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Venezuela’s PDVSA raises prospect of force majeure on oil exports -sources

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(Reuters) OPEC member Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, according to three sources familiar with the matter. Falling production...
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Repsol shows faith in oil’s rally with dividend, spending boost

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(Bloomberg) -- Repsol SA, Spain’s largest oil producer, plans to raise dividends and investments over the next two years on a bet that crude will remain above $50/bbl. The scrip dividend -- a payout to shareholders in stock -- will climb...
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Venezuela will head to ICJ for border controversy case with Guyana

OilNOW -
Venezuela's government is signaling its intent to go to the International Criminal Court (ICJ) to defend its claim in proceedings brought forward by Guyana regarding the ongoing territorial controversy between the two South American neighbours. According to a report on Telesur,...
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US$14M spent on services from 227 local suppliers for Q1 2018 in Guyana

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The Guyana government on Tuesday published a list of companies and individuals who are supplying goods and services in support of ExxonMobil operations in the South American country. The list of 227 local suppliers which ExxonMobil and its contractors have...
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500,000 bpd forecast based on production from Liza, Payara and Pacora

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Oil production in Guyana is expected to surpass the 500,000 barrels per day mark by the end of the next decade based on production from several offshore developments. OilNOW recently sat down with ExxonMobil Guyana’s Senior Director, Public and Government...
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Guyana told: Petroleum revenues volatile; prepare for shocks – Norwegian Economist

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Guyana continues to receive advice from experts in the field of revenue management who point to the vital importance of establishing a Sovereign Wealth Fund (SWF) with strong fiscal rules in order to effectively manage the billions of US...
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Toronto oil company raises US$100M for exploration in South America

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Toronto-based Frontera Energy has closed a US$100M revolving letter of credit (LC) facility which will finance oil and gas exploration in South America. Arranged by Itaú Corpbanca Colombia, Citibank, JP Morgan, HSBC and Bank of America Merrill Lynch, the funds...
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Qatar Petroleum buys stake in Exxon’s Argentina shale assets

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(Reuters) - Qatar Petroleum signed an agreement on Sunday with Exxon Mobil to acquire a 30 percent stake in two of Exxon’s affiliates in Argentina, giving QP access to oil and gas shale assets in the Latin American country. The...
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G7 countries pour $100bn a year into oil, gas and coal: study

OilNOW -
Each year, at least US$100 billion goes to support the production and consumption of oil, gas and coal, according to a major new study published on Monday (4 June). That is despite a promise from all G7 and G20...
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Fiscal rules can help Guyana avoid resource curse – Polish Economist

OilNOW -
Polish Economist Ludwik Kotecki believes that strong fiscal rules will play a vital role in the management of oil revenue by helping Guyana avoid commodity price shocks, pro-cyclical government expenditures and the Dutch Disease; all elements of the dreaded...
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Guyana’s annual take from oil to balloon to US$9.2 billion in 2030 – Rystad Energy

Guyana is projected to receive US$9.2 billion in revenue from oil sales and royalties in 2030, according to a...

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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