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TechnipFMC bags subsea contract for Norway projects

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Equinor has awarded two contracts and issued a letter of intent to TechnipFMC for pipelaying and subsea installation for three projects on the Norwegian continental shelf (NCS). The projects in scope are Breidablikk and the Gas Import System for the...
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China’s June crude stocks to soar to new high as cheap inflow outpaces throughput

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China's crude oil stockpiles will likely extend the uptrend to hit a new record high in June as refinery feedstock imports outpace the rise in throughput levels, while storage availability encourages refiners to actively procure barrels to take advantage...
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Venezuela maintains ICJ has no jurisdiction in border case with Guyana

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Just days before the International Court of Justice is set to open public hearings on the question of its jurisdiction in the case concerning the Arbitral Award of October 3, 1899 (Guyana v. Venezuela), the Bolivarian Republic  is maintaining...
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Oil prices continue to rise

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(Bloomberg) - Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. U.S. benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase...
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What are oil futures?

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There are two major oil markets worldwide: Brent Crude, which is extracted from the North Sea and serves as the global benchmark, and West Texas Intermediate (WTI), which is primarily extracted from oil fields in Texas, Louisiana and North Dakota and...
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Future participation in oil blocks should be done via State Holding Company – IMF tells Guyana

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While some arguments have been put forward in favour of Guyana establishing a National Oil Company so that it may have a participating interest in its oil blocks, the International Monetary Fund (IMF), one of the key agencies assisting...
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ExxonMobil eyes breakthrough technology for reducing emissions

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American multinational ExxonMobil has been undertaking research for breakthrough technology that will aid significantly in reducing emissions in certain high polluting sectors. According to the oil giant’s latest Carbon and Energy Summary, it has been focusing technology on three distinct,...
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Extra oil cuts from deliquent OPEC+ members could shrink the market by 1 million b/d

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(S&P Global) OPEC+ crude oil production could fall by about 1 million b/d in July and August from May levels, based on plans submitted by Iraq and Kazakhstan to institute deeper output cuts to make up for violating their...
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Petrobras puts shallow-water fields in northeastern Brazil on the block

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(Reuters) - Brazilian state-run oil firm Petrobras has kicked off a sale process for its Atum, Curima, Espada and Xareu offshore oilfields, the company said on Friday. In a securities filing, Petroleo Brasileiro SA, as the company is formally known,...
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Striking balance between climate, energy literacy is key – Stabroek Block co-venturer

OilNOW -
Signatories to the Paris Agreement are expected to significantly reduce greenhouse gas emissions so that global temperatures can be kept below two degrees celsius by 2040 through to 2050. But the latest forecast of the International Energy Agency (IEA)...
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More Guyanese technicians graduate from FacTor training program 

SBM Offshore Guyana’s Trainee Technician program churned out another 24 Guyanese graduates, who are now one step closer to...

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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