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Solid gains from Guyana, Brazil and Norway key as global oil output set to limp back to life – IEA

OilNOW -
The International Energy Agency said in its latest monthly report that global oil output in 2020 will continue to exceed demand but will rebound in 2021 as the oil market rebalances, providing OPEC+ cuts ease and a handful of...
News

Venezuela’s fall leaves world’s richest oil reserves tapped by a single rig

OilNOW -
(Bloomberg) --Venezuela’s fall from oil superpower to failing producer can be illustrated in one image: a single drilling rig working the world’s largest oil reserves. As fields across the nation shut amid a relentless U.S. campaign to cut Venezuela off...
News

BP asset write-down ‘is significant for sector’ – WoodMac

OilNOW -
BP’s plan to writedown up to $17.5 billion in its second-quarter earnings will have major implications in the near to long-term. So says Luke Parker, vice president, corporate analysis at consultancy group Wood Mackenzie. “In the near-term, the impact of...
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Aviation crisis to keep oil demand below pre-virus levels until 2022: IEA

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(Reuters) - Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency (IEA) said on Tuesday, but a drop in flying due to the coronavirus means the world will not return to...
Exploration

Explorers forging ahead in one corner of South America deepwater

OilNOW -
Oil majors and National Oil Companies have been left with no choice but to re-assess exploration spend in 2020 as the price of oil plummeted forcing shut-ins and lay-offs across the industry where conventional exploration spend had been set...
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Since 2000 ExxonMobil has reduced emissions by over 400 million metric tons of CO2

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Oil is the world’s primary source of energy. The need to minimize the environmental impact of extracting this crucial resource has long engaged the attention of nations around the world. Many countries, including Guyana, have signed onto the Paris...
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Brazil’s Petrobras says it will not hire oil tankers that visited Venezuela

OilNOW -
(Reuters) - Brazil’s Petroleo Brasileiro SA has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signaling adherence to U.S. sanctions on the Latin...
News

BP to take up to $17.5 billion writedown, lowers oil outlook

OilNOW -
(Reuters) – BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels. The earnings are...
News

ExxonMobil plugs additional GY$50 million into Iwokrama forest conservation efforts

OilNOW -
The Iwokrama International Centre (IIC) said in a press release on Friday it has received an additional GY$50 million from ExxonMobil Guyana toward the implementation of a five-year science strategy that will also fund key investments to help protect...
News

U.S. court tosses $1.4 billion judgment against former Venezuelan oil minister

OilNOW -
(Reuters) - A federal judge in Texas set aside a $1.4 billion default judgment against a former Venezuelan oil minister, ruling he was not properly notified of the lawsuit, but said the U.S. company that alleged fraud and bribery...
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‘We need everyone on board’ – Anne Rita Wijdh calls for faster implementation of Suriname’s local content framework

PARAMARIBO, SURINAME – In an exclusive interview with OilNOW, local content specialist Anne-Rita Wijdh offered her perspective on Suriname’s...

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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