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Oil production offshore Guyana continues but project delays triggered by COVID-19 unavoidable

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Chairman and Chief Executive Officer of Exxon Mobil Corporation, Darren Woods told investors Friday that Guyana remains a key part of the oil major’s long-term growth plans. Although faced with the drop in oil prices and challenges resulting from...
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Ongoing elections process in Guyana slowing down project approvals – ExxonMobil CEO

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A now two-month long delay in the completion of a presidential election in the South American country of Guyana is slowing down the project approvals for ExxonMobil’s third development at the 6.6 million acres Stabroek Block where the company...
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Exxon, Chevron slam brakes on shale as oil demand tumbles

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(Reuters) - Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel...
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Exxon posts quarterly loss of $610 million – Guyana helps boost liquids production

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Exxon Mobil Corporation announced on Friday an estimated first quarter 2020 loss of $610 million, or $0.14 per share assuming dilution, compared with earnings of $2.4 billion a year earlier. Results included a $2.9 billion charge from identified items,...
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Guyana receives almost US$5 million in first royalty payments

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The first payments of royalty due to Guyana from oil produced for the months of January, February and March have been deposited into the country’s Natural Resources Fund (NRF) account held at the Federal Reserve Bank of New York. On...
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Global oil glut reducing but just 400 million barrels of storage left – Rystad Energy

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The global imbalance between oil supply and demand, which has built to 26.4 million barrels per day (bpd) in April due to the Covid-19 pandemic, is set to halve to 13.6 million bpd in May and fall further to...
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ExxonMobil Guyana continues to take all precautions for COVID-19

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As oil production operations progress at the Liza Phase 1 Development offshore Guyana, ExxonMobil, operator at the 6.6 million acres Stabroek Block, says it continues to take all precautions to safeguard the health of workers. LISTEN TO AUDIO CLIP https://youtu.be/Sh-MgChnM0w  
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Venezuela’s PDVSA considers dramatic changes to revive oil production

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New leadership at Petroleos de Venezuela SA is considering a major overhaul that could see the company streamlining its oil business and even forsaking decades of state monopoly, according to people familiar with the matter, Bloomberg said in a...
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Shell cuts dividends for the first time since World War II

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Oil major Royal Dutch Shell said on Thursday it will be cutting dividend to shareholders for the first time since World War II, following a dramatic decline in oil prices amid the coronavirus crisis. According to a CNBC report, the...
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ExxonMobil, Stabroek co-venturers plug GY$60M into COVID-19 relief efforts

OilNOW -
The Civil Defence Commission (CDC), Salvation Army and Rotary Guyana have received more than GY$60 million to support COVID-19 relief programmes. ExxonMobil Guyana and the Stabroek Block co-venturers, Hess and CNOOC, are providing funds as part of the programme established...
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TechnipFMC mobilizes first subsea 2.0® tree from Guyana for Uaru development

TechnipFMC marked a key milestone for its configure-to-order Subsea 2.0® platform, which has benefited from its global talent pool....

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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