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High impact drilling for Guyana this year, Wood Mackenzie says

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With limited budgets and rich inventories after a few years of active acreage loading, explorers will drill only the prospects that really matter this year. In its new report on global exploration, UK-based consultancy group Wood Mackenzie said companies...
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Pandemic brings new oil reality; some governments will offer better terms – Wood Mackenzie

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Governments, particularly those in economies dependent on the oil industry are looking to do their part by ensuring exploration and production activities remain economically feasible in an era where fiscal stress continues to be high, brought on by the...
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Crude oil futures rise, ICE Brent March contract settles above $57/b

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(S&P Global Platts) Crude oil futures rose in mid-morning trade in Asia Jan. 13 on a larger-than-expected draw in US crude inventories and a weakening US dollar. At 10:29 am Singapore time (0229 GMT), the ICE Brent March contract was...
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Venezuela increasingly isolated in bid to grab territory from Guyana through ‘illegal decree’

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The Caribbean Community on Tuesday joined with Guyana and the international community in condemning the move by President of Venezuela, Nicolas Maduro, to claim sovereignty in the waters and seabed adjacent to Guyana’s coast, west of the Essequibo River,...
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Ford puts brakes on operations in South America’s largest oil producing nation

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(AP) — Ford Motor Co. said Monday it will close three plants in Brazil and stop producing automobiles in the South American country where it has been operating since 1919. The company said in a statement it will cease production...
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Guyana political parties, stakeholders roundly condemn Venezuela ‘illegal decree’

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In a rare show of unity among the two major political parties in Guyana, both groups have issued statements strongly condemning the move by Venezuelan President Nicolas Maduro to issue a decree claiming sovereignty in the waters and seabed...
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Oil holds close to 11-month high, edges above $56

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(Reuters) - Oil rose above $56 a barrel on Tuesday and stayed close to an 11-month high, as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally. Saudi Arabia has said it...
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Trotman slams Global Witness over ‘abominable, dirty deed’ as “Signed Away’ is withdrawn

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Former Guyana Minister of Natural Resources, Raphael Trotman, on Monday released a statement heavily criticizing international NGO, Global Witness, in wake of the organisation’s move to withdraw its controversial report - Signed Away – issued in February 2020. Below is...
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Goldman sees Brent hitting $65/b by June

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(S&P Global) Goldman Sachs sees Brent crude rising to $65/b by the middle of 2021, up to six months earlier than previously forecast, as a demand boost from the rollout of COVID-19 vaccines and potential delays in restarting OPEC+...
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Guyanese garment manufacturers outfitting Prosperity FPSO construction crew in Singapore

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Two local companies—Denmor Garments Manufacturers Inc. and Caribbean Clothing Company Ltd.—have secured contracts to manufacture a total of two thousand coveralls for construction workers in Singapore. The workers are supporting construction of the Prosperity, which will become the third...
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Lanternfish-1 and Blacktip-1 among top global high-impact wells for 2025, says S&P Global

Two Guyana prospects – Lanternfish-1 and Blacktip-1 – have been ranked among the world’s most significant high-impact wells targeted...

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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