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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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U.S. to cut off Iran-Venezuela trade by sanctioning oil tankers

OilNOW -
(Bloomberg) - The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter. The sanctions...
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Glut no more: Fresh OPEC+ cuts point to crude and condensate supply deficits through 2021

OilNOW -
The forced oil production shutdowns and the extension of the generous OPEC+ voluntary cuts into July will not only balance the Covid-19-hit global crude and condensate demand, but are deep enough to create a monthly deficit starting from June...
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ExxonMobil collaborates with Guyanese partners to improve access to education

OilNOW -
ExxonMobil Guyana is supporting several programs that will help students keep up with their studies while schools across Guyana remain closed during the COVID-19 pandemic. The company said Tuesday it has contributed GY$15 M to support continuing education programmes offered through...
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Recount shows Guyana opposition secured majority of votes in elections

OilNOW -
A 33-day long recount of the ballots in Guyana’s March 2 General and Regional Elections shows that the opposition People’s Progressive Party Civic (PPP/C) secured a majority of the votes and pending a declaration by the electoral body, should...
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Guyana government sets firm January 2026 deadlines for local content approvals

The Ministry of Natural Resources has announced a new fixed timeline for reviewing and approving local content certification applications....

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