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Global Witness withdraws report on Guyana, cites overestimation of potential economic benefits from oil production

OilNOW -
International NGO, Global Witness, has withdrawn its highly controversial report - Signed Away – that focused on the fiscal terms of the Stabroek Block Production Sharing Agreement Guyana has with ExxonMobil. Below is the full statement from Global Witness. Statement on...
Exploration

Bulletwood, Bonboni key wells to watch as exploration takes off in the Americas this year – Westwood

OilNOW -
Guyana and Suriname remain two major hotspots for exploration activity in 2021 with a number of key wells to watch as the Americas take the lead in the hunt for hydrocarbon resources this year. Westwood Global Energy Group said in...
News

U.S condemns Venezuela aggression towards Guyana, pledges support for ICJ proceedings

OilNOW -
The United States over the weekend made it clear that it remains in full support of Guyana’s bid to have the International Court of Justice (ICJ) preside over the matter involving Venezuela’s refusal to accept an 1899 arbitral award...
News

Separate law for local content won’t guarantee success – Greenidge

OilNOW -
Since the discovery of oil in Guyana back in 2015, there have been mounting calls for Local Content Legislation. While some believe this legal backing may be helpful in the country’s bid to ensure locals are able to enjoy the maximum...
News

Oil prices fall on renewed coronavirus concerns

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(Reuters) - Oil prices fell on Monday on renewed concerns about global fuel demand amid strict coronavirus lockdowns in Europe and new movement restrictions in China, the world’s second-largest oil user, after a jump in cases there. Brent crude oil...
News

Guyana moving to rapidly establish legislative agenda for oil and gas

OilNOW -
The Guyana government is moving towards the urgent development of a legislative framework to manage the oil and gas sector, and among the tasks on the agenda is the development of laws that will allow for use of the...
News

Production and decommissioning of a well

OilNOW -
Production is the longest phase in the well’s life and may last for years or even decades. Over time, production declines and, eventually, will be too low to continue to operate the field. But, during a field’s productive life,...
News

Guyana could establish LPG, protein plant in Region 3 as part of major development drive

OilNOW -
The gas-to-power project which is a major initiative being undertaken in Guyana will see a pipeline landing in Wales, on the West Bank of the Demerara River, Region Three, where the government is looking to develop a commercial zone,...
News

India’s annual oil consumption falls for first time in 21 years

OilNOW -
(Bloomberg) India’s petroleum consumption fell for the first time in more than two decades in 2020 as the coronavirus pandemic shuttered businesses and factories, hurting demand from one of the world’s largest users of the fuel. Total petroleum demand declined...
News

Guyana responds to new Venezuela decree

OilNOW -
President of Guyana Dr. Irfaan Ali on Saturday addressed the nation in response to a new decree issued by Venezuelan President Nicolas Maduro claiming sovereignty and exclusive sovereign rights in the waters and seabed adjacent to Guyana’s coast, west...
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Chinese engineering giants among 12 groups vying to build natural gas facility in Guyana

Twelve groups, including several major Chinese engineering firms, have submitted proposals to construct a natural gas liquids (NGL) storage...

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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