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Skills training must include culture of efficiency, safety – Trotman

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Guyana’s Minister of Natural Resources, Raphael Trotman, says due to the high-investment-high-risk environment of the international petroleum sector, business models maximize efficiency while preserving safety, and as such, efforts must be made to incorporate this culture in skills training...
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Maduro to create cryptocurrency backed in oil and diamond reserves

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As Venezuela's financial crisis deepens, President Nicolas Maduro announced on Sunday the creation of a digital cryptocurrency to fight a financial blockade fueled by US sanctions on the Latin American country. The digital cryptocurrency will be called the Petro and...
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Oil to rise in 2nd half of 2018 – Wood Mackenzie

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The OPEC and NOPEC agreement to keep current production restraints in place through 2018 will contribute to an oil price increase in the second half of next year, according to Wood Mackenzie. “The stakes were high for OPEC,” Ann-Louise Hittle, Wood Mackenzie...
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MoF, MNR to form joint technical committee on oil

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Following a recommendation by the International Monetary Fund (IMF), the Government of Guyana is in the process of establishing an Inter-Ministerial Technical Committee (IMTC) on Petroleum. This committee was deemed necessary for the coordination and collaboration between the two...
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ExxonMobil courts Guyanese companies for support contracts

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US oil major ExxonMobil has begun to up the ante in its push to sensitize the Guyanese business community of opportunities during its exploration and development phases in the coming decades and is in fact encouraging private companies from...
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TechnipFMC-led consortium to expand Bahrain refinery

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(Reuters) - State-run Bahrain Petroleum Co (Bapco) has awarded a consortium led by UK-based TechnipFMC a contract to expand Bahrain's only oil refinery, sources close to the matter told Reuters on Friday. TechnipFMC awarded Subsea Contract for Liza deep water...
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President of Trinidad’s Petrotrin resigns amid “fake oil scandal”

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The President of Trinidad and Tobagos’ state-owned oil company Petrotrin has resigned over a scandal involving discrepancies between reported oil production in the exploration and production operations in the Catshill Field operated by A&V Oil and Gas and the...
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Oil prices slip on OPEC deal extension jitters

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(Reuters) - Oil prices eased on Tuesday, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed. Prices also briefly came under pressure after...
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Saipem awarded US$400M ECP contract by Saudi Aramco

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Saipem has been awarded a new E&C Offshore contract by Saudi Aramco for Engineering, Procurement, Construction (EPC) activities in Saudi Arabia, under the Long Term Agreement renewed in 2015 until 2021. The contract’s main scope of work includes the engineering,...
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Maersk, partners sanction $3.4B North Sea project

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Maersk Oil said on Friday that the Danish Underground Consortium (DUC) has approved an investment of approximately 21bn DKK in the full redevelopment of the Tyra gas field. The announcement follows the Danish Parliament’s approval to implement legislation to...
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SBM Offshore’s Blue Ammonia FPSO design wins ABS approval

SBM Offshore has received approval in principle from the American Bureau of Shipping (ABS) for a new floating production,...

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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