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Trinity Exploration hits “virgin oil” in super-mature basin in TT 

OilNOW -
UK-based energy company Trinity Exploration & Production has made a groundbreaking discovery of what it refers to as "virgin oil" in an exceptionally mature basin onshore Trinidad and Tobago.  Trinity Exploration & Production announced on August 7 that it had...
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Guyana has spent over GY$70B in oil revenues on social welfare initiatives

OilNOW -
As revenues from oil production continue to support extensive infrastructural development projects in Guyana, it is also providing authorities with the capacity to direct over GY$70 billion (approximately US$335.5 million) toward citizens’ welfare. This has been done within a...
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Six big oil companies to dole out US$7B on exploration in 2023, 14% of total global spend

OilNOW -
Six major oil companies - ExxonMobil, bp, Shell, TotalEnergies, Eni, and Chevron - are poised to play a significant role in global exploration activities this year. According to industry forecasts by Rystad Energy, these major players are expected to...
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Next steps at Baja-1 discovery in Suriname’s Block 53 being assessed for potential development – APA Corp.

OilNOW -
The Baja-1 find in Suriname’s Block 53 is being assessed for development, APA Corporation stated in its Q2 earnings report.  It was the first ever for Block 53, made back in August last year.  Baja-1 was drilled to a depth of...
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Despite profit drop, Petrobras records 10th highest quarterly earnings on eve of 70th anniversary

OilNOW -
Petrobras, the Brazilian state-controlled oil giant, announced a significant drop in quarterly profits, with results adversely affected by the depreciation of Brent crude prices and rising operating expenses. The company reported a net profit of 28.8 billion reais (US$5.8...
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Guyana’s VP fires back at critics of Gas-to-Energy project; cites hypocrisy in global fossil fuel pledges

OilNOW -
Despite encountering resistance from some local analysts arguing that the Gas-to-Energy Project could risk anchoring the nation to a fossil fuel-dependent future, rather than a renewable energy trajectory, Guyana's Vice President, Dr. Bharrat Jagdeo, staunchly contends that such an...
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Georgetown Chamber says ‘parasitic’ fronting must be weeded out

OilNOW -
In a recent statement, the Georgetown Chamber of Commerce and Industry (GCCI) expressed serious concerns regarding the burgeoning issue of sham partnerships within the private sector, a trend alarmingly labelled as 'fronting' or 'rent-a-citizen'. Such faux partnerships, according to...
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South America’s newest oil producer is number four in the world for top basins by well count – Norway group    

OilNOW -
Guyana, the newest oil producer in South America, is emerging as a major player in the global oil and gas industry. The country, with current production of around 400,000 barrels of oil per day, has secured an impressive 4th...
News

Guyana Minister slams rent-a-citizen practices hindering local content

OilNOW -
Deodat Indar, one of Guyana’s infrastructure ministers, passionately called upon members of the local private sector to steer clear of engaging in "rent-a-citizen" practices due to its detrimental impact on the government's dedicated efforts to foster local content growth...
News

Noble’s Q2 earnings come in at US$606 million

OilNOW -
Noble Corp. announced robust financial results for the second quarter of 2023, showcasing a positive growth trajectory amidst an upswing in market conditions. The company reported contract drilling services revenue of US$606 million for the quarter, representing an increase...
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Guyana oil production could edge closer to one million barrels per day by year-end

ExxonMobil Guyana expects production from the Stabroek Block to climb sharply before the end of 2025, driven by the...

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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