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Risk and reward: less than 9 months to first oil

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With roughly less than nine months to go until first oil, there is great anticipation of the positive impact that oil revenues would potentially have on Guyana’s economic development. The 13 discoveries made by ExxonMobil thus far do not only...
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Malaria surges back in crisis-hit Venezuela

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El Tucuco (Venezuela) (AFP) - The sweltering heat of the Venezuelan forest makes no difference to Jose Gregorio, who trembles with a cold chill. "I have pain everywhere, fever," he stammers. Gregorio has the classic symptoms of malaria, a disease...
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Exxon to begin drilling development wells for Liza Phase 2 early next year

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ExxonMobil Guyana will begin drilling development wells for the 220,000 barrels per day Liza Phase 2 Development project early 2020 and is already looking to bring in a fourth drill ship by the end of this year, to facilitate...
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Venezuela: from a bright future to an economic disaster in 20 years

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Venezuela enjoys the largest proven oil reserves in the world. According to OPEC’s 2018 Annual Statistical Bulletin, some of Venezuela’s natural resources include gas, iron, gold, bauxite, and diamonds. Its economy, however, is spiraling downward with no end in...
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Halliburton and other drillers are fighting for new life in a world of cheap oil

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For the oilfield services industry, it’s no longer about merely navigating a downturn. It’s now about survival. Five years after crude began its plunge to less than $30 a barrel from more than $100, the companies that drill and frack...
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Guyana to raise gov’t royalties for future oil licenses

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(Reuters) - Guyana is preparing to raise the take of the government in future oil licences, the director of the South American country’s Department of Energy said on Wednesday. U.S. energy giant Exxon, French group Total and Britain’s Tullow Oil...
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Venezuela’s June oil exports recover to over 1 million bpd: data

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(Reuters) - Venezuela’s oil exports recovered in June from a sharp drop the month before, helped by increased deliveries to China, which is now state-run oil firm PDVSA’s primary destination for its crude, according to company records and Refinitiv...
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Guyana did not receive signing bonus from Frontera-CGX farm-in – Dept. of Energy clarifies

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When Frontera Energy Corporation acquired a 33.33 percent share in CGX Energy’s license for exploration in the Corentyne and Demerara offshore blocks in 2018, the Guyana government did not receive revenue from this deal since it was a business-to-business...
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Major O&G summit on Guyana begins July 3 in London

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As one of the few major new conventional oil regions discovered this century, Guyana is set to be transformed over the course of the next decade, with the country predicted to emerge as a top per capita producer of...
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Tullow shares jump

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Shares in Tullow Oil jumped by a further 4% on the back of the company forecasting slightly higher production levels at a key asset in western Africa and exploration at a wildcat in the South American country of Guyana,...
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Exxon gives back 9% of Stabroek Block to Guyana government

ExxonMobil and its partners in Guyana have relinquished 2,534 square kilometers of the Stabroek offshore oil block to the...

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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