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Venezuelan oil exports slump to 71-year low in 2020

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(Bloomberg) Venezuelan oil exports plummeted this month as U.S. sanctions have left some of the South American country’s cargoes stranded in Asia and competition with fellow OPEC+ members is set to heat up. A linchpin of the Venezuelan economy, the...
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Trinidad made list of errors to avoid; then committed all – Dr. Hosein

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In an effort to ensure it did not suffer the fate of many resource rich countries around the world, Trinidad and Tobago carefully outlined the errors that should be avoided in the management of petroleum revenue; but then proceeded...
News

Russian annual oil output falls for the first time since 2008

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(Reuters) - Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed on...
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Brazil moving to implement reforms to lure investors as competition from countries like Guyana rise – S&P Global Platts

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Mature oil producer Brazil is looking to implement important oil industry reforms in 2021 to remain one of the world's top destinations for investments amid heated global competition and uncertainties about the coronavirus pandemic. S&P Global Platts said in a...
News

High-cost oil producers can lose market share to strong emerging player Guyana – Lisa Viscidi

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With approximately 9 billion barrels of oil equivalent and counting, Guyana is forging ahead as a major oil producer with experts saying the country is on course to become one of the largest sources of non-OPEC oil supply in...
News

‘We must not remain a rich country of poor people’ Guyana President affirms in new year’s message

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President of Guyana, Dr. Irfaan Ali says 2021 will be the springboard from which the new oil producing country will leap into recovery, rebuilding its economy and enhancing the health and well-being of its more than 750,000 people. Mr. Ali...
News

Exxon signals up to $20 billion asset write-down

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(Reuters) -Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset write-down. The largest...
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Crude oil markets lost a fifth of their value in 2020 but prices are rebounding

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(Reuters) - Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralysed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out stimulus. On...
Exploration

Guyana delivered, global exploration picked up…then the pandemic struck

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A Wood Mackenzie analysis from Andrew Latham, Kristina Beadle, and David Parkinson  The global exploration industry was in a good place at the start of 2020, having recovered from a decade of high costs and poor monetisation. In this article Wood Mackenzie shares...
News

T&T has been slow in moving to capitalise on Guyana oil discoveries – former trade minister

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Massive discoveries of hydrocarbon resources offshore Guyana provide a huge opportunity for neighbouring Trinidad and Tobago (T&T) says former Minister of Trade and Industry in the twin island republic, Mariano Browne. However, he believes that T&T has been slow...
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ExxonMobil drilling Hamlet-1 well in gas-rich southeastern Stabroek Block

ExxonMobil has started drilling the Hamlet-1 exploration well in the southeastern section of Guyana’s Stabroek Block. This area near...

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