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Mega oil & gas reserves detected…but on Saturn’s moon

OilNOW -
Saturn's orange moon Titan has hundreds of times more liquid hydrocarbons than all the known oil and natural gas reserves on Earth, according to data from NASA's Cassini spacecraft. The hydrocarbons rain from the sky, collecting in vast deposits...
News

Statoil delivers $5.9B plan for Arctic Johan Castberg Project

OilNOW -
Statoil and partners have delivered to Norwegian authorities a $5.9 billion development plan for their massive Arctic Johan Castberg oil discovery, having halved costs for the project that now has a $35-per-barrel breakeven price. The development, which Statoil calls the biggest...
News

Restrictive local content measures can hurt oil companies – British High Commissioner

OilNOW -
British High Commissioner to Guyana, Greg Quinn, believes careful consideration must be given to the establishment of guidelines for the use of local content in the oil & gas industry since measures which are too restrictive can serve to...
News

Don’t blame oil companies; hold gov’t accountable – Foreign Affairs Minister

OilNOW -
Guyana’s Minister of Foreign Affairs, Carl Greenidge, says the Government has a responsibility to ensure monies collected from oil companies are spent in the best interest of the country and failure to hold companies accountable must be placed at the...
News

TechnipFMC, Samsung awarded US$4.2B by Bahrain Petroleum Company

OilNOW -
TechnipFMC said on Monday it has been awarded a US$4.2B contract, jointly with Samsung Engineering and Tecnicas Reunidas, from Bahrain Petroleum Company (Bapco) for the Bapco Modernization Program (BMP). TechnipFMC awarded Subsea Contract for Liza deep water project The project is located...
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Total to expand oil and gas activities in Angola

OilNOW -
Total SA (FP.FR) said on Monday that it has signed several agreements with Angola's national oil company Sonangol, covering oil-and-gas exploration, production, refining and processing activities in the country. Following the agreements, Total and Sonangol will jointly restart deep offshore...
Exploration

ExxonMobil acquires deepwater blocks offshore Mauritania

OilNOW -
ExxonMobil (NYSE: XOM) affiliate ExxonMobil Exploration and Production Mauritania Deepwater Ltd. has signed production-sharing contracts with the government of Mauritania for three deepwater offshore blocks. Blocks C22, C17 and C14 are located an average of 200 km (124 miles) offshore...
News

The Nigerian Production Sharing Contract: An Overview

OilNOW -
The Production Sharing Contract (PSC) was widely introduced in 1993 to address some of the issues faced by the Joint Operating Agreement (JOA) and also to provide a suitable agreement structure for encouraging foreign investment in offshore acreage. Under...
News

Crude oil price: December 4

OilNOW -
(NRT) Crude oil prices have dropped slightly on December 4, compared to the previous day. The price of Brent oil is at $63.46 a barrel, from $63.62, and U.S. WTI crude is at $57.98 from $58.30. The Organization of the Petroleum...
News

Malaysia’s Petronas forecasts oil prices to hold in US$50-US$60

OilNOW -
Malaysia’s state energy company Petroliam Nasional Berhad , or Petronas, forecast oil prices to hold in the US$50s and US$60s in its 2018-2020 Activity Outlook report. “In our view, the oil price outlook will hover around US$50s to US$60s per...
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Exxon to relinquish 9% of Stabroek Block acreage

ExxonMobil will relinquish at least 9% of the vast Stabroek Block in Guyana as required by its petroleum agreement,...

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