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World’s biggest oil trader expects demand to come roaring back this year

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(Bloomberg) -- The head of Vitol Group, the world’s biggest independent oil trader, expects crude demand to come roaring back this year and next as the world emerges from the pandemic. Demand for crude will increase by 7 million to...
Exploration

Maersk Drilling bags four-well contract for Brazil campaign

OilNOW -
Maersk Drilling has been awarded a contract with Karoon Energy Ltd for the semi-submersible rig Mærsk Developer to perform well intervention on four wells at the Baúna field offshore Brazil. The contract is expected to commence in the first...
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Close to US$160M a year will be saved in power cost from gas pipeline – Guyana’s VP

OilNOW -
The benefits and implications of landing a gas pipeline onshore from the Liza Phase 1 Development continue to engage the public’s attention in Guyana with the government projecting massive savings from a reduction in the cost of power, while...
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Venezuela oil field shuts down for maintenance, over 300 wells targeted

OilNOW -
Venezuela's state-owned PDVSA has started a maintenance shutdown of its Petropiar oil field located in the Ayacucho block in the Orinoco Belt, according to a technical report reviewed by S&P Global Platts. "It's being stopped in a programmed manner: 338...
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Royston wraps up overhaul work on Stena DrillMAX, Guyana operations continue

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Marine engineering and propulsion specialist Royston has completed engine overhaul work onboard one of the world’s most advanced drill ships as part of a logistical solution provided to the vessel’s owners and operators, Stena Drilling. Work on the 228m length...
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Oil hits $68 on Libya force majeure

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(Reuters) Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by a disruption to Libyan exports and expectations of a drop in U.S. crude inventories, although rising coronavirus cases in Asia limited...
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Stuart Young is new T&T Energy Minister

OilNOW -
Trinidad and Tobago’s (T&T) Prime Minister Dr. Keith Rowley on Monday reassigned Stuart Young as Minister of Energy and Energy Industries. According to a report in the Trinidad Express, Young’s appointment is in addition to his duties as Minister...
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ExxonMobil, other oil giants moving to commercialize carbon capture

OilNOW -
Oil companies have for decades made money by extracting carbon from the ground, but now they are trying to make money putting it back. Energy giants such as ExxonMobil Corp. and Royal Dutch Shell are pushing carbon capture and storage—where...
Exploration

Bulk of current drillship demand in ‘golden triangle’ where Guyana offshore remains busy

OilNOW -
The bulk of current drillship demand is in the so-called golden triangle area which comprises the Gulf of Mexico (US and Mexico), South America (Brazil, Guyana & Suriname), and Africa (west, south, and east coasts). These regions account for...
News

Oil slips as rising infections trigger demand concerns

OilNOW -
(Reuters) Oil prices were lower on Monday as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude. Brent crude was...
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Guyana government sets firm January 2026 deadlines for local content approvals

The Ministry of Natural Resources has announced a new fixed timeline for reviewing and approving local content certification applications....

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