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Guyana remains committed to low carbon development – President tells international community

OilNOW -
The preservation of Guyana’s forests and adherence to the country’s Low Carbon Development Strategy (LCDS) in order to combat climate change and lower carbon emissions is a critical objective of the the new oil producing country. On Thursday, President Irfaan...
News

Liza Phase 1 production now averaging 105,000 bpd, peak output expected by December – Hess

OilNOW -
Gross production from the Liza Phase 1 Development at the Stabroek Block offshore Guyana has been averaging 105,000 barrels of oil per day in the last few weeks with a full ramp up in output expected by December. This is...
Exploration

Shell looking to strike it big on ‘Golden Lane of Oil in the Guianas’ six years after walking away from Stabroek Block

OilNOW -
Six years after giving up its stake in the Stabroek Block offshore Guyana where operator ExxonMobil went on to make the first world class Liza discovery just months later, Shell is now looking to strike it big on the...
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ExxonMobil announces 1900 job cuts in United States

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US oil major ExxonMobil said on Thursday as part of an extensive global review announced earlier this year, it plans to reduce staffing levels in the United States, primarily at its management offices in Houston, Texas. The company said...
News

Equinor in double oil strike offshore Newfoundland

OilNOW -
Equinor (60%), and its partner BP Canada (40%), have made two oil discoveries offshore Newfoundland, Canada. The two wells at the Cappahayden and Cambriol prospects, drilled this summer in the Flemish Pass Basin, have proven the presence of hydrocarbons; however, it is too early to provide specific...
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Suriname expects to earn up to $60 billion from offshore discoveries – Rudolf Elias

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Suriname expects to potentially earn up to $60 billion from development of hydrocarbon resources at the three discoveries made to date offshore the South American country. Rudolf Elias, CEO of Suriname’s National Oil Company, Staatsolie Maatschappij Suriname NV, during a...
News

Hess confirms potential for 10 FPSOs at Guyana’s Stabroek Block

OilNOW -
Hess Corporation said on Wednesday the development of hydrocarbon resources offshore Guyana now has the potential for up to 10 floating production storage and offloading (FPSOs) units particularly as the estimated gross discovered recoverable resources have increased to approximately...
News

Oil, gas to play key role for decades despite energy transition says Petronas CEO

OilNOW -
(S&P Global Platts) Malaysia's state-run Petronas will be pursuing most of its oil and gas projects, but by using more cost-effective and cleaner processes, as it strongly believes that those fuels will have a major role to play for...
News

Brent drops below $40 as renewed pandemic restrictions cloud outlook

OilNOW -
(Bloomberg) --Oil fell sharply with broader markets as renewed restrictions on movement in Europe clouded the outlook for consumption once again. Crude futures in New York fell 4.6%, while those in London retreated below $40 a barrel, the lowest since...
News

Stabroek Block resources jump to 9 billion barrels of oil equivalent – Hess

OilNOW -
Hess Corporation, a 30 percent stakeholder at the Stabroek Block offshore Guyana, said on Wednesday that the estimated gross discovered recoverable resources have been updated to approximately 9 billion barrels of oil equivalent (boe) on the block. In releasing its...
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Suriname’s GranMorgu offshore oil project is 23% complete 

PARAMARIBO, SURINAME – On Tuesday, October 21, representatives from TotalEnergies and Staatsolie met with President Jennifer Geerlings-Simons to report...

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