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New Zealand halts future oil & gas offshore exploration permits

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(Reuters) - New Zealand will not grant any new permits for offshore oil and gas exploration, Prime Minister Jacinda Ahern said on Thursday, taking the industry by surprise with a decision that it says will push investment overseas. The centre-left...
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BP, Petrobras in strategic business alliance

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BP and state-owned Brazilian oil company Petrobras have announced they have signed a Memorandum of Understanding (MoU) to form a strategic alliance to jointly explore potential business opportunities both in Brazil and beyond. Petrobras is globally recognized as the world’s...
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Exxon Papua New Guinea gas resource increase by 84 percent

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Exxon Mobil Corporation (NYSE:XOM) said Wednesday that the size of the natural gas resource at the P’nyang field in Papua New Guinea has increased to 4.36 trillion cubic feet of gas, an 84 percent increase from a previous assessment completed...
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World Bank funding to help boost GRA technical capacity in O&G

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Priority is being given in Guyana to the full establishment of a unit that deals specifically with oil and gas within the Guyana Revenue Authority (GRA) – the South American country’s tax agency. Finance Minister Winston Jordan in an interview...
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Guyana to employ best, brightest worldwide for new Energy Dept.

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Guyanese President David Granger says his administration has identified a roadmap towards the creation of a Department of Energy (DoE) under the South American country’s Georgetown based Ministry of the Presidency (MotP). He gave the brief update on Wednesday, speaking...
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Modest O&G royalty protects against distorted investments, production levels – IMF

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The International Monetary Fund (IMF) has found that Guyana’s royalty rate of two percent for its Stabroek Block, while seen as modest, will in fact protect the country from skullduggery in the form of distorted investments and production levels...
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Guyana ‘green goals’ to guide how oil revenue is spent

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The South American country of Guyana intends to spend the billions of dollars that is expected from oil production in the coming years, in the context of its Green State Development Strategy (GSDS). The GSDS will guide Guyana's economic and...
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At 500,000 bpd Guyana will be among top 30 global producers – US Ambassador

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United States Ambassador to Guyana, Perry Holloway says ‘new experts’ in the South American country have been dwelling on all the worst case scenarios while ignoring the positive impacts significant oil production can bring to the country. See more...
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Guyanese urged not to do anything to derail ICJ process as US$15M set aside for proceedings

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Guyana’s Minister of Foreign Affairs, Carl Greenidge, says as the legal process in the Guyana/Venezuela border case advances at the International Court of Justice (ICJ), additional monies may be required to cover all legal expenses. He told media operatives, during...
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Guyana’s oil deal and government share

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Guyana’s first and major oil deal, with ExxonMobil, produces results for the government which are outlier low, a financial model reveals. Over the life of the project the government should expect to see from 52% to 54% of profits,...
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President signs Guyana’s Oil Spill Bill into law

Guyana’s President Irfaan Ali has enacted a comprehensive oil spill law which sets out a national framework for oil...

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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