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Exploration

2022 Guyana bid round will open more acreage in prolific basin

OilNOW -
By the third quarter of this year, Guyanese authorities plan to auction the nation’s remaining offshore oil blocks to international oil companies (IOC) marking a shift from the country’s earlier awards of production sharing contracts (PSCs) based on direct...
News

Oil price hits highest point in seven years

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(Reuters) - Benchmark oil prices climbed to their highest level since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook. Brent crude futures rose $1.02, or 1.2%, to $87.50...
News

Venezuela production hit 750,000 b/d in December but growth may not be sustainable

OilNOW -
OPEC's 13 countries pumped 28.04 million b/d of crude last December, up 190,000 b/d from the previous month, while nine non-OPEC partners pumped 13.98 million b/d, an increase of 120,000 b/d, a Platts survey found. Gains by Venezuela, Kazakhstan, Saudi...
News

TotalEnergies, Inpex sell stakes in Angola oil fields

OilNOW -
(S&P Global Platts) France's TotalEnergies and Japan's Inpex Corporation have signed a deal to offload their non-operated interests in Angola Block 14 and Block 14K to Angolan Company Somoil, both companies said Jan. 17. Somoil will acquire the company Angola...
Exploration

Lau Lau-1 is Exxon’s largest discovery by depth in Guyana; almost three times the height of Marriott Hotel

OilNOW -
To date, there have been more than 20 major discoveries in the ExxonMobil-operated Stabroek Block offshore Guyana. The largest of them by depth is Lau Lau-1 which was announced on January 5 by the American multinational. The Lau Lau-1 well...
News

Oil money to back youth-led agri programme in South America’s newest hot spot

OilNOW -
Even though Guyana’s hydrocarbon sector has dominated the spotlight since its emergence in 2015, the Irfaan Ali-led government is determined to demonstrate that the South American country will not be solely dependent on oil. Just last week, President Irfaan Ali...
News

Oil holds firm just above $86

OilNOW -
(Reuters) - Oil prices were steady on Monday, as investor bets that global supply will remain tight amid restraint by major producers were offset by a rise in Libyan output. Brent crude was down 4 cents, or 0.1%, to $86.02...
Exploration

Guyanese inspectors will begin testing crude produced offshore from this month

OilNOW -
The South American country of Guyana has been striking oil in quick succession and building the capacity needed to manage the new industry in stride, with officers from the country’s standards bureau already carrying out monitoring activities on the...
Exploration

So far only Stabroek has delivered the goods…what’s next?

OilNOW -
High impact wells will continue to dominate global offshore exploration this year with mainly the big prospects being of significant interest to oil majors and larger National Oil Companies (NOC). The Guyana-Suriname Basin remains at the top of the...
News

Builder of Guyana FPSOs has kept its promise, says Human Resource Manager

OilNOW -
When Dutch floater specialist SBM Offshore entered Guyana in 2016, the objective was made clear—to operate in a responsible manner, contribute to the country’s development, and ensure that local capacity is developed so that Guyanese can be at the...
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Latest News

ExplorationShikema Dey -

Suriname puts 60% of offshore basin on offer in new Staatsolie open-door programme

Staatsolie launched its new Open-Door Offering this morning, creating new opportunities for exploration and production companies to enter 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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