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ConocoPhillips posts wider-than-expected loss on oil price plunge

(Reuters) - ConocoPhillips reported a wider-than-expected loss on Thursday, as the oil and gas producer was hit by a plunge in crude prices due to a short oil price war and coronavirus-induced lockdowns that sapped demand for fuel. The pandemic...

75% of Stabroek block expected resources still to be developed – WoodMac

The volume of revenue flows to Guyana and the Stabroek block consortium is dependent on the timely development of oil resources, 75% of which is still to be developed with the Payara project accounting for 16%. The findings of a...

Stena Carron to spud Tanager-1 at Kaieteur block

The Stena Carron drill ship is set to spud the first well on the 3.3 million acres Kaieteur block as operator, ExxonMobil, expands its search for hydrocarbons offshore the South American country of Guyana. The Kaieteur block is located...

Yellowtail reservoirs point to world class quality of Guyana basin – Exxon, Dept. of Energy

The identification of two additional high-quality reservoirs at the Yellowtail-2 well offshore Guyana has further confirmed the world class quality of the basin and the major potential for continued future development of hydrocarbon resources. Both ExxonMobil and the Department of...

Apache announces major oil discovery at Block 58 Offshore Suriname

Third consecutive discovery offshore Suriname confirms a world-class hydrocarbon resource Kwaskwasi-1 well encountered 278 meters (912 feet) of net oil and volatile oil / gas condensate pay. Fourth exploration prospect in Block 58, Keskesi East-1, will be drilled...

Wood Mackenzie: What would a Joe Biden win mean for oil and gas?

With analysis from Julie Wilson, Research Director Global Exploration, Ed Crooks, Vice-chair, Americas and Rowena Gunn, Research Analyst Joe Biden is edging ahead in the race for the White House. The latest average of polls, as of 24 July, suggests that 50% of Americans...

Liza production to hit peak in August as water and gas injection come online – Hess

Two additional high-quality reservoirs identified at Yellowtail-2 ExxonMobil is currently commissioning water injection equipment and bringing natural gas injection fully online at its Liza Phase 1 Development located 120 miles offshore Guyana at the Stabroek Block. This will see production...

As Guyana prepares to lift its 3rd oil cargo – new four-month supply glut looms

Guyana will lift its third million-barrel oil cargo next week just as the upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels. Rystad Energy said...

Despite ‘COVID-19 shock’ Canadian oil sands production positive over long-term – IHS Markit

Canadian oil sands production is expected to decline by nearly 175,000 barrels per day (b/d) in 2020 as a result of COVID-19—the largest annual decline on record. However, the longer-term trajectory of oil sands production is expected to change...

Guyana’s oil resources well-positioned to survive stranded assets phenomenon – CGX Head

Executive Director of CGX (Guyana) Energy, Professor Suresh Narine, says despite the gradual global transition to renewable energy, the demand for oil will remain high in coming years and as such, Guyana’s multi-billion barrel resources are well-positioned to survive...

Latest News

Jennifer Geerlings-Simons makes history as Suriname’s first female President amid offshore oil plans 

PARAMARIBO-SURINAME: Suriname’s National Assembly convened on Sunday to elect the country’s next president in an important parliamentary session. In...