News

Venezuela supreme court approves extradition request to Italy for ex-oil czar

(Reuters) - Venezuela’s supreme court said on Friday it had approved a request to Italy for the extradition of Rafael Ramirez, a once powerful oil minister and former head of state oil company Petroleos de Venezuela, on corruption charges. Authorities...

Offshore drilling company Noble Corp. files for bankruptcy

Noble Corporation plc announced on Friday that it has entered into a restructuring support agreement with two ad hoc groups of the largest holders of the Company's outstanding bond debt regarding a consensual financial restructuring transaction that will significantly...

Exxon, Chevron earnings gutted by virus-driven demand slump

(Bloomberg) Exxon Mobil Corp. and Chevron Corp. posted the worst losses in a generation after the pandemic and a global crude glut combined to batter almost every part of their businesses. Exxon’s $1.1 billion second-quarter loss was the deepest in the company’s modern...

New study reaffirms Stabroek block’s fiscal terms in line with countries sharing similar characteristics

In its most recent report on Guyana, oil and gas industry analyst Wood Mackenzie says the Stabroek block fiscal terms ranks well compared to several other countries with similar circumstances regarding indicators such as State share, payback period and...

Stabroek block consortium looking to move forward expeditiously with Payara once Guyana elections impasse is resolved

The Stabroek block consortium is looking to move ahead expeditiously with the third development offshore Guyana at Payara once the elections impasse in the South American country is resolved and final approval granted for the project. Speaking on its Q2...

Guyana’s first EITI validation set to commence in October

Even as Guyana prepares for the compilation and publication of its second Extractive Industries Transparency Initiative (EITI) Report for fiscal year 2018, the country is rapidly getting set for its first EITI validation, due to commence in October 2020. Over the...

Apache’s Q2 loss narrower than expected, sales top

(Nasdaq) Apache Corporation reported second-quarter 2020 loss per share — excluding one-time items — of 74 cents, narrower than the Zacks Consensus Estimate of a loss of 99 cents. This better-than-expected result is led by higher-than-anticipated production volumes. Precisely,...

ConocoPhillips posts wider-than-expected loss on oil price plunge

(Reuters) - ConocoPhillips reported a wider-than-expected loss on Thursday, as the oil and gas producer was hit by a plunge in crude prices due to a short oil price war and coronavirus-induced lockdowns that sapped demand for fuel. The pandemic...

75% of Stabroek block expected resources still to be developed – WoodMac

The volume of revenue flows to Guyana and the Stabroek block consortium is dependent on the timely development of oil resources, 75% of which is still to be developed with the Payara project accounting for 16%. The findings of a...

Stena Carron to spud Tanager-1 at Kaieteur block

The Stena Carron drill ship is set to spud the first well on the 3.3 million acres Kaieteur block as operator, ExxonMobil, expands its search for hydrocarbons offshore the South American country of Guyana. The Kaieteur block is located...

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Dominican Republic can help Guyana bridge gaps, place progress on par with developed world- Pres. Ali

Guyana's President, Dr. Irfaan Ali deemed the Dominican Republic a pivotal ally that can help his country bridge many...