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This oil major has a supercomputer the size of a soccer field

OilNOW -
Big Oil is now Big Tech. So big, in fact, that Eni SpA’s new supercomputer is the size of a soccer field. In the multi-million dollar pursuit of the world’s most powerful computers, the Italian explorer says it’s taken the lead. Its...
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Border controversy between South American oil neighbours headed for ICJ

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A bitter border controversy between oil giant Venezuela and its eastern neighbour, Guyana, has been referred to the International Court of Justice (ICJ) by United Nation’s Secretary General, Antonio Guterres. The development obtains since the two countries were unable to...
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ExxonMobil to ramp up Permian production to 600,000 barrels

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ExxonMobil today announced that it plans to triple total daily production to more than 600,000 oil-equivalent barrels by 2025 from its operations in the Permian Basin in West Texas and New Mexico. Tight oil production from the Delaware and Midland...
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The death spiral of Venezuela’s oil sector and what can be done about it

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(Forbes) The Venezuelan oil sector is on a death spiral despite having one of the largest resource endowments in the world. According to its report to OPEC, Venezuela’s production was 1.62 million barrels per day (b/d) in December 2017, a...
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Brazil’s Petrobras promises dividend as soon as it returns to profit

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(CNBC) The semi-public company Petrobras has promised to start paying dividends to shareholders again, as soon as it returns to profit after being hit by several scandals in recent years. Petrobras, one of the largest companies in Latin America and...
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Guyana could be producing over 10 million barrels of oil monthly by 2022

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Monthly oil production in the South American country of Guyana could top the 10 million barrel mark by 2022 with the coming on stream of a second phase of development in the prolific Liza field located approximately 120 miles...
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Exxon’s $50-billion bonanza returns spending to pre-rout level

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(Bloomberg) -- ExxonMobil Corp. is set to spend $50 billion over the next half decade in a return to the oil giant’s spending habits before crude suffered its worst price rout in a generation. With oil prices now hovering above $65/bbl...
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Guyana/Suriname explore joint O&G shore base facility

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The Guyana Government is looking to put systems in place for the country’s oil and gas industry which could stretch well into the next half century. As such, serious consideration is being given to the establishment of an onshore...
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Chevron, SBM and Schlumberger among big name companies onboard for GIPEX 2018

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Several more big name companies in the oil and gas industry have signaled their intent to be part of a major petroleum summit taking place in Guyana next month. The South American country now regarded as the next oil...
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Upstream expenditures expected to grow in 2018 to US$400 billion – WoodMac

OilNOW -
(Offshore Engineer) Believing that major spending cuts are over, Wood Mackenzie expects global upstream capital expenditures to grow slightly in 2018 to a total of US$400 billion. The downturn resulted in nearly $1 trillion being taken out of company spending...
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SEOGS 2025: A new dawn for Suriname’s energy future

The Suriname Energy, Oil & Gas Summit and Exhibition (SEOGS) 2025 returns this week with its largest and most...

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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