2 billion under its Long-Term Agreement (LTA) with Saudi Aramco.  The contract involves the development of the Marjan field in Saudi Arabia and follows a competitive bidding process and the...
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Stena DrillMAX en route to Guyana to rejoin multi-billion barrel exploration campaign

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The Stena DrillMAX, under contract with ExxonMobil, is returning to Guyana after completing exploration drilling at the Persephone wildcat well in the Orphan Basin, located off the northeast coast of Newfoundland and Labrador, Canada. ExxonMobil said the Persephone well,...
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Guyana got US$80 million from oil sale in August

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Guyana’s Natural Resource Fund (NRF), which holds government revenue from offshore oil production, received approximately US$80 million in August 2024. This sum was for the sale of approximately one million barrels of crude oil. This marks the 16th lift of...
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Over 2,000 Guyanese trained by ODITC-3t EnerMech to boost oil & gas workforce

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ODITC—3t EnerMech has trained more than 2,000 Guyanese to date, providing essential skills for the energy industry in Guyana, the company noted in a LinkedIn post on Sept. 19.  The organization, established in 2021, offers a comprehensive range of training...
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TotalEnergies’ Block 58 project key to US$31 billion offshore O&G spend forecast – Westwood 

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TotalEnergies' Block 58 development offshore Suriname is a major contributor to an expected US$31 billion offshore oil and gas expenditure for the remainder of 2024, according to Westwood forecasts. The project will tap into an estimated 700 million barrels...
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Guyana moves forward with second power plant, RFP now open for submissions

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The Government of Guyana (GoG) has invited qualified firms to submit proposals for the design, financing, and operation of Phase II of the Gas-to-Energy (GTE) project. The project will be governed by a 20-to-25-year Power Purchase Agreement (PPA), according...
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GYSBI expands scholarship programme amid Gas-to-Energy project commitment

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The Guyana Shore Base Inc. (GYSBI) has awarded technical scholarships to eleven outstanding students as part of its commitment to community development as it undertakes critical work on the Gas-to-Energy project at Wales, West Bank Demerara. GYSBI in a release...
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TechnipFMC secures subsea contracts from Petrobras for Brazil’s pre-salt fields

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TechnipFMC has been awarded two significant subsea contracts by Petrobras to support Brazil’s pre-salt offshore fields. The first contract, valued between US$250 million and US$500 million, involves the design, engineering, and manufacturing of riser flexible pipe. It also includes associated...
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Guyana stands out globally; will maintain cost competitiveness despite expected drop in future oil prices – Norway firm

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South America's newest oil producer, Guyana, continues to stand out as a highly competitive destination for deepwater projects around the world. U.S. oil major ExxonMobil is currently spending around 20% of its total exploration and production (E&P) investments in...
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OPITO takes lifting frameworks to new heights in the Caribbean

OPITO sets a new benchmark for lifting standards in the region, with dedicated training centers in Guyana, Suriname, and...

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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