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Saipem bags 280-million-euro contract for Baltic Pipe Project

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Italian-based oilfield services company Saipem has been awarded a contract by GAZ-SYSTEM S.A. for the transportation and installation of a natural gas pipeline between Denmark and Poland in the Baltic Sea. The contract, signed by its controlled subsidiary in U.K. Saipem...
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Oil demand is beginning a slow and fragile recovery worldwide

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(Bloomberg) --Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting...
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Finding oil is really hard, making money even harder

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(Journal of Petroleum Technology) As ExxonMobil announced discovery after discovery offshore Guyana, it sounded easy. Beginning with the Liza-1 discovery well, the giant oil company announced 16 successful exploration wells. There were four or five successful wells per year from...
Exploration

ExxonMobil sees future demand for oil and gas increasing by 20% – Darren Woods

OilNOW -
As the global economy tightens under severe pressure brought on by the COVID-19 pandemic, demand for oil has plummeted to an all-time low creating a supply glut that has seen prices plummet as the world runs out of storage...
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Oil producers scramble to find ‘creative’ storage options after historic price crash

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An unprecedented collapse in oil demand has forced some producers to come up with “creative” measures in order to find places to store their crude, with one energy analyst describing the situation as like a “very elaborate game of...
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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...
News

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...
News

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,...
News

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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Jennifer Geerlings-Simons makes history as Suriname’s first female President amid offshore oil plans 

PARAMARIBO-SURINAME: Suriname’s National Assembly convened on Sunday to elect the country’s next president in an important parliamentary session. In...

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