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Guyana urged to avoid gasoline subsidies, over-dependence on its multi-billion-barrel oil resources

OilNOW -
With 16 discoveries, 8 billion barrels of recoverable oil resources and the start of production all in just under five years, Guyana is now one of the best-known newcomers to the league of petroleum producing nations. While the significant hydrocarbon...
News

Apache opts for exclusive listing on Nasdaq as industry awaits Suriname well results

OilNOW -
Apache Corporation said Wednesday it has elected to list its common stock solely on the Nasdaq Stock Market beginning June 9, 2020. The company will discontinue listing its common stock on the New York Stock Exchange and the Chicago Stock Exchange after the market closes on June 8. Additionally,...
News

Brazil’s Petrobras opens access to natural gas processing units in antitrust deal

OilNOW -
Brazilian state-led energy company Petrobras will grant rival producers and other companies access to onshore natural gas processing facilities in a two-step process in the latest move toward opening Latin America's biggest market under the terms of an antitrust...
News

Exxon targeting ‘industry-advantaged projects’ in face of volatility, uncertainty

OilNOW -
US oil major ExxonMobil said on Wednesday it is managing unprecedented market challenges from the COVID-19 pandemic while preserving long-term value to shareholders. Chairman and Chief Executive Officer Darren Woods told shareholders during the company’s annual meeting that despite the...
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Chevron’s cost-reduction measure may eliminate up to 15% of workforce

OilNOW -
(Bloomberg) --Chevron is planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among global oil majors following the Covid-19 pandemic. The company aims to reduce costs to ride out the worst...
Exploration

Why is Exxon finding oil faster in Guyana than companies anywhere else in the world?

OilNOW -
Several high impact discoveries which have been made offshore Guyana by US oil major ExxonMobil are a direct result of the company’s research and development of new technologies which have provided geoscientists with unparalleled insights into subsurface geologic structures...
News

Guyana COVID-19 Situational Report

Bobby Gossai, Jr. -
COVID-19 has now spread to 189 countries/regions around the world with over 5 million confirmed cases and more than 350,000 deaths. The oil & gas industry continues to be heavily impacted on all fronts as falling demand and geopolitical ambitions...
News

2019 was ‘most successful year’ for discoveries; Guyana added big volumes – IEA

OilNOW -
Oil and gas exploration spending has been on a consistent downward trend in recent years, with only a slight bump in 2019. With investment budgets under renewed pressure this year, the share of exploration spending in total investment may...
News

IEA says the coronavirus crisis has set in motion the largest drop of global energy investment in history

OilNOW -
The International Energy Agency believes the coronavirus pandemic has paved the way for the largest decline of global energy investment in history, with spending set to plummet in every major sector this year, CNBC said in a reported on...
News

US oil output set to bottom out in June, will not recover to pre-COVID-19 levels in 2021- Rystad Energy

OilNOW -
US oil production, which has steeply declined as low prices forced shut-ins, will reach a bottom of around 10.7 million barrels per day (bpd) in June, a two-year low, Rystad Energy estimates, before it starts to slowly recover. Still,...
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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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