News

Dril-Quip Inc. and TRINPET Guyana Inc. have entered into a License and Services Agreement that includes the construction of a state-of-the-art tubular fabrication, maintenance and storage facility in Georgetown, Guyana. OilNOW understands the project is scheduled to commence this year with...

The swift oil price crash caused by the COVID-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. This is...

The effects of the COVID-19 pandemic on the oil industry should help Guyana, South America’s newest oil producer, to understand a most valuable lesson — avoid heavy dependence on oil alone and diversify the economy at all costs. This...

Since the discovery of large volumes of oil offshore Guyana, and now becoming a producer, the ability to balance this with the country’s low carbon agenda has long engaged the attention of environmentalists, some of whom believe the two...

(Bloomberg) -- Hess Corp. is chartering a trio of supertankers to hold more than half of its North Dakota crude production as rapidly filling storage forces some drillers to curtail output. The U.S. oil explorer said it has enlisted three...

Apache Corporation and Total S.A have spudded their third well offshore the South American country of Suriname. The two companies each hold 50% interest in Block 58 where they have made 2 discoveries to date. In the second half of...

There is now a full-blown crisis in Trinidad and Tobagio’s petrochemical sector, with four plants shut down in four months and word that more could be taken out of operation as the sector reels under low commodity prices and...

Global oil demand remains at historic lows as inventory vastly outpaces storage, but JPMorgan analysts think the worst of the commodity-market carnage is over, according to a report from Markets Insider. The coronavirus pandemic and the ignition of a price...

US production of 616,000 barrels of oil per day (bpd) will be shut during May and 655,000 bpd during June as a result of the supply-demand imbalance that the Covid-19 pandemic has created, according to a Rystad Energy analysis...

Hess Corporation reported Thursday a net loss of $2,433 million, or $8.00 per common share, in the first quarter of 2020 even as oil production increased due in part to output from the Liza Phase 1 Development offshore Guyana. “Our priorities...