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Goldman calls oil’s recent fall excessive, reiterates $85 forecast

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(Reuters) - The recent declines in oil prices were "excessive" given that the oil market remains in a deficit, Goldman Sachs said, adding that it reiterates its $85-per-barrel forecast for the fourth quarter. Oil prices came off seven-week lows on...
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Heavyweights racing to produce more oil while poor countries are being told to slow down

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Almost all the major oil producing countries in the world are doing the same thing – moving to increase output significantly in coming years as the world races towards the 2050 climate goals and braces for a potential shortfall...
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Oil and gas consumption driven largely by countries without legally binding net zero commitments – Westwood Energy

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Analysis from Westwood Global Energy Group has revealed that ~55% of global oil and gas production and ~45% of consumption (as of 2020) is driven by just a handful of countries, including some of the world’s richest. With the exception of...
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Private Sector Commission urges local firms to bridge capacity deficits for cost-recovery audits

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Guyana’s Private Sector Commission (PSC) on Saturday called on local audit firms to acquire sufficient capabilities to conduct cost-recovery audits for the government, through joint ventures and partnerships with local and international counterparts. The PSC’s statement follows assurances from President...
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Oil pushing Guyana banking assets to GY$3 trillion; lower interest rates, more loans should follow – Economist

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Guyanese economist, Winston Brassington, says that as the country’s oil and gas sector continues to develop and expand, so will the assets in the local banks. Brassington shared this perspective on Thursday when he addressed an American Chamber of...
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Brent falls below $80/b amid new lockdowns, stronger US dollar

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(S&P Global Platts) Crude oil futures moved sharply lower Nov. 19 as the market weighed the impacts of new pandemic lockdowns in Europe and a stronger US dollar. NYMEX December WTI settled down $2.91 at $76.10/b and ICE January Brent...
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Construction of additional berths at Guyana Shore Base 60% complete; to be ready by second quarter of 2022

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The Guyana Shore Base Inc. (GYSBI) is rapidly expanding its capabilities to better serve the growing needs of the South American nation’s budding petroleum sector. Back in April, GYSBI—which is the main facility servicing the country’s deepwater operations—commenced construction of...
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Exxon says its procurement methods capture best market value for Guyana, audits are normal part of operations

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ExxonMobil Guyana says its budgets for operations in the South American country which include expenditure for approved projects and wells drilled are routinely reviewed by the natural resources ministry and that it employs robust systems to ensure Guyana gets...
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Stabroek Block delivering high volumes, big value, Hess calls it ‘motherload’

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When one considers the industry leading breakevens, the high-quality reservoirs, and the free cash flow that will be generated annually, there is no doubt that Guyana’s Stabroek Block is truly “the motherload” says Hess Corporation’s Chief Operating Officer, Greg...
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Stabroek Block partners hopeful for extension on exploration license

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ExxonMobil's affiliate, Esso Exploration and Production Guyana Limited (EEPGL) has approached the Guyana Government for an extension on its Stabroek Block exploration licence due to the COVID-19 pandemic. This is according to Hess Corporation which holds a 30 percent...
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Staatsolie approves commercial field for Sloanea-1 gas discovery in Suriname’s Block 52

Staatsolie Maatschappij Suriname N.V. has approved the Commercial Field for the Sloanea-1 gas discovery in Block 52 offshore Suriname....

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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