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Exploration

NOCs slashing exploration budgets by over 25% this year

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National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie. The analysis is based on announcements and tracking well plans of 11 top spending NOC explorers, including three...
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Tanker arrives to lift Guyana’s second 1 million barrels of Liza Crude

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The oil tanker Sonangol Namibe has arrived offshore Guyana to lift the South American country’s second 1 million barrels of oil from the Liza Destiny FPSO at the Stabroek Block. OilNOW understands the Bahamas flag carrier is expected to begin...
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Chinese oil demand has reportedly almost rebounded to pre-pandemic levels

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Oil demand in China has almost returned to its level before the coronavirus pandemic spurred the government to impose lockdowns and shut down industries, Bloomberg reported Monday. Consumption has rebounded to about 13 million barrels per day, Bloomberg said, citing Chinese energy...
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Exxon’s expertise, stability will keep Stabroek operations moving – analysts

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Over 175 International Oil Companies, National Oil Companies and independents are cutting CAPEX and OPEX in tune with low oil prices and have slashed CAPEX guidance for 2020 to around US$122 billion as of May 13. This includes US...
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ExxonMobil acquires 50% stake in Suriname block from Petronas

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Malaysian oil and gas company Petronas through its subsidiary, Petronas Suriname Exploration & Production B.V. (PSEPBV), has completed the farm-down of 50 percent of its participating interest to ExxonMobil Exploration and Production Suriname B.V. (ExxonMobil) from a 100 per cent...
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Global oil and gas contract activity reports downtrend – GlobalData

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The global oil and gas industry has witnessed a significant slowdown in the number of oil and gas contracts and contract value, which is largely attributed to the decline in crude oil prices and reduced demand amid the COVID-19...
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Guyana energy department beefing up human resource capacity

OilNOW -
Guyana’s Department of Energy (DE) is looking to engage the services of several specialists as it continues to build capacity and acquire the expertise needed to effectively manage the country’s emerging oil and gas industry. DE Director Dr. Mark Bynoe...
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Brent at one-month high, U.S. oil tops $30 as restrictions ease

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(Reuters) - Oil prices climbed by more than $1 a barrel on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30 supported by optimism about the re-opening of economies and output cuts by major producers. Brent...
Exploration

Stabroek Block: Discovery Highlights

OilNOW -
ExxonMobil initiated oil and gas exploration activities in Guyana in 2008, collecting and evaluating 3-D seismic data that led to the company safely drilling its first exploration well in 2015. The 6.6 million acres (26,800 square kilometers) Stabroek Block is located...
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Iran warns US against disrupting fuel shipments to Venezuela

OilNOW -
(Al Jazeera) Iran's foreign minister on Sunday warned the United States against deploying its navy in the Caribbean to disrupt Iranian fuel shipments to Venezuela. According to an oil shipment analyst, five Iranian-flagged tankers loaded with tens of millions of...
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Ali names 25-member cabinet; Vickram Bharrat back at oil ministry

President Irfaan Ali of Guyana unveiled 25 ministerial Cabinet appointees on Saturday evening, as the government embarks on its...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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