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Guyana Takatu Basin may have yet-to-be-found oil resources

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Explorers have had interest in Guyana’s Takatu Basin, located in the southern part of the country approximately 480 km (300 miles) from the coast, for several decades. The basin extends westward into Brazil and separates Guyana’s Northern and Southern...
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Brent climbs above $40 after OPEC+ extends production cuts

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Crude oil prices climbed more than 2% early on Monday as the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed on Saturday to extend their current oil production cuts until July month-end. Brent crude rose as...
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Days of cheap gas are over in country with largest oil reserves in the world

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Venezuela President Nicolas Maduro has said fuel prices will increase in the cash-strapped South American country from June, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free. Although the...
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Market set to tighten as OPEC+ agrees to extend 9.7 million b/d output cut

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(Wood Mackenzie) OPEC+ today agreed a one-month extension of the 9.7 million barrels per day (b/d) production cut. The extension will tighten the market further and could see Brent prices rise from the current $40/bbl toward $45-to-$50/bbl. Ann-Louise Hittle, vice...
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OPEC+ averts full scale disaster in market-based oil industries – Wood Mackenzie

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Ed Crooks, Vice-Chair, Americas at Wood Mackenzie says rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the cartel was founded in 1960, it almost broke...
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Ranger is deepest drill campaign ever conducted by ExxonMobil offshore Guyana

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The successful foray by ExxonMobil into the Ranger-1 reservoir offshore Guyana saw the deepest drilling exercise to date some 60 miles north-west of the prolific Liza field. The Ranger-1 well was drilled in a new area, encountering approximately 230 feet...
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Maka, Sapakara could be developed with 150,000 b/d FPSO

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The Maka Central-1 and Sapakara West-1 discoveries, the first of their kind offshore Suriname, are likely to be developed in coming years utilizing a high capacity floating oil production complex. The two discoveries are located approximately 20 kilometers (12...
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Venezuela’s oil exports sink to 17-year low, choked by U.S. sanctions

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(Reuters) - Venezuela’s oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for Venezuelan crude sales stopped receiving oil, Refinitiv Eikon data and...
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Noia writes Trudeau about ‘dire’ state of Newfoundland and Labrador offshore oil sector

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(The Chronicle Herald) The association representing businesses involved in Newfoundland and Labrador’s offshore oil sector is adding written words to spoken ones as it continues to press Prime Minister Justin Trudeau to provide federal government help for the beleaguered...
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SBM Offshore donates 30,000 pieces of protective gear to CDC for COVID-19 response in Guyana

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Dutch floater specialist SBM Offshore has provided 30,000 pieces of protective gear to the Civil Defence Commission (CDC) in Guyana to help with the agency’s national response to the COVID-19 pandemic. In a press update on Wednesday, SBM Offshore said...
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QatarEnergy deepens presence in Suriname with stakes across six offshore blocks

QatarEnergy has expanded its exploration footprint in Suriname’s offshore basin to six blocks, following the signing of Production Sharing...

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