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SBM Offshore shares surge after company settles Brazilian suits

OilNOW -
(Reuters) Shares in SBM Offshore surged on Monday on news the Dutch marine oil platform constructor had settled its remaining suit with Brazilian federal prosecutors, clearing the way for it to resume doing business in one of its most...
News

Guyana oil industry should not be Trinidad’s ‘next meal’ – Persaud

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Former Guyanese Minister of Natural Resources and the Environment Robert Persaud has shot down a suggestion made over the weekend by Trinidad and Tobago’s Opposition Leader Kamla Persad-Bissessar, saying ‘Guyana is not here to bailout’ the twin-island republic. He...
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Eco-Atlantic encouraged by ExxonMobil’s 9th discovery close to its block offshore Guyana

OilNOW -
Eco-Atlantic Oil & Gas said it is encouraged by the latest ExxonMobil oil discovery at Hammerhead-1 in the Stabroek Block offshore Guyana. Hammerhead-1 is said to be located seven kilometres from the boundary with the Orinduik block, where Eco...
News

Closure of ailing refinery will save Trinidad from financial disaster – Prime Minister

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In an address to the nation on Sunday night, Trinidad and Tobago’s Prime Minister, Dr Keith Rowley said his government had to proceed with the hard decision of closing the Petrotrin refinery since failing to do so would have...
News

Former TT Prime Minister thinks Guyana oil can save Petrotrin refinery from closure

OilNOW -
Former Trinidad and Tobago Prime Minister, Kamla Persad-Bissessar is urging the current government in the twin-island republic to pursue a partnership with neighbouring Guyana to refine its oil in order to avert the closure of the Petrotrin refinery. According to...
News

Once int’l contracts have been engaged in there is no question of removal, renegotiation – Granger

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Guyana’s President David Granger says gov’t will continue seeking the best advice for future negotiations of oil contracts while pointing out that once international agreements are entered, there is “no question” of renegotiation. Explaining that arrangements with ExxonMobil will be...
News

Tanker collision at PDVSA can trigger force majeure

OilNOW -
A tanker collision at Venezuela’s state-owned PDVSA’s main terminal, or Jose dock, could result in a drop in that country’s crude exports by a third in September possibly leading to a force majeure declaration, news outlets report. Several million...
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BP, Shell and Total confirmed for Brazil’s 5th bid round

OilNOW -
BP, Shell and Total have been given the green light to bid in Brazil’s 5th production sharing round set to take place on September 28. The South American country’s oil regulator ANP said on Wednesday, August 29, that in all,...
Exploration

ExxonMobil strikes oil again in 9th discovery off Guyana coast

OilNOW -
ExxonMobil (NYSE:XOM) has made its ninth discovery offshore Guyana at the Hammerhead-1 well, marking its fifth discovery on the Stabroek Block in the past year and proving a new play concept for potential development. Hammerhead-1 encountered approximately 197 feet (60 meters)...
News

Guyana must walk tightrope to develop oil resources, demand more from future contracts – Brookings Institution

OilNOW -
Guyana will face significant challenges in using the oil and gas industry to bring about development without the “resource curse,” where petroleum revenues generate concentrated wealth and harm the competitiveness of other industries within the country. A July 2018 report...
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Third Local Content Summit billed for April 8 in Guyana

The South American oil-producing nation of Guyana will host its third Local Content Summit on April 8, bringing together...

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