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OPEC cuts 2021 oil demand forecast again as virus cases rise

OilNOW -
(Reuters) - World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said on Tuesday, adding to headwinds faced by the group and its allies in balancing the market. Demand will rise by...
News

Instead of strict requirements, Guyana could incentivize companies to achieve local content targets – Dr. Marcel

OilNOW -
When oil producing nations pursue the development of a local content policy, one of the challenges that often emerges, is striking the balance between a policy that is not too rigid and one that’s still not watered-down. As Guyana...
News

AMCHAM T&T gearing up for first virtual safety and environment conference

OilNOW -
The American Chamber of Commerce Trinidad and Tobago (AMCHAM T&T) will host the 24th Annual Health, Safety, Security and Environment (HSSE) Conference and Exhibition to be held virtually from October 19 – 23, 2020. Over the duration of the conference, a...
News

Delegation from U.S to discuss investment opportunities in South America’s newest oil producing nation

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Almost one month after U.S Secretary of State, Michael Pompeo, and Guyana’s President, Dr. Mohamed Irfaan Ali, signed a  Memorandum of Understanding (MoU)  on energy and infrastructure, a Government delegation from the U.S will be in Guyana to discuss...
News

ExxonMobil funds aerial monitoring system for Iwokrama rainforest

OilNOW -
The Iwokrama International Centre announced Monday that with funding from ExxonMobil Guyana it is now able to remotely monitor the Iwokrama forest using drone technology. The drone, which has communication capability, will help to significantly monitor areas of the forest...
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BP hits first gas at Phase 2 of Block 61 development in Oman

OilNOW -
BP announced on Monday that production has begun from its Block 61 Phase 2 Ghazeer gas field in Oman, 33 months after the development was approved. The company said Ghazeer was initially expected to come into production in 2021. The...
Exploration

Guyana, Suriname entering high-stakes competition for development of deepwater resources

OilNOW -
Five years after Guyana’s first oil discovery and just weeks after production started last December, Suriname experienced a game-changer with its first offshore discovery at Maka Central-1. This was closely followed by two other discoveries – Sapakara West-1 and...
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Beneficial ownership of Guyana oil blocks will have to be disclosed to EITI

OilNOW -
Guyana, as an Extractive Industries Transparency Initiative (EITI) implementing country, is among the those mandated to comply with Requirement 2.5 of the EITI Standard 2019 which relates to full disclosure of beneficial ownership of companies, including those in oil...
Exploration

Petronas spuds first well offshore Suriname

OilNOW -
Malaysian oil and gas company Petronas has spudded its first well - Sloanea-1 - offshore Suriname at Block 52 where it has farm-down 50% of its interest to US oil major ExxonMobil. Denmark-based drilling rig operator Maersk Drilling is carrying out...
News

Another oil major moving to cut jobs

OilNOW -
Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, Reuters said in a recent report. The No. 2 U.S. oil producer has begun...
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Oil boom reshaping Guyana’s business landscape, says GCCI President

Georgetown Chamber of Commerce and Industry (GCCI) President Kathy Smith says Guyana’s oil industry is transforming the way local...

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