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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...
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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...
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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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Exxon set to revive North Sea sale after months of delays

OilNOW -
(Reuters) - ExxonMobil is preparing to restart the sale of its British North Sea assets after weaker oil prices and the coronavirus outbreak led to months of delay, industry and banking sources said. The sale process, initially planned for late...
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Global upstream investments set for 15-year low – falling to $383 billion in 2020

OilNOW -
Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years...
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Oil demand recovery under spotlight as lockdowns ease

OilNOW -
Optimism over a swift and steady economic rebound from crushing pandemic lockdowns have helped global oil prices stage a dizzying rebound from near two-decade lows in April, S&P Global said in a report on Thursday. Nearly all the oil demand...
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Liza Destiny FPSO designed to avoid routine flaring

OilNOW -
The 120,000 barrels per day Liza Destiny FPSO producing oil at the Stabroek Block offshore Guyana was designed to ensure there is no routine flaring in the daily operations of the vessel. Operating processes during production operations include safely flowing...
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Analysis – Guyana Elections Results

Bobby Gossai, Jr. -
By Economist - Bobby Gossai, Jr. The National Recount exercise following the March 2, 2020, General and Regional Elections took thirty-three days and the preliminary tabulations from the Guyana Elections Commission (GECOM) have shown that the People’s Progressive Party –...
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Change in government will not disrupt Guyana’s O&G sector – IHS Markit

OilNOW -
A change in government in South America’s newest oil producing nation Guyana is not expected to have an adverse effect on the country’s emerging oil and gas sector since both of the major political parties are seen as pro-investment,...
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Oil tankers turn away from Venezuela as more sanctions loom

OilNOW -
(Reuters) - Oil tankers that were sailing toward Venezuela have turned around and others have left the country’s waters as the United States considers blacklisting dozens of ships for transporting Venezuelan oil, according to shipping data and industry sources. The...
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MODEC’s Guyana contract drives 1,327% surge in orders for 2025

Japan-based floating production specialist MODEC Inc. has reported strong results for the first nine months of 2025, driven by...

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