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BP asset write-down ‘is significant for sector’ – WoodMac

OilNOW -
BP’s plan to writedown up to $17.5 billion in its second-quarter earnings will have major implications in the near to long-term. So says Luke Parker, vice president, corporate analysis at consultancy group Wood Mackenzie. “In the near-term, the impact of...
News

Aviation crisis to keep oil demand below pre-virus levels until 2022: IEA

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(Reuters) - Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency (IEA) said on Tuesday, but a drop in flying due to the coronavirus means the world will not return to...
Exploration

Explorers forging ahead in one corner of South America deepwater

OilNOW -
Oil majors and National Oil Companies have been left with no choice but to re-assess exploration spend in 2020 as the price of oil plummeted forcing shut-ins and lay-offs across the industry where conventional exploration spend had been set...
News

Since 2000 ExxonMobil has reduced emissions by over 400 million metric tons of CO2

OilNOW -
Oil is the world’s primary source of energy. The need to minimize the environmental impact of extracting this crucial resource has long engaged the attention of nations around the world. Many countries, including Guyana, have signed onto the Paris...
News

Brazil’s Petrobras says it will not hire oil tankers that visited Venezuela

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(Reuters) - Brazil’s Petroleo Brasileiro SA has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signaling adherence to U.S. sanctions on the Latin...
News

BP to take up to $17.5 billion writedown, lowers oil outlook

OilNOW -
(Reuters) – BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels. The earnings are...
News

ExxonMobil plugs additional GY$50 million into Iwokrama forest conservation efforts

OilNOW -
The Iwokrama International Centre (IIC) said in a press release on Friday it has received an additional GY$50 million from ExxonMobil Guyana toward the implementation of a five-year science strategy that will also fund key investments to help protect...
News

U.S. court tosses $1.4 billion judgment against former Venezuelan oil minister

OilNOW -
(Reuters) - A federal judge in Texas set aside a $1.4 billion default judgment against a former Venezuelan oil minister, ruling he was not properly notified of the lawsuit, but said the U.S. company that alleged fraud and bribery...
News

Exxon set to revive North Sea sale after months of delays

OilNOW -
(Reuters) - ExxonMobil is preparing to restart the sale of its British North Sea assets after weaker oil prices and the coronavirus outbreak led to months of delay, industry and banking sources said. The sale process, initially planned for late...
News

Global upstream investments set for 15-year low – falling to $383 billion in 2020

OilNOW -
Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years...
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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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