Production

Exploration

Guyana production set to hit 1.4 million b/d in mid-2030s with potential for even higher output

OilNOW -
Oil production in Guyana is expected to rapidly increase in the coming years as more developments are sanctioned, and floating production storage and offloading units (FPSO) come online.  Norway-based Rystad Energy expects this output to hit peak in the...
News

Guyana set to become region’s ‘most exciting investment destination’ – President tells business group

OilNOW -
With a burgeoning petroleum industry, where over 8 billion barrels of oil equivalent resources have been discovered so far by U.S. oil major ExxonMobil, Guyana is inviting foreign investors to play a major role in the country’s transformation. President of...
Exploration

Guyana, Suriname entering high-stakes competition for development of deepwater resources

OilNOW -
Five years after Guyana’s first oil discovery and just weeks after production started last December, Suriname experienced a game-changer with its first offshore discovery at Maka Central-1. This was closely followed by two other discoveries – Sapakara West-1 and...
Discoveries

Guyana’s history with oil dates back centuries

OilNOW -
The possibility of Guyana having petroleum stemmed from observations of petroliferous occurrences recorded by Dutch explorers since the 1750s, but it was not until 1916 that the first significant effort to locate petroleum was undertaken. "In the 1700s several inconsequential...
News

Saudi Arabia denounces OPEC+ members trying to cheat oil quota

OilNOW -
(Bloomberg) --Saudi Arabia showed its determination to stop OPEC+ members cheating on their production quotas, delivering a thinly veiled dressing-down to its closest ally in the region, the United Arab Emirates. Prince Abdulaziz bin Salman, the Saudi energy minister, forcefully...
News

ExxonMobil limiting oil production after encountering additional challenges with gas compressor

OilNOW -
Additional challenges with the gas handling system on the Liza Destiny FPSO has resulted in ExxonMobil taking a decision to limit oil production in order to curb flaring. Despite the challenges, the company says it is continuing to safely...
Production

Venezuela oil production plummets as Guyana output set to soar

OilNOW -
The country with the largest oil reserves in the world could soon be producing none of it. Venezuela—one of the world’s earliest and (at one time) largest oil producers, as well as a founding member of OPEC—could soon be producing close to...
Exploration

A tough summer for oil-dependent nations may foretell their new normal

OilNOW -
(Bloomberg) --From Baghdad and Algiers to Caracas, many of the world’s oil capitals are experiencing a summer of discontent. It could be a glimpse of their future. Iraq has seen fatal protests as its electricity grid buckles amid searing heat,...
News

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...
News

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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Latest News

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Stabroek Block reaches 51 discoveries as Liza’s breakthrough continues to shape Guyana’s oil future

Guyana’s Stabroek Block now has 51 discoveries filed with the Ministry of Natural Resources. ExxonMobil confirmed the figure in...

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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