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Drill campaign for Liza phase 2 development continues

OilNOW -
ExxonMobil, operator at the Stabroek Block offshore Guyana, is moving forward with its development drilling operations for phase 2 of the Liza project. The Noble Tom Madden and Bob Douglas are currently drilling development wells just over 100 nautical miles...
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ExxonMobil rips up $30B growth plan

OilNOW -
(Bloomberg) -- Exxon Mobil Corp. is ripping up its debt-fueled, $30 billion-a-year plan to rebuild an aging worldwide portfolio after cash flow evaporated and threatened the company’s vaunted dividend. The shift by the Western world’s premier oil explorer represents an...
Exploration

UK oil company strikes exploration deal in Jamaica

OilNOW -
UK-based United Oil & Gas PLC said on Monday it has received approval from the Jamaican Government to take forward the Walton Morant Licence, Jamaica, on a 100% operated basis. United has been assigned Tullow Jamaica Ltd's 80% equity in the Walton Morant...
News

Robust systems must be in place before touching oil money – President Ali

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Newly elected President of Guyana, Dr. Irfaan Ali, says he will be looking to ensure that robust systems are in place for the management of oil revenue so that benefits to current and future generations are maximized even before...
News

Back from the brink – Guyana looks ahead to oil-rich future

OilNOW -
Guyanese breathed a sigh of relief on Sunday when it became apparent that a five-month long ordeal that saw no end to the March 2 elections was finally ending. A meeting of the Guyana Elections Commission (GECOM) started just...
News

BP halves dividend after record loss, speeds up reinvention

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(Reuters) – BP cut its dividend for the first time in a decade after a record $6.7 billion second quarter loss when the coronavirus crisis hammered fuel demand and it sought to win over investors by speeding up its...
News

Venezuela’s oil exports stagnant in July at below 400,000 bpd – data

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(Reuters) - Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales, according to Refinitiv Eikon and internal data from the state-run...
News

Oil edges lower on oversupply concerns as OPEC+ set to raise output

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(Reuters) - Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears...
News

Results from Redtail-1 drill campaign expected this month – Neil Chapman

OilNOW -
Results from the Redtail-1 prospect located some 103 nautical miles off the coast of Guyana at the Stabroek block is expected this month, according to ExxonMobil Senior Vice President, Neil Chapman. The drillship Noble Don Taylor moved to the Redtail-1...
News

Guyana’s economic take-off tied to development of multi-billion-barrel oil resources

OilNOW -
Guyana’s positive economic outlook even in face of the coronavirus pandemic is based on the development of several billion barrels of discovered oil resources and the impact this is expected to have on the economy. Should these resources remain...
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Improvements in infrastructure, productivity pushing Guyana’s non-oil GDP – IMF

Guyana’s oil sector is projected to account for a slightly smaller share of the country’s economy in 2025 for...

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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