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Guyana can become storage or manufacturing hub with wise use of oil money – Anthony Paul

OilNOW -
If Guyana is to avoid the consequences that come with being heavily dependent on oil, then it must have a focused strategy for diversifying the economy says Trinidad and Tobago-based Energy and Strategy Advisor, Anthony Paul. During a recent interview...
News

Petrobras makes double oil strikes in Brazil’s pre-salt

OilNOW -
Brazilian oil company Petrobras announced on Monday two oil strikes in the Santos and Campos Basins offshore the South American country. Petrobras said oil, which is of excellent quality, was found in the Southeast area of the Búzios in the...
Exploration

Guyana in ‘Golden Triangle’ of mega oil reserves

OilNOW -
Guyana falls within the Golden Triangle of mega oil reserves along with countries such as Brazil, Venezuela and Nigeria, and producers in the US Gulf of Mexico. Deepwater drilling used to be prohibitively expensive, but high oil prices in 2007...
News

CAPEX cuts hit US$120 billion across 170 companies – Guyana offshore pushes on

OilNOW -
COVID-19 lockdown measures have brought a sharp drop in global oil and gas demand, with the International Energy Agency estimating that global oil demand could fall by approximately 26 percent this month. GlobalData says the crash in prices - aggravated...
News

Supermajors’ first quarter earnings were bad and will likely get worse

OilNOW -
(Bloomberg) --Big Oil emerged from first-quarter earnings battered and bruised, but things are only going to get uglier. Major oil and gas producers from Norway to the U.S. saw profit plunge in the opening three months of the year. Exxon...
News

Oil stockpiles have stopped growing in world’s biggest buyer

OilNOW -
The great oil glut of 2020 may have already peaked in the world’s biggest crude importer, Bloomberg said in a report on Monday. Crude inventories in China have shrunk in recent weeks after rising to record levels, according to analysts...
News

Analysis: US oil and gas rig count falls 34 to 398 as Permian collapse extends

OilNOW -
(Platts) The US oil and gas rig count fell 34 to a total of 398 in the week ended May 6, as Permian basin drilling activity continued to decline, rig data provider Enervus said Thursday. Oil rigs again led the...
News

CGX adjusts Guyana drilling plans but remains confident in potential of strategically positioned blocks

OilNOW -
Canadian-based CGX Energy Inc., operator at the Demerara and Corentyne Blocks offshore Guyana, has been left with no choice but to make adjustments to its 2020 drilling plans due to the effects of the COVID-19 pandemic. In its latest financial...
News

US company aiming to set up tubular fabrication plant in Guyana

OilNOW -
Dril-Quip Inc. and TRINPET Guyana Inc. have entered into a License and Services Agreement that includes the construction of a state-of-the-art tubular fabrication, maintenance and storage facility in Georgetown, Guyana. OilNOW understands the project is scheduled to commence this year with...
News

Producers may need to kill their old loss-making FPSO’s in this downturn – Rystad Energy tells us why…

OilNOW -
The swift oil price crash caused by the COVID-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. This is...
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Latest News

NewsShikema Dey -

Guyana hits record three-quarter million barrels of oil per day

Total offshore production from Guyana’s Stabroek Block has hit over 700,000 barrels of oil per day, President of ExxonMobil...

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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