News

Milan-listed offshore engineering and construction company Saipem is set to appeal a two-year ban on signing new contracts with the Brazilian public administration following an investigation into alleged irregularities surrounding a deal signed with Petrobras in 2011. The suspension, imposed...

Guyana’s Natural Resources Minister, Vickram Bharrat, has confirmed to OilNOW that studies are underway to determine which of ExxonMobil’s Stabroek Block projects can utilize the additional capacity of the Gas-to-Energy pipeline, following start-up in 2025. Mr. Bharrat said, “The Liza...

The United States of America has imported a cargo of Payara Gold crude for the first time, according to data from U.S. Customs and S&P Global Commodity Insights. The one-million-barrel cargo, shipped by China's CNOOC and consigned to ExxonMobil,...

The Guyana government is set to propose a revision of the withdrawal rule in its Natural Resource Fund (NRF), Finance Minister Dr. Ashni Singh said during a Jan. 15 reading of the country’s 2024 budget. This change aims to...

Nigeria's 650,000 b/d Dangote refinery has commenced fuel production, the Dangote Group announced on January 12. The facility has the potential to end the nation's reliance on gasoline imports, according to S&P Global Commodity Insights. The refinery, a US$19 billion...

Guyana produced 142.9 million barrels of oil from the ExxonMobil-operated Stabroek Block in 2023, reported its Finance Minister, Dr. Ashni Singh. This tops 101.3 million barrels produced in 2022. Singh, presenting the third oil fund-backed national budget shared that Guyana’s...

Guyana’s Natural Resource Fund closed 2023 with US$1.97 billion (approximately GY$411.47 billion) according to a Bank of Guyana report published on Jan. 15.  The Fund received payment for one lift of profit oil in December, amounting to US$85.4 million (approximately...

Felipe Perez, Head of Latin America Fuels and Refining at S&P Global, has pointed out that the coming online of the Dangote refinery in Nigeria, could create a “big hole” in the market for Guyana’s growing crude output to...

Guyanese authorities have expressed an interest in tapping India’s expertise to help continue the buildout of a world-class regulatory framework for the oil sector. Vice President Dr. Bharrat Jagdeo said this is likely, given that it is one of...

The government of Newfoundland and Labrador has announced its consideration of selling stakes in the province's offshore oil industry, revealing plans to move forward with phase three of the comprehensive review of current oil and gas interests. The government is...