News

In a move that will upgrade and materially reposition its US onshore oil and gas business, BP has agreed to acquire a portfolio of world-class unconventional oil and gas assets from BHP. The acquisition will bring BP extensive oil...

SBM offshore announced on Thursday that it has signed a Leniency Agreement with the Brazilian Ministry of Transparency and Comptroller’s General Office (CGU), the General Counsel for the Republic (AGU) and Petrobras. The current agreement follows previous resolutions reached by...

Losses widen but increase in new contracts gives brighter outlook (Upstream) Italian contractor Saipem increased its losses during the first half of 2018 as revenues also slipped. The company posted a loss of €323 million ($377.3 million) for the first six...

Hess Corporation (NYSE: HES) on Wednesday reported a net loss of $130 million, or $0.48 per common share, in the second quarter of 2018, compared to a net loss of $449 million, or $1.46 per common share, in the...

The Government of Guyana says it is committed to ensuring that legislation is in place by 2020 that is “both responsive to national concerns and meets international best practices.” This is the view of Minister of Natural Resources, Raphael Trotman,...

A web of former Venezuelan officials and businessmen was charged in Miami Wednesday with operating a massive $1.2 billion international money-laundering racket funded with stolen government money that was invested in South Florida real estate and other assets, the...

UK-based Tullow Oil has recorded revenue of $905 million; gross profit of $521 million; post-tax profit of $55 million and free cash flow of $401 million for the six months ended 30 June 2018. The company, in announcing its 2018...

ExxonMobil will make its Final Investment Decision (FID) on the giant Liza Phase 2 Development offshore Guyana following key approvals from regulators which the company hopes to receive by year end. Country Manager, Rod Henson, told OilNOW the Environmental Impact...

ExxonMobil greenfield investments have been “virtually non-existent” since 2014 says Norway-based Rystad Energy, in a new report published on Tuesday. The largest International Oil Company (IOC) in the world has a lot riding on the small South American country of...

Guyana’s Minister of Natural Resources, Raphael Trotman, during an interview on Monday at his Duke Street, Georgetown office, said the Government is not oblivious to criticisms in the oil and gas sector, but noted that it must be constructive. He said, “What we are...