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US shale oil pioneer Chesapeake files for bankruptcy protection

OilNOW -
(AlJazeera) Chesapeake Energy Corp has filed for Chapter 11 bankruptcy protection, becoming the largest United States oil and gas producer to do so in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak...
News

U.S./Canadian oil & gas rig count falls to record low again-Baker Hughes

OilNOW -
(Reuters) - U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low again this week even as higher oil prices prompt some producers to start drilling again. The U.S. oil and...
News

UPDATED: Exxon, Shell and BP among 19 firms shortlisted to market Liza Crude

OilNOW -
Oil majors ExxonMobil, Shell and BP are among 19 companies which have been shortlisted by a five-member Evaluation Committee formed by the Department of Energy in Guyana as part of the process to hire a firm to market the...
News

Guyana begins to earn interest on oil revenue

OilNOW -
With close to US$100 million sitting in its Natural Resources Fund (NRF) account at the Federal Reserve Bank of New York, new oil producer Guyana has already began earning interest on some of that revenue even as the global...
News

19 companies shortlisted for lifting Guyana’s Liza Crude

OilNOW -
South America’s newest oil producer, Guyana, is one step closer to hiring a firm to market its share of Liza Crude. The Department of Energy (DE) had issued an invitation for Expression of Interest in February 2020 which saw 34...
News

Total, partners ramp-up production at Brazil pre-salt with start-up of second FPSO

OilNOW -
Total and its partners have announced the start-up of the Floating Production Storage and Offloading (FPSO) P-70 of the Iara cluster (Block BM-S-11A), located in the deepwater Santos Basin pre-salt offshore Brazil. With a productive capacity of 150,000 barrels...
News

Venezuela oil crisis deepens with India refiners halting imports

OilNOW -
India’s largest private refinery halted purchases of Venezuelan oil, putting additional pressure on the Latin American country’s beleaguered oil industry, Bloomberg said in a report on Thursday. Reliance Industries Ltd, which runs the biggest refinery in the world in Jamnagar...
News

Oil pricing agencies Platts, Argus launch new U.S. crude benchmarks

OilNOW -
(Reuters) - After U.S. crude futures took an historic plunge into negative territory in April, the two top oil price reporting agencies said on Thursday they will start new benchmarks reflecting the price of Gulf Coast-traded crude on tankers,...
Exploration

Norway tax relief to cut breakevens by 40%, boosting the country’s rig demand while the UK’s plunges

OilNOW -
A Rystad Energy assessment of the temporary tax relief package for the petroleum industry that Norway recently approved reveals that the move will improve exploration and production companies’ short-term liquidity and reduce breakeven prices for future development projects by...
News

Setting up oil refinery in Guyana even less viable now from when study first done

OilNOW -
Since Guyana was told back in 2017 that setting up an oil refinery was too risky and will not be economically viable, the industry has been hit with severe challenges, some unforeseen, making such a prospect even less feasible...
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Energy InsightsChevy Devonish -

The Oil Pollution Prevention, Preparedness Response and Responsibility Act: Liability 

In my last piece, I gave an overview of Guyana’s new Oil Pollution Prevention, Preparedness Response and Responsibility Act...

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