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US oil surges 16% as inventories reportedly rise less than expected

OilNOW -
West Texas Intermediate (WTI) for June delivery surged 17.10%, or $2.11, to $14.45 per barrel, while international benchmark Brent crude traded 4.8% higher at $21.49, CNBC reported on Wednesday. The surge higher came after data from the American Petroleum Institute showed Tuesday that U.S....
Exploration

Global exploration & production revenues will fall by staggering 1 trillion dollars – Rystad Energy

OilNOW -
The devastating effect of the COVID-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020. A Rystad Energy analysis shows that global E&P...
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Guyana racking up millions in oil revenue – royalty payments to begin on April 30

OilNOW -
In addition to the almost US$55M that has already been deposited into the Natural Resource Fund (NRF) account held by the Bank of Guyana at the Federal Reserve Bank of New York, royalty payments are expected to begin this...
News

Trinidad & Tobago oil production hits lowest since 1950s

OilNOW -
Oil production in Trinidad and Tobago came down to the lowest point since the 1950s during the month of February this year as the Caribbean energy producing country continues to face challenges in its economy. Former energy minister Kevin Ramnarine...
News

Early April forecast sees oil demand falling by 15-18 million b/d – WoodMac

OilNOW -
Wood Mackenzie’s Macro Oils Service’s early forecast for April sees oil demand falling by as much as 18 million barrels per day year-on-year with some estimates topping the 20 million b/d mark. Simon Flowers, Chairman, Chief Analyst and author of...
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Venezuela appoints alleged drug trafficker El Aissami as oil minister

OilNOW -
Venezuelan President Nicolas Maduro on Monday appointed his economy vice president, Tareck El Aissami, who has been indicted in the United States on drug trafficking charges, as oil minister, amid acute fuel shortages across the country, Reuters reported. Maduro named...
News

Petrobras reverses production cuts on higher-than-expected demand

OilNOW -
(Reuters) Brazilian state-run oil firm Petrobras has reversed most of its previously announced production cuts due to higher-than-expected demand for some fuels, it said on Monday, a surprising turnaround that may be tied to an aggressive bet on bunker...
News

Guyana-Suriname basin stratigraphic traps delivering multi-billion barrel pay – Westwood

OilNOW -
More oil and gas were discovered in stratigraphic traps than any other trap type in the last decade and the Guyana-Suriname basin remains one of the most prolific. Excelling in stratigraphic trap exploration is now the key to top...
News

Canada upstream spending moving to 20-yr low, shut-ins could reach 1.2 million bpd

OilNOW -
As a result of recent guidance revisions and the wider collapse in drilling and completion activity in Western Canada, Rystad Energy now expects total 2020 Canadian upstream spending to fall below C$21 billion. This represents a 41% year-over-year decline,...
News

Brazil issues new end-of-life rules for oil and gas fields

OilNOW -
Brazil's National Petroleum Agency (ANP) issued new rules and procedures on Monday for deactivating mature oil and natural gas fields that should result in about $5 billion in investments over the next five years as Latin America's biggest producer...
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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....

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