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Brazil draw down largest signature bonus in history at 14th bidding round

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The 14th Bidding Round of blocks for exploration and production of oil and natural gas, held on September 27 by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP), marked the reestablishment of the sector in the South...
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Guyana opposition says deliberate attempts being made to delay SWF legislation

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The Government of Guyana will be looking to embark on a fresh round of consultations in the coming year for the establishment of a Sovereign Wealth Fund (SWF) – a move which the political opposition sees as a delay...
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Tullow secures US$2.5B debt refinancing

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Tullow Oil announced on Wednesday that it has completed the refinancing of US$2.5 billion of Reserves Based Lending (RBL) credit facilities. The US$2.5 billion of credit facilities are split between a commercial bank facility of US$2.4 billion and an IFC...
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CNOOC starts oil production at Weizhou oil field

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CNOOC Ltd. (NYSE: CEO) has already commenced production for its Weizhou 12-2 oil field phase II project, the company said on Tuesday. The Weizhou 12-2 oil field phase II project is located in Beibu Gulf in the South China Sea...
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Hess wraps up sale of interests in Equatorial Guinea

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Hess Corporation said Tuesday it has completed the previously announced sale of its interests in offshore Equatorial Guinea to Kosmos Energy and Trident Energy for a total consideration of $650 million, effective January 1, 2017. “Our 2017 asset monetizations have exceeded expectations in terms of value and...
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ExxonMobil begins oil production at Hebron Field

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Exxon Mobil Corporation (NYSE:XOM) today announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day. Discovered in 1980, the Hebron field is estimated to...
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Norway’s Statoil to establish onshore integrated operations centre

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Statoil will in 2018 establish a new onshore integrated operations centre (IOC) that will help increase safety, add value and reduce emissions from our installations on the Norwegian continental shelf (NCS). An integrated operations centre (IOC) is an important step...
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High expectations of jobs created riots in African territories – Anthony Paul

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Author of Guyana’s draft local content policy framework, Anthony Paul, is warning that expectations of large-scale job creation in the South American country’s emerging oil and gas sector could lead to serious challenges down the road. Mr. Paul, a UNDP...
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Guyana plans to revise PSA model to ensure nation gets fair share of resource wealth – Finance Minister

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The Guyana Government has announced a revision of the way it conducts business with Oil and Gas Exploration Companies, through its use of Production Sharing Agreements (PSA). The announcement was made on Monday as Minister of Finance, Winston Jordan, presented...
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Oil & gas to lead Guyana foreign investments in 2018

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Still in its infancy, Guyana’s Oil and Gas Industry is poised to lead Foreign Direct Investment (FDI) in the South American country come next year - a projection made by Finance Minister Winston Jordan, when he today presented the...
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Guyana’s Uaru and Whiptail projects on track for 2026 to 2027 start-up – Routledge

Alistair Routledge,  President of ExxonMobil Guyana says the company’s fifth and sixth developments — Uaru and Whiptail — are...

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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