Thursday, October 6, 2022

News

OPEC forecast higher demand for its crude in 2018 due to rising global consumption.

(Reuters) - OPEC forecast higher demand for its crude in 2018 on Thursday due to rising global consumption, and pointed to signs of a stronger oil market that suggest an OPEC-led production cut is getting rid of price-sapping excess...

ExxonMobil looking forward to results from new drilling campaign at Turbot field

The ExxonMobil team in Guyana is said to be in high spirits as a new oil exploration campaign is set to begin at the Turbot-1 well located 107 nautical miles offshore the South American country. The US super-major has...

Transocean shares outlook for offshore drilling

(Market Realist) In its 2Q17 conference call, Transocean (RIG) shared its outlook for the offshore drilling market. The company’s view of the industry could also shed some light on the outlook for offshore peers (IYE) Seadrill (SDRL), Diamond Offshore (DO),...

Regulations on paper mean nothing if there is no leadership, will to enforce – Energy Specialist

A Guyanese Engineer with years of experience working in the United States Department of Energy says the leadership and will to enforce regulations will determine if Guyana is to avoid the misfortunes that have befallen many oil producing countries...

SBM adopts new approach to lower deepwater FPSO project costs

(Offshore) MONACO – SBM Offshore is progressing its Fast4Ward program for FPSOs, designed to make deepwater project returns more attractive at current oil prices. Oilfield developments in deeper water, with harsher conditions, require heavier installations on deck, despite space and...

“Very stiff penalties” for US oil companies involved in corruption – Ambassador

US oil companies operating around the world face stiff penalties if they are found to be involved in bribery and other corrupt practices, and according to US Ambassador to Guyana, Perry Holloway, this serves as a disincentive for them...

Major oil companies begin pulling workers out of Venezuela

(Bloomberg) Repsol SA pulled all foreign workers from its oil fields in Venezuela amid a deepening political crisis, while Chevron Corp. and Total SA have removed a small number of employees, said people with knowledge of the companies. Norway’s...

“It’s harder to earn money when prices are low and margins are tight” – ExxonMobil CEO

The oil supply boon fueled by hydraulic fracturing has served to push petroleum prices down. This has triggered increased competitive pressures for resource-developing companies, like ExxonMobil, and increased revenue pressures for resource-owning governments, like Guyana. Speaking at the World Petroleum...

Kosmos tightens loss, triples oil revenues

(Offshore Energy Today) U.S. oil company Kosmos Energy tightened its net loss and tripled oil revenues during the second quarter 2017. The company has decided to once again reduce its capex for the year by $50 million. According to its...

16 youths embark on inaugural natural resources apprenticeship programme

Sixteen youths will have an opportunity during the month of August to learn more about the operations of the agencies and industries in Guyana’s natural resources sector, as part of a Youth in Natural Resources Apprenticeship Programme, launched today...

Latest News

‘TT companies will move to Suriname if Ramps doesn’t get local content certificate’ – Trini business strategist

If Guyana fails to grant Ramps Logistics a Local Content Certificate to operate within its oil sector, Trinidad and...