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Opposition party appears to have won, incumbent yet to concede but O&G activities will progress – Fitch Solutions

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Political uncertainty in Guyana will have a limited impact on the ongoing oil and gas development projects in the South American country although the oil price rout and fall in global oil and gas investments could delay exploration and...
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Venezuela’s oil and gas sector sees worst crisis

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Venezuela’s oil and gas sector was already caught in a vicious cycle well before the Covid-19 outbreak created a world economic crisis. Even though there are several international companies still remaining in the country, they are not investing in any...
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BP puts crude oil traders on leave pending investigations into China dealings

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(Reuters) - BP has put four traders responsible for Chinese crude oil sales on temporary leave as it conducts internal investigations into trades with Singapore’s Hontop Energy, four sources familiar with the matter said. They were involved in crude trading...
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Eni to sell assets in Norway, Congo

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(Bloomberg) --Eni SpA is looking to sell assets in Norway and the Republic of Congo as oil’s slump prompts companies across the industry to rein in spending, according to people with knowledge of the matter. In Norway, Eni’s majority-owned Var...
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Oil prices hit levels last seen in March on vaccine hopes, EU deal

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(Reuters) - Oil rose on Tuesday, helped by positive news about vaccine trials and a European Union stimulus deal, which took prices to levels last seen when an oil price war erupted in early March between Russia and Saudi...
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South America’s newest oil producer drops over 50 million barrels of crude

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A ‘detrimental limbo’ of political uncertainty is becoming increasingly costly to new oil producer on the South American continent, Guyana, where project approval delays for a half-billion barrel offshore development has already resulted in more than 50 million barrels...
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Petrobras sells remaining 10% stake in TAG to Engie Brasil, CDPQ

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(Reuters) - Brazil’s state-owned oil company Petrobras on Monday agreed to sell its remaining 10% stake in natural gas pipeline company TAG to Engie Brasil and Canadian investment fund Caisse de Depot et Placement du Quebec (CDPQ). The sale is...
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Halliburton takes a $1.7 billion loss in Q2 2020

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Halliburton Company (NYSE: HAL) announced Monday a net loss of $1.7 billion, or $1.91 per diluted share, for the second quarter of 2020. This compares to a net loss for the first quarter of 2020 of $1.0 billion, or $1.16 per diluted share. The company said adjusted...
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Chevron set to buy out Noble Energy for $5 billion in shares

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Chevron Corporation (NYSE: CVX) announced today that it has entered into a definitive agreement with Noble Energy, Inc. (NASDAQ: NBL) to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or...
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Getting ‘advantaged barrels’ out of the ground early means bigger returns for companies, host countries

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The demand for petroleum is expected to remain robust in coming years but trends that point to an accelerated shift to renewables mean developing oil and gas resources sooner rather than later will ensure the most favourable returns for...
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Dredging in Demerara Channel to continue through 2025

The Maritime Administration Department (MARAD) announced that dredging works will continue in the Demerara Main Ship Channel and off...

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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