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China opens up oil and gas exploration, production for foreign, domestic firms

(Reuters) - For the first time, China will this year allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants, as Beijing looks to...

Trinidad must up oil production to reverse economic fortunes says Ramnarine

Former Minister of Energy and Energy Affairs in Trinidad and Tobago Kevin Ramnarine believes that 2020 will be another year of weak growth in the twin-island republic due to the current over-supply of petroleum worldwide and the strong US...

North Sea to remain global hotspot in 2020 – WoodMac

UK-based global energy consultancy group Wood Mackenzie says it will be a noteworthy year for the North Sea – companies will increase production for the first time since 2017 and the outlook for both exploration and investment is looking...

One dead, five injured after ingesting toxic liquid on Brazil-bound FPSO

Dutch dredging and heavylift company Boskalis said in a statement on Thursday that an incident occurred earlier this week on board an FPSO which is currently being transported by the Vanguard from China to Brazil. During the journey a contractor, designated by...

Guyana oil strikes help push global discoveries to 4-year high – Rystad Energy

The world’s oil and gas explorers powered ahead and discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015, according to estimates from Rystad Energy. Last year recorded 26 discoveries of more than 100...

Road ahead may be paved with money but will be bumpy

As Guyanese prepare to go the polls on March 2, the country faces enormous challenges in the coming years to strengthen institutions and build capacity that would enable it to effectively manage oil revenue and avoid the pitfalls faced...

Stabroek Block and the Liza oil field

Spread over 26,800km² in Guyana’s offshore waters, the Stabroek Block is estimated to contain more than six billion barrels of oil equivalent as of 2019. Drilling has been ongoing to explore and evaluate other potential areas of the block. Liza...

ExxonMobil moving to plug and abandon Gippsland Basin wells offshore Australia

US oil major ExxonMobil is moving to plug and abandon five Whiting wells, located in the Gippsland basin offshore Australia in an exercise set to begin in March. The Noble Tom Prosser jack-up rig will permanently plug and abandon the...

Potential for ‘prolific oil wells’ seen in historic discovery offshore Suriname

Apache’s historic oil discovery offshore Suriname has opened a new chapter in the potential of the Guyana-Suriname basin which the US Geological Survey (USGS) has long said could contain more than 13.6 billion barrels of oil and 32 trillion...

Explorers hopeful Suriname discovery signals extension of Stabroek mega oil play

Explorers have been looking closely at the multi-billion-barrel oil resource at Guyana’s Stabroek Block with hopes that this prolific petroleum system stretches across to Suriname where efforts to find hydrocarbons offshore have been futile…until now. The discovery at Maka Central-1...

Latest News

Hess facing three lawsuits over disclosures in Chevron deal

(Reuters) - Oil producer Hess (HES.N) on Tuesday said it is currently facing three lawsuits alleging inadequate disclosures over...