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Stabroek reservoir quality, low break-evens continue to promise high returns for country, explorers

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In providing asset highlights during an investor presentation on February 11, Hess Corporation said the 16 discoveries made so far at the Stabroek Block offshore Guyana are characterized by exceptional reservoir quality and low development costs. The company holds...
News

Tullow gets approval from Ghana to flare gas

OilNOW -
(Bloomberg) -- Tullow Oil Plc said it received approval from Ghanaian authorities to flare gas when necessary to support its offshore fields. The permission will assist heavily indebted Tullow to support production at operations that failed to meet their initial...
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Oil prices could fall much further as Russia refuses additional production cuts

OilNOW -
(Forbes) As 2019 came to a close, oil prices were under pressure from the continued surge of U.S. shale oil. Although OPEC and its partners had already cut production by more than 1 million barrels per day (BPD), U.S....
Exploration

First suspected coronavirus case on North Sea platform contained

OilNOW -
An offshore worker on a North Sea platform has been quarantined over concerns around the outbreak of the coronavirus Energy Voice said in a report on Friday. The worker, on board Taqa’s Tern Alpha installation 105 miles north-east of Shetland,...
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Oil companies set to spend over US$53 billion at Stabroek Block in coming decade – Rystad Energy

OilNOW -
Recent discoveries in the Guyana-Suriname basin have proven a wider petroleum system and may cause an upgrade in resource estimates, drawing extra attention to upcoming wells. Meanwhile global oil firms are preparing to spend more than $53 billion in...
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Policy calls for ‘first consideration of Guyanese’ in new O&G hotspot

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In making decisions concerning recruitment and procurement to execute petroleum activities, operators and their contractors in Guyana’s emerging oil and gas industry are expected to give first consideration to Guyanese persons having appropriate qualifications and experience, and to Guyanese...
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SBM Offshore reports positive performance for 2019; Liza Destiny FPSO delivery is key milestone

OilNOW -
CEO of SBM Offshore Bruno Chabas said 2019 was a positive year for the company, noting that expectations for an offshore industry rebound materialized and coincided perfectly with the company’s readiness to meet demand. He also called the commencement...
Exploration

Total targeting up to 3 Guyana wells this year despite heavy crude encounters

OilNOW -
French oil company Total expects two to three new offshore wells to be drilled in Guyana this year, Chief Executive Patrick Pouyanne says. This is despite encountering heavy crude at two prospects last year, which brought into question their...
News

Oil rally runs into turbulence after jump in coronavirus cases

OilNOW -
(Bloomberg) A nascent rebound in oil prices ran into turbulence after China’s Hubei province reported almost 15,000 new coronavirus cases as it changed its method for counting infections. The government of the province at the heart of the outbreak said...
News

Oil giant BP says it wants to have net-zero emissions by 2050

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(CNBC) Oil and gas major BP said Wednesday it was aiming to become “a net zero company by 2050 or sooner,” adding that it also wanted to “help the world get to net zero.” In an announcement detailing its plans,...
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The Oil Pollution Prevention, Preparedness Response and Responsibility Act: Liability 

In my last piece, I gave an overview of Guyana’s new Oil Pollution Prevention, Preparedness Response and Responsibility Act...

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