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Guyana collecting royalties in cash; all oil revenues being deposited into Federal Reserve Bank – Dr. Bynoe

OilNOW -
The first tanker has sailed and Guyana is now among the oil producing countries of the world. Annual revenue is set to move from around US$300 million in the first years to US$10 billion per annum by 2030. “The economic...
News

US$10 billion a year by 2030 takes Guyana from 0 to 100 in transformational potential

OilNOW -
Even as debate rages on in the South American country of Guyana on whether revenues flowing to the government from oil production could have been higher, the small nation of just over 750,000 people is set to cash in...
News

Guyana’s revenue take pegged at 60% as production set to hit 1.2 million bpd – Rystad Energy

OilNOW -
The economic fortunes of Guyana, with a population of only around 800,000, are poised for a major transformation after its first-ever oil development commenced production just six weeks ago. Offshore oil production is expected to grow rapidly in the...
Exploration

Over 50 prospects identified on Suriname’s Block 58

OilNOW -
Apache Corporation has identified over 50 prospects on Block 58 offshore Suriname where it has made the first deepwater discovery in the South American country in an area that runs parallel to ExxonMobil’s prolific Stabroek Block offshore Guyana. The Maka...
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BP enjoyed its best year in oil and gas trading since 2009

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(Bloomberg) BP Plc enjoyed its best year trading oil and natural gas since 2009, helping the company weather the impact of lower energy prices and weak refining and chemical margins. The oil major runs one of the world’s most sophisticated trading...
News

Trinidad cancels gas deal over US sanctions on Venezuela

OilNOW -
(Reuters) Trinidad and Tobago has cancelled an agreement with Venezuela for the joint development of a natural gas field straddling their maritime border because of United States sanctions on Venezuela's state energy giant Petroleos de Venezuela SA (PDVSA). The Caribbean...
News

New estimate pushes Orinduik prospective resources to over 5 billion BOE

OilNOW -
Eco (Atlantic) Oil & Gas Ltd. said on Monday that an updated Competent Persons Report (CPR) on the Orinduik Block offshore Guyana has upped the gross prospective resources to 5.141 billion barrels of oil equivalent, from the previous estimate...
News

Coronavirus pushing oil price decline as Guyana government prepares to lift its first share of crude

OilNOW -
As the government in the South American country of Guyana prepares to lift its first shipment of oil from the Liza Phase 1 Development, the largest demand shock the oil market has suffered since the global financial crisis of...
News

Potential grows for more than 5 FPSOs at prolific Stabroek Block

OilNOW -
With the gross recoverable resource estimate now above 8 billion barrels of oil equivalent at the Stabroek Block, co-venturers ExxonMobil, Hess and CNOOC are analysing data and assessing development needs that would help determine the number of floating production...
Exploration

Explorers face growing battle for support in 2020 – WoodMac

OilNOW -
What's the role for the exploration industry as the energy transition takes long-term oil growth off the agenda? In 2019, Andrew Latham, vice president of global exploration at Wood Mackenzie, asked if there's room for explorers in a low-carbon...
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Energy InsightsChevy Devonish -

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...

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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