Production

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Yellowtail cash flow amounts to almost US$10B over productive life – IHS Markit

OilNOW -
Due to the significant recoverable resources discovered at the Yellowtail field, IHS Markit estimates that total cash flow will amount to almost US$10B when ExxonMobil and co-venturers Hess and CNOCC move to develop the area. IHS, a global leader in information,...
Production

Understanding the FPSO

OilNOW -
The FPSO (Floating Production Storage and Offloading) system is used extensively by oil companies for the purpose of storing oil from the oil rigs in the middle of the ocean and in the high seas. It is one of...
Exploration

Average discovery size at Stabroek block is 500 million boe with a record 90% success rate

OilNOW -
Since 2015, ExxonMobil has made 18 discoveries at the Stabroek block offshore Guyana with just two non-commercial encounters – Skipjack-1 and Sorubim-1 – which demonstrate a 90% exploration success rate in the prolific Guyana-Suriname basin. The 18 discoveries so far...
Exploration

ExxonMobil to prioritize spending on “advantaged assets” in Guyana, USA and Brazil

OilNOW -
Following a review of its future business plans, ExxonMobil announced on Monday that it intends to prioritize near-term capital spending on advantaged assets with the highest potential future value. It said that these will include developments in Guyana and...
Opinions

Production-Sharing Agreements

OilNOW -
Discussions have been ongoing about the nature of the Production Sharing Agreement (PSA) Guyana has entered with ExxonMobil for the Stabroek block since oil was discovered back in 2015 and production got underway in December 2019. But what exactly are PSAs?...
News

IEA cuts 2020 demand estimates, says vaccine may not salvage oil market until H2 2021

OilNOW -
The International Energy Agency trimmed its oil demand estimate for 2020 on the resurgence of the coronavirus in the West and said it does not expect vaccines "to ride to the rescue" of the market for "some time", S&P...
Exploration

Liza Destiny, drillships rack up over 11 million hours without lost time injury offshore Guyana

OilNOW -
Safety continues to be a top priority in the exploration and production activities offshore Guyana where ExxonMobil is operator at the prolific 6.6 million acres Stabroek Block. The Liza Destiny FPSO, built and operated by SBM Offshore, arrived in...
News

Guyana oil production will grow tenfold, contribute to uptick in S/America’s output – GlobalData

OilNOW -
Rapid development of oil fields offshore Guyana will result in production increasing tenfold in the coming years, and along with Brazil, will see South America’s output surpassing volumes coming from North America by 2024. While several projects in Brazil and...
Exploration

Staatsolie CEO sees big benefits for Guyana and Suriname from natural gas

OilNOW -
Large volumes of associated natural gas discovered with oil off the coast of both Guyana and Suriname can play a major role in the transformation of these neighbouring countries which are now moving to develop their deepwater hydrocarbon resources....
News

Liza Phase 1 production now averaging 105,000 bpd, peak output expected by December – Hess

OilNOW -
Gross production from the Liza Phase 1 Development at the Stabroek Block offshore Guyana has been averaging 105,000 barrels of oil per day in the last few weeks with a full ramp up in output expected by December. This is...
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Latest News

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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,...

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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