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Brent outlook for 2020 stands at $42.35 as Guyana expected to lift 2 million more barrels

OilNOW -
New oil producer Guyana is expected to lift 2 million barrels more of Liza crude this year, representing the country’s share of 5 million barrels; 3 million of which have already been exported. Oil production got underway in the South...
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Oil tanker SKS SPEY lifts Guyana’s 3rd million-barrel cargo

OilNOW -
The offloading of Guyana’s 3rd million-barrel oil cargo from the Liza Destiny FPSO to Norwegian flag-carrier SKS SPEY concluded on Sunday, marking the final lift under the current contract the country has with Shell Western Supply and Trading Limited. Brent...
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Suriname’s world-class discoveries expected to be developed in shortest time possible: like Guyana’s Liza – Staatsolie MD

OilNOW -
Suriname state oil company Staatsolie would like to see the country’s deepwater discoveries move to development in the shortest time possible, similar to the Liza discovery in Guyana which operator ExxonMobil was able to move to first oil in...
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Oil tanker SKS SPEY will lift Guyana’s 3rd million-barrel oil cargo this weekend

OilNOW -
Norwegian flag-carrier SKS SPEY will lift the third million-barrel oil cargo for Guyana this weekend. OilNOW understands the vessel is in a waiting area ahead of lifting the crude from the Liza Destiny FPSO. Guyana lifted its first million-barrel entitlement...
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Oil edges lower on oversupply concerns as OPEC+ set to raise output

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(Reuters) - Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears...
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As Guyana prepares to lift its 3rd oil cargo – new four-month supply glut looms

OilNOW -
Guyana will lift its third million-barrel oil cargo next week just as the upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels. Rystad Energy said...
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CNOOC starts production at Luda development project

OilNOW -
China’s state oil company CNOOC has began production at the Luda 21-2/16-3 regional development, located Liaodong Bay of Bohai Sea, about 39 kilometers north of Luda 10-1 oilfield and 90 kilometers northwest of Suizhong 36-1 onshore terminal. CNOOC said the average...
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Elections impasse puts millions of barrels and billions of dollars on the line for Guyana – Rystad Energy in new report

OilNOW -
Country could lose up to US$1.6 billion from delays in project approvals for Payara-Pacora development Up to 75 million barrels of oil on the line The prolonged delay in concluding the highly contested Guyana elections is becoming...
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Heavy oil at Orinduik Block becoming more attractive as Venezuela’s supply dwindles – Gil Holzman

OilNOW -
Even though the oil discovered in the Jethro and Joe wells at the Orinduik block turned out to be heavier than expected, one of the partners of the offshore license, Eco Atlantic, is convinced that the attractiveness of the...
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OPEC cuts production to 1991 levels in bid to revive oil demand

OilNOW -
(Bloomberg) - OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia faithfully delivered the...
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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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