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Getting ‘advantaged barrels’ out of the ground early means bigger returns for companies, host countries

OilNOW -
The demand for petroleum is expected to remain robust in coming years but trends that point to an accelerated shift to renewables mean developing oil and gas resources sooner rather than later will ensure the most favourable returns for...
News

Suriname deepwater becoming more attractive as Guyana remains stuck in political conflict

OilNOW -
The people of Suriname went to the polls on May 25 and a new President is now in place with a pledge to “reconstruct” the country’s natural resources. No doubt, the newly discovered petroleum resources will be a priority...
News

Brazil boosts oil exports to Asia as global rivals make record cuts

OilNOW -
(Reuters) - Brazil increased crude exports to Asia in the first half of the year, stealing a slice of a coveted developing market from global rivals who made record cuts to shipments to match the unprecedented fall in demand...
News

Hope probe: UAE launches historic first mission to Mars

OilNOW -
The satellite is one of a number of projects the UAE government says signals its intention to move the country away from a dependence on oil and gas and towards a future based on a knowledge economy. (BBC) The United...
News

Halliburton forms strategic agreement with Microsoft and Accenture to advance digital capabilities

OilNOW -
Halliburton, Microsoft Corp. and Accenture (NYSE: ACN) have entered into a five-year strategic agreement to advance Halliburton’s digital capabilities in Microsoft Azure. Under the agreement, Halliburton said it will complete its move to cloud-based digital platforms and strengthen its customer...
News

Venezuela’s oil production regresses 77 years under socialism

OilNOW -
(Panam Post) In the middle of the 21st century, Venezuela’s oil industry regressed 77 years to the point where crude oil production fell to historic lows that are reminiscent of 1943. OPEC reports revealed that in June, oil production fell...
Exploration

Heavy oil at Orinduik similar to North Sea, Gulf of Mexico commercial crude

OilNOW -
The heavy oil discovered in 2019 at the Orinduik block offshore Guyana is similar in quality to crude being produced and commercialized in several parts of the world, including the US Gulf of Mexico, North Sea and Brazil’s Campos...
News

Oil and gas project sanctioning set for staggering decline in 2020

OilNOW -
Global project sanctioning is set for a staggering decline this year of over 75% from 2019 levels, as the COVID-19 pandemic has caused E&P spending to drop much lower than what was expected at the beginning of the crisis....
News

Crude shipments resume from Pemex floating oil storage unit after collision

OilNOW -
(Reuters) - An oil production and storage vessel operated by Mexican state oil firm Pemex in the Gulf of Mexico has resumed crude shipments after a tanker collision halted exports earlier this month, according to a person with knowledge...
News

ExxonMobil submits application for Kaieteur block activities

OilNOW -
ExxonMobil has submitted a block-wide application for environmental authorization to conduct oil and natural gas activities on the deepwater Kaieteur block, company spokesman Todd Spitler is quoted as saying in an S&P Global Platts report this week. The Kaieteur block...
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NewsShikema Dey -

Guyana’s power demand hits record high at 221.3 megawatts 

Guyana has recorded its highest-ever electricity demand this year, with peak consumption reaching 221.3 megawatts (MW) in September. The...

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