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Tullow sells stake in Uganda oil fields for $575 million

OilNOW -
Tullow Oil announced on Thursday that Total has agreed to buy its entire stake in their joint onshore oil fields in Uganda for $575 million as part of its target to raise $1 billion this year to tackle its...
News

US fracking set for biggest monthly decline in history

OilNOW -
The Covid-19 pandemic has ravaged global oil demand and, coupled with the extremely low price levels brought on by the wide supply surplus, is likely to cause the largest monthly drop in fracking activity ever recorded in the US,...
News

Oil price collapse pushes Shell to delay major O&G projects

OilNOW -
Royal Dutch Shell has postponed decisions on whether to go ahead with two large oil and gas developments in the Gulf of Mexico and North Sea after oil prices collapsed due to the coronavirus crisis, a company source told...
News

Oil jumps after Trump orders Navy to “shoot down and destroy” Iranian gunboats

OilNOW -
US President Donald Trump said Wednesday that he has ordered the Navy to “shoot down and destroy” any Iranian gunboats that harass U.S. ships, a directive that comes a week after the Navy reported a group of Iranian boats made...
News

Trump orders US oil major to leave Venezuela by December 1

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(MarketWatch) The Trump administration on Tuesday ordered Chevron Corp. to “wind down” operations in Venezuela by Dec. 1, barring the California-based oil giant in the meantime from drilling or exporting, as the U.S. increases pressure on President Nicolás Maduro...
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Oil storage, price and Guyana’s production

OilNOW -
As the coronavirus pandemic continues to crush oil demand globally, the oversupply of crude is placing a growing strain on storage capacity. In the US this resulted in the May contract for U.S. West Texas Intermediate (WTI) futures tumbling into negative territory...
Exploration

High impact exploration set for major decline…Guyana not likely to be affected

OilNOW -
Energy market research and intelligence company Westwood says exploration plans are being redrawn and the well count is expected to drop globally by as much as 35% on 2019 levels as a result of the double whammy of the...
News

Seismic industry revenues to nearly evaporate in 2020 – Rystad Energy

OilNOW -
The COVID-19 pandemic and the current low-oil-price environment have pushed global exploration and production operators to cut costs, scrapping all but the most vital of their investment plans. The supply industry that will suffer the most as a result...
News

Oil price collapse a ‘body blow’ for North Sea oil and gas sector, industry chief warns

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The collapse in global crude prices, led by the US, is a “body blow” for the North Sea industry, and government help will be needed to protect the sector, industry group Oil & Gas UK’s chief executive Deirdre Michie...
Exploration

Low oil price could squeeze out 4 million b/d of non-OPEC supply – WoodMac

OilNOW -
The OPEC+ ‘deal of the century’ last weekend changes oil market dynamics in the short run. The 10 million b/d production cut from May is huge, amounting to 10% of global supply, and it’s needed says Simon Flowers, Chairman,...
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Kumu’s new small-scale hydropower plant now operational

Guyana commissioned a new 1.5 megawatt (MW) hydropower station in the southeastern community of Kumu on Friday, part of...

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