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Urgency of Sovereign Wealth Fund cannot be understated – US Ambassador

OilNOW -
United States Ambassador to Guyana Perry Holloway says the establishment of a revenue and investment framework that effectively manages the expected windfall from oil production is of vital importance if the South American country is to be truly transformed. Writing...
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Ecuador seeks $800M investment in oil & gas bid

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(Reuters) - Ecuador on Tuesday launched a bidding round for foreign companies to develop oil and gas reserves, hoping to attract some $800 million in investment to boost production in the Andean nation’s sluggish economy. Winners will operate four oil...
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Noble crew member wants fellow Guyanese to get on board

OilNOW -
A Guyanese crew member working on the Noble Bob Douglas drillship that will soon depart the Gulf of Mexico to begin development of the Liza oil field in the South American nation is calling on his countrymen to get...
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Hess planning ‘investor day’ for Guyana oil bonanza

OilNOW -
Hess Corporation continues to be encouraged by positive results coming out of Guyana where, in partnership with CNOOC Nexen and the operator - ExxonMobil - 3.2 billion recoverable barrels of oil have been confirmed from 5 out of a...
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Hess moves to buy back US$1B in shares as Guyana gets “bigger, better”

OilNOW -
Hess Corporation said on Thursday that its Board of Directors has authorized the purchase of $1.0 billion of Hess common stock by the end of 2018. The newly authorized program is in addition to the $500 million share repurchase program Hess announced in late...
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IMF finds Guyana US$18M signing-bonus ‘relatively high’ – Trotman

OilNOW -
The Guyana government believes the US$18M signing bonus it received from ExxonMobil - part of a modified 2016 Production Sharing Agreement (PSA) - is relatively high given the risks involved and the fact the country is still not a...
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More discoveries coming; Guyana seen as ‘deepwater sweet spot’ – Wood Mack

OilNOW -
More oil discoveries offshore the South American country of Guyana are expected to be made as exploration continues on the back of an already discovered 3.2 billion recoverable barrels. Industry Analyst Wood Mackenzie believes that globally, the most-favoured plays will...
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Shell says oil’s not going anywhere

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(Bloomberg) There’ll be at least one home still welcoming fossil fuels in the face of a growing threat from cleaner resources, according to Royal Dutch Shell Plc. Heavy industry relies on hydrocarbons to generate extremely high temperatures and chemical reactions,...
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Guyana fast-tracked Liza development to protect sovereignty

OilNOW -
Guyana on Friday acknowledged a move to strategically fast track the development of the Liza oil field in the Stabroek Block by US oil major ExxonMobil in order to assert its sovereignty over the territory ahead of the International...
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Guyana President will directly oversee new Petroleum Department

OilNOW -
The Petroleum Department which is to be set up soon in Guyana will be directly guided by the country’s Head-of-State, President David Granger, while Minister of State, Joseph Harmon will handle all matters related to the Department, in the...
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Staatsolie approves commercial field for Sloanea-1 gas discovery in Suriname’s Block 52

Staatsolie Maatschappij Suriname N.V. has approved the Commercial Field for the Sloanea-1 gas discovery in Block 52 offshore Suriname....

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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