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Norway group warns war in Ukraine could wipe out 1 million barrels per day of oil demand

OilNOW -
War in Ukraine could result in as much as 1 million barrels per day (bpd) of oil demand being removed from the global market, Rystad Energy said in new research released on Wednesday. “The human and material costs of the...
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Limits in insurance policies provided to EPA being incorrectly conflated, Exxon maintains

OilNOW -
ExxonMobil Guyana said Wednesday a document presented to the Environmental Protection Agency (EPA), as referenced by the former Executive Director Dr. Vincent Adams, detailed specific insurance policies for the development of the Liza 1 and 2 projects. This statement follows...
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Exxon confirms 1.2 million barrels per day capacity for Guyana by 2027

OilNOW -
U.S. oil major ExxonMobil confirmed on Wednesday that a major ramp up offshore Guyana will see the company having the capacity to produce as much as 1.2 million barrels of oil per day by 2027. "Clearly our objective is to...
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Oil climbs to record $113/barrel as supply disruptions mount

OilNOW -
(Reuters) - Oil prices surged on Wednesday as supply disruptions mounted following sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures rose by nearly...
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IDB to approve US$83.5M for Guyana to diversify energy mix with mega solar farms

OilNOW -
Notwithstanding Guyana’s evolving trillion-dollar oil and gas sector, the government is intent on demonstrating its commitment to the development of a cleaner, greener, and more diversified energy matrix. Towards this end, the Inter-American Development Bank (IDB) is currently in...
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ExxonMobil Guyana tests spill response readiness

OilNOW -
ExxonMobil Guyana disclosed on Tuesday that it recently conducted an exercise to field test spill response equipment, processes, and team readiness. It said this exercise was intended to ensure readiness to respond in the unlikely event of an offshore...
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Exxon scaling back offshore operations in Russia

OilNOW -
ExxonMobil is scaling back its operations on its flagship offshore development project in Russia's Sakhalin Island region in response to the fallout from the crisis in Ukraine, Upstream reported on Tuesday, citing information on the Sakhalin Online news website. A consortium source...
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Shell joins other oil majors in exit of Russian joint ventures

OilNOW -
Shell International BV (Shell), one of the largest oil companies in the world, on Monday announced that it intends to join other oil majors in exiting equity partnerships held in Russia in response to the barbaric invasion of Ukraine. Shell...
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No agreement with former EPA administration was made for US$2.5B insurance coverage – Routledge

OilNOW -
During his tenure as Head of Environmental Protection Agency (EPA)--October 1, 2018, to August 2020--Dr. Vincent Adams had stated, repeatedly, that he was able to secure an agreement with ExxonMobil Guyana for insurance coverage totalling US$2.5B. On Monday, ExxonMobil Guyana...
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Using majority of oil money in first couple of years good for economic development, expert says

OilNOW -
Lawmakers in Guyana approved the first withdrawal from the country’s Natural Resource Fund on February 10 allowing for US$607 million, all the revenue in the fund, to be removed. The first withdrawal, which amounts to about GY$126 billion, will...
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Suriname’s National Debt Chief resigns amid enhanced financial scrutiny of NDP government 

PARAMARIBO, SURINAME - Malty Dwarkasing has resigned as Suriname’s Administrator-General of the National Debt Office. Dwarkasing submitted her resignation...

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