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Global oil glut reducing but just 400 million barrels of storage left – Rystad Energy

OilNOW -
The global imbalance between oil supply and demand, which has built to 26.4 million barrels per day (bpd) in April due to the Covid-19 pandemic, is set to halve to 13.6 million bpd in May and fall further to...
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ExxonMobil Guyana continues to take all precautions for COVID-19

OilNOW -
As oil production operations progress at the Liza Phase 1 Development offshore Guyana, ExxonMobil, operator at the 6.6 million acres Stabroek Block, says it continues to take all precautions to safeguard the health of workers. LISTEN TO AUDIO CLIP https://youtu.be/Sh-MgChnM0w  
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Venezuela’s PDVSA considers dramatic changes to revive oil production

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New leadership at Petroleos de Venezuela SA is considering a major overhaul that could see the company streamlining its oil business and even forsaking decades of state monopoly, according to people familiar with the matter, Bloomberg said in a...
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Shell cuts dividends for the first time since World War II

OilNOW -
Oil major Royal Dutch Shell said on Thursday it will be cutting dividend to shareholders for the first time since World War II, following a dramatic decline in oil prices amid the coronavirus crisis. According to a CNBC report, the...
News

ExxonMobil, Stabroek co-venturers plug GY$60M into COVID-19 relief efforts

OilNOW -
The Civil Defence Commission (CDC), Salvation Army and Rotary Guyana have received more than GY$60 million to support COVID-19 relief programmes. ExxonMobil Guyana and the Stabroek Block co-venturers, Hess and CNOOC, are providing funds as part of the programme established...
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US oil surges 16% as inventories reportedly rise less than expected

OilNOW -
West Texas Intermediate (WTI) for June delivery surged 17.10%, or $2.11, to $14.45 per barrel, while international benchmark Brent crude traded 4.8% higher at $21.49, CNBC reported on Wednesday. The surge higher came after data from the American Petroleum Institute showed Tuesday that U.S....
Exploration

Global exploration & production revenues will fall by staggering 1 trillion dollars – Rystad Energy

OilNOW -
The devastating effect of the COVID-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020. A Rystad Energy analysis shows that global E&P...
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Guyana racking up millions in oil revenue – royalty payments to begin on April 30

OilNOW -
In addition to the almost US$55M that has already been deposited into the Natural Resource Fund (NRF) account held by the Bank of Guyana at the Federal Reserve Bank of New York, royalty payments are expected to begin this...
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Trinidad & Tobago oil production hits lowest since 1950s

OilNOW -
Oil production in Trinidad and Tobago came down to the lowest point since the 1950s during the month of February this year as the Caribbean energy producing country continues to face challenges in its economy. Former energy minister Kevin Ramnarine...
News

Early April forecast sees oil demand falling by 15-18 million b/d – WoodMac

OilNOW -
Wood Mackenzie’s Macro Oils Service’s early forecast for April sees oil demand falling by as much as 18 million barrels per day year-on-year with some estimates topping the 20 million b/d mark. Simon Flowers, Chairman, Chief Analyst and author 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...

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