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News

Over GY$45B expended on local suppliers since 2015 in S/America’s newest oil producing nation

OilNOW -
Since the world class Liza discovery in 2015, ExxonMobil has expended more than GY$45 billion on local suppliers in the South American country of Guyana. The company said Wednesday in an activity update that more than 700 Guyanese vendors...
News

Guyana’s share of Liza crude to be traded at around minus $1.50/b versus Dated Brent

OilNOW -
Oil production at the Stabroek Block offshore Guyana will see the South American country cashing in on 5 million barrels of oil in 2020 plus 2 percent royalty on all crude produced at the Liza Phase 1 Development. “I am...
News

Systems in place to ensure Guyana gets fair share of oil – Energy Director

OilNOW -
Officers from multiple state agencies in Guyana have been working closely with operators onboard the Liza Destiny FPSO to ensure all systems are monitored and output verified as oil production ramps up and the country prepares to export its...
News

Tanker set to depart with government’s first 1 million barrels of crude

OilNOW -
Greece-registered crude oil tanker, Cap Philippe, is set to depart Guyana waters with the government’s first 1 million barrels entitlement after arriving at the Stabroek Block last Thursday. “These one million barrels is part of our profit oil allocation. It...
Exploration

Around 25 more prospects remain at Stabroek with further upside to 8 billion boe estimate

OilNOW -
With 16 discoveries made so far at the Stabroek Block offshore Guyana, multiple exploration prospects remain in play that could push the resource estimate even higher than the most recent update released by ExxonMobil in January. ExxonMobil has raised the...
News

Guyana produced 427,282 barrels of oil from December 20-31

OilNOW -
Guyana’s Ministry of Finance in a report on February 17 stated that petroleum production for December 2019 amounted to 427,282 barrels or 35,607 barrels per day and that there were no operational losses for the period. The Report on Petroleum...
News

Venezuela seizes tanker holding almost 1 million barrels of oil

OilNOW -
(Bloomberg) A crude tanker stuck at sea for over a year has become the latest front in the battle over Venezuela’s oil riches after being seized last week. Citgo Petroleum Corp., led by appointees of Venezuelan opposition leader Juan Guaido,...
News

Oil prices slip as coronavirus concerns linger

OilNOW -
(Reuters) - Oil prices slipped on Tuesday on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand, tracking losses in financial markets. Brent crude LCOc1 was at $57.30 a barrel, down...
Exploration

Eni’s new discovery offshore Mexico could contain up to 300 million barrels of oil

OilNOW -
Eni on Monday announced a discovery at the Saasken Exploration Prospect offshore Mexico. The company said preliminary estimates indicate that the discovery may contain between 200 and 300 million barrels of oil. The Saasken Exploration Prospect is located in Block...
Exploration

Liza field leading investments at prolific Stabroek Block

OilNOW -
Capital expenditure by project offshore Guyana sees the Liza field at the 6.6 million acres Stabroek Block leading the pack through 2030 having already surpassed US$3 billion in investments for 2019. “The 2015 Liza find has completely rewritten the script...
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Latest News

NewsShikema Dey -

Venezuela risks more sanctions if unlawful election is held in Essequibo this May – Greenidge 

Venezuela risks triggering even more international sanctions if it proceeds with its unlawful elections in Guyana’s Essequibo region. The...

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