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Oil could struggle to top $70 as U.S. output offsets OPEC cuts: Reuters poll

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(Reuters) - Oil prices are unlikely to advance much higher than $70 a barrel in 2018, with the market caught between the opposing forces of OPEC-led production cuts and surging U.S. output, a Reuters poll showed on Wednesday. The survey...
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President Granger welcomes UN decision on border controversy with Venezuela

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Guyana’s Head of State, President David Granger has hailed the decision to refer the controversy arising out of the claim by the Bolivarian Republic of Venezuela to Guyana’s territory, to the International Court of Justice (ICJ). United Nation’s (UN) Secretary...
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This oil major has a supercomputer the size of a soccer field

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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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Guyana oil production could edge closer to one million barrels per day by year-end

ExxonMobil Guyana expects production from the Stabroek Block to climb sharply before the end of 2025, driven by the...

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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