Production

Exploration

Explorers forging ahead in one corner of South America deepwater

OilNOW -
Oil majors and National Oil Companies have been left with no choice but to re-assess exploration spend in 2020 as the price of oil plummeted forcing shut-ins and lay-offs across the industry where conventional exploration spend had been set...
News

Global upstream investments set for 15-year low – falling to $383 billion in 2020

OilNOW -
Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years...
Production

Guyana oil revenue climbs to almost US$95 million as proceeds from second oil export deposited

OilNOW -
More than US$35 million has been deposited into Guyana’s Natural Resource Fund (NRF) account representing payment for its second one-million-barrel oil cargo lifted in May. This brings the total revenue collected so far from profit oil and royalty to...
News

Brent climbs above $40 after OPEC+ extends production cuts

OilNOW -
Crude oil prices climbed more than 2% early on Monday as the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed on Saturday to extend their current oil production cuts until July month-end. Brent crude rose as...
News

Maka, Sapakara could be developed with 150,000 b/d FPSO

OilNOW -
The Maka Central-1 and Sapakara West-1 discoveries, the first of their kind offshore Suriname, are likely to be developed in coming years utilizing a high capacity floating oil production complex. The two discoveries are located approximately 20 kilometers (12...
Exploration

Supercomputers, high-speed internet key to operating oil fields

OilNOW -
Developing energy requires a big toolbox. It relies on detailed geological surveys to find the oil and gas, high-performance drilling platforms to access the reservoirs and, finally, the ability to transport the crude or natural gas responsibly. US oil...
News

Venezuela’s oil exports sink to 17-year low, choked by U.S. sanctions

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(Reuters) - Venezuela’s oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for Venezuelan crude sales stopped receiving oil, Refinitiv Eikon data and...
News

Oil falls below $40 on doubts early OPEC+ meeting will go ahead this week

OilNOW -
(Reuters) Oil prices erased gains on Wednesday, with Brent crude futures falling back below $40 a barrel, on doubts an early meeting of some of the world’s most powerful oil producers will go ahead as planned. OPEC and non-OPEC allies,...
News

How did the ingenious use of bamboo poles help drill the first oil wells?

OilNOW -
The earliest known oil wells were drilled in China in 347 CE. These wells had depths of up to about 240 metres (790 ft) and were drilled using bits attached to bamboo poles. The oil was burned to evaporate brine and produce salt. By the 10th century, extensive bamboo pipelines connected oil...
News

Salvation Army welcomes support from ExxonMobil to help Guyanese affected by COVID-19 measures

OilNOW -
When COVID-19 cases began appearing in Guyana resulting in quarantine measures and reduced economic activity, the Salvation Army Guyana Division had to move quickly to ensure that persons in need still got fed; but there was one big hurdle—funding. Persons...
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Saipem secures US$720 million offshore contracts, including a major Guyana project

Italian engineering firm Saipem has been granted a Limited Notice to Proceed (LNTP) from ExxonMobil Guyana Limited for subsea...

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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