News

(Reuters) - Equatorial Guinea has granted oil and gas companies two-year extensions on their exploration programmes, a statement from the hydrocarbons minister said. The move is an effort to keep investments flowing into the nation’s energy industry amid a historic...

Oil production from the Liza Phase 1 Development is expected to reach its full capacity of 120,000 barrels per day by early June according to the Director of the Department of Energy in Guyana, Dr. Mark Bynoe. He told reporters...

As the COVID-19 pandemic continues to batter oil prices along with global demand, major exploration and production companies are growing concerned about storage space for all the oil that is not being consumed. It therefore means that along with making...

Italian-based oilfield services company Saipem has been awarded a contract by GAZ-SYSTEM S.A. for the transportation and installation of a natural gas pipeline between Denmark and Poland in the Baltic Sea. The contract, signed by its controlled subsidiary in U.K. Saipem...

(Bloomberg) --Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting...

(Journal of Petroleum Technology) As ExxonMobil announced discovery after discovery offshore Guyana, it sounded easy. Beginning with the Liza-1 discovery well, the giant oil company announced 16 successful exploration wells. There were four or five successful wells per year from...

As the global economy tightens under severe pressure brought on by the COVID-19 pandemic, demand for oil has plummeted to an all-time low creating a supply glut that has seen prices plummet as the world runs out of storage...

An unprecedented collapse in oil demand has forced some producers to come up with “creative” measures in order to find places to store their crude, with one energy analyst describing the situation as like a “very elaborate game of...

Chairman and Chief Executive Officer of Exxon Mobil Corporation, Darren Woods told investors Friday that Guyana remains a key part of the oil major’s long-term growth plans. Although faced with the drop in oil prices and challenges resulting from...

A now two-month long delay in the completion of a presidential election in the South American country of Guyana is slowing down the project approvals for ExxonMobil’s third development at the 6.6 million acres Stabroek Block where the company...