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OPEC predicts global oil demand will surpass 100 million bpd by 2040 requiring US$10.5 trillion in investments

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The latest edition of the OPEC World Oil Outlook predicts oil will remain the world’s largest source of energy over the next two decades, despite the increasing importance of renewables. Released in an exclusive briefing to senior industry executives at...
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Noble Group shares drop to lowest since 1999 after Co-CEO quits

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(Reuters) - Shares in Singapore-listed Noble Group on Tuesday tumbled as much as 12.7 percent to their lowest in nearly two decades, after Jeffrey Frase resigned as Co-Chief Executive Officer (CEO). The beleaguered commodity trader said on Monday that Frase...
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Massive O&G outreach awareness exercise planned for 2018

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The Guyana government is looking to embark on a wide-ranging coast-to-coast oil and gas outreach awareness programme in 2018 that will also include visits to Guyanese living in the diaspora. Minister of Natural Resources, Raphael Trotman, during a recent interview...
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Oil price hit a 28-month high

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Oil price hit a 28-month high last week due to expectations on the OPEC/non-OPEC output-cut agreement and concerns about the political tensions in Saudi Arabia. Last week, Brent Crude future for January 2018 delivery rose to $64.65 a barrel, or the highest since June 2015, while...
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US leads world in oil and gas production, IEA says

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(BBC) International energy markets are set for "major upheaval" as the US cements its status as the world's largest oil and gas producer, while China overtakes it as the biggest oil consumer. The predictions come from the International Energy Agency's annual...
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Trotman’s position on contract disclosure reflects will of President, Cabinet – MNR

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Guyana’s Ministry of Natural Resources (MNR) said on Tuesday the issue of contract disclosures continue to engage the attention of the country’s President and Cabinet, and government will move to publish the full details of all oil and gas...
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Reduced ministerial powers possible for Petroleum Commission

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Guyana’s Minister of Natural Resources, Raphael Trotman, says efforts are being made to address the concerns of several stakeholders that the Petroleum Commission of Guyana Bill in its current form, bestows too much authority in the subject minister. In a...
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O&G manpower provider farms into offshore catering

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Oil and gas manpower services provider El Dorado Offshore (EDO) is collaborating with the Carnegie School of Home Economics in Guyana, for the creation of a training programme in Offshore Catering and Hospitality. Sixteen candidates, between the ages of 19...
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Exxon is drilling some extremely long shale oil wells

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(Bloomberg) Exxon Mobil Corp. is drilling shale wells that stretch farther than the length of New York’s Central Park. The world’s biggest oil explorer by market value recently finished four wells in North Dakota’s Bakken region that extend sideways for...
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Shell to sell stake in Woodside Petroleum for $2.7B

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(Rigzone) Royal Dutch Shell plc has revealed that it will sell its entire stake in Woodside Petroleum Limited for $2.7 billion. Early on Monday, the company said its subsidiary, Shell Energy Holdings Australia Limited (SEHAL), had entered into an underwriting...
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High-tech seismic campaign offshore Guyana to wrap up in December

ExxonMobil Guyana will complete its latest seismic data acquisition campaign in December, marking the end of a months-long effort...

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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