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Hess to sell enhanced oil recovery assets in Permian Basin

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Hess Corporation said on Monday it has entered into an agreement to sell its interests in enhanced oil recovery (EOR) assets in the Permian Basin to Occidental Petroleum Corporation (NYSE: OXY) for a total consideration of $600 million, effective...
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Guyanese private sector “walking and sleeping” on oil & gas opportunities

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The business community in Guyana is coming in for heavy criticism from two of its members who say a lack of understanding of what is happening in the country’s emerging oil and gas sector and an unwillingness to invest...
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Venezuela forced to import 13 million barrels of oil this year

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Venezuela, home to the largest oil reserves in the world, is seeking to import 13 million barrels of fuel this year as the country’s refineries are now operating at less than half of their capacity. Output has dropped at the...
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Oil price tumbles to 6-month low

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Brent crude slipped below $45 on Wednesday, reaching its lowest price since last November as a supply glut continues to plague oil markets, according to a new report by Bloomberg. Oil has returned to levels last seen before the Organization...
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Seminar on managing oil resources opens today in Guyana

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Employees of government ministries and agencies in Guyana are set to benefit from a two-day training seminar on managing oil revenues, as the country races to prepare for petroleum production in 2020. Experts began arriving in the country over the last couple of...
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Tullow contracts Noble for offshore drilling in Suriname

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UK-based Tullow Oil has contracted US-driller Noble Corporation for an exploration well on its "game changer" Araku prospect offshore Suriname, South America. Tullow has contracted the Noble Bob Douglas drillship from early October to early November, this year. According to an...
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ExxonMobil to provide plan for sourcing goods and services in Guyana, utilizing local labour

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US super-major ExxonMobil will have to provide a detailed plan to the Guyana government for the procurement of goods and services in the country as well as the employment and training of Guyanese citizens, in keeping with requirements of...
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Qatargas to deliver 1.1M tonnes of LNG/yr to Shell in new deal

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European oil giant Royal Dutch Shell PLC has signed a purchase and sale agreement with liquefied natural gas company Qatargas. According to the deal, Qatargas will deliver up to 1.1mn tonnes of LNG a year to Shell for five...
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ExxonMobil & Synthetic Genomics modify algae to produce twice as much oil

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ExxonMobil and Synthetic Genomics Inc. on Monday announced a breakthrough in joint research into advanced biofuels involving the modification of an algae strain that more than doubled its oil content without significantly inhibiting the strain’s growth. Using advanced cell engineering...
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Guyana must put ego aside and hire professionals to negotiate with ExxonMobil – Attorney-at-Law

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Prominent Guyanese Attorney-at-Law, Nigel Hughes, says the country’s government must put ego aside and take steps to hire experts who can advise on negotiations with US super-major, ExxonMobil. Mr. Hughes, a Director on the board of the Guyana Oil...
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Second Guyana oil auction unlikely before November 2025 elections 

Guyana Vice President Bharrat Jagdeo said Thursday he is doubtful Guyana’s next auction of offshore acreage will happen before...

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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