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Market set to tighten as OPEC+ agrees to extend 9.7 million b/d output cut

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(Wood Mackenzie) OPEC+ today agreed a one-month extension of the 9.7 million barrels per day (b/d) production cut. The extension will tighten the market further and could see Brent prices rise from the current $40/bbl toward $45-to-$50/bbl. Ann-Louise Hittle, vice...
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OPEC+ averts full scale disaster in market-based oil industries – Wood Mackenzie

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Ed Crooks, Vice-Chair, Americas at Wood Mackenzie says rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the cartel was founded in 1960, it almost broke...
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Ranger is deepest drill campaign ever conducted by ExxonMobil offshore Guyana

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The successful foray by ExxonMobil into the Ranger-1 reservoir offshore Guyana saw the deepest drilling exercise to date some 60 miles north-west of the prolific Liza field. The Ranger-1 well was drilled in a new area, encountering approximately 230 feet...
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Maka, Sapakara could be developed with 150,000 b/d FPSO

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The Maka Central-1 and Sapakara West-1 discoveries, the first of their kind offshore Suriname, are likely to be developed in coming years utilizing a high capacity floating oil production complex. The two discoveries are located approximately 20 kilometers (12...
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Venezuela’s oil exports sink to 17-year low, choked by U.S. sanctions

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(Reuters) - Venezuela’s oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for Venezuelan crude sales stopped receiving oil, Refinitiv Eikon data and...
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Noia writes Trudeau about ‘dire’ state of Newfoundland and Labrador offshore oil sector

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(The Chronicle Herald) The association representing businesses involved in Newfoundland and Labrador’s offshore oil sector is adding written words to spoken ones as it continues to press Prime Minister Justin Trudeau to provide federal government help for the beleaguered...
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SBM Offshore donates 30,000 pieces of protective gear to CDC for COVID-19 response in Guyana

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Dutch floater specialist SBM Offshore has provided 30,000 pieces of protective gear to the Civil Defence Commission (CDC) in Guyana to help with the agency’s national response to the COVID-19 pandemic. In a press update on Wednesday, SBM Offshore said...
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Schlumberger in search of contractors to build office building, workshop in Guyana

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Schlumberger Guyana is moving to construct an office building and workshop to support the ExxonMobil operations at the Liza Development. The company is looking for highly qualified contractors to build these facilities which will be located at Houston Port,...
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Occidental Petroleum, Equinor removing non-essential workers in Gulf of Mexico

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Occidental Petroleum Corp and Norwegian state-oil company Equinor ASA are removing non-essential workers from some Gulf of Mexico facilities ahead of Tropical Storm Cristobal, the companies said on Wednesday, according to a Reuters report. Gulf of Mexico operations are continuing...
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Oil falls below $40 on doubts early OPEC+ meeting will go ahead this week

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(Reuters) Oil prices erased gains on Wednesday, with Brent crude futures falling back below $40 a barrel, on doubts an early meeting of some of the world’s most powerful oil producers will go ahead as planned. OPEC and non-OPEC allies,...
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Q1 withdrawal from Guyana’s oil fund up 60% from last year’s

The Guyana government ramped up withdrawals from the country’s oil fund in the first quarter of 2025, taking out...

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