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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...
News

IEA says the coronavirus crisis has set in motion the largest drop of global energy investment in history

OilNOW -
The International Energy Agency believes the coronavirus pandemic has paved the way for the largest decline of global energy investment in history, with spending set to plummet in every major sector this year, CNBC said in a reported on...
Opinions

Considerations for an oil and gas lifting agreement for Guyana

Bobby Gossai, Jr. -
In offering an exploration opportunity in a block, the motivation of the government largely is to encourage investment in the form of exploration activities, such as shooting seismic and exploration drilling. The prime objective of the oil company is...
News

Oil climbs as Guyana lifts its second cargo, narrows search for marketing firm

OilNOW -
Oil futures rose this week pushing both Brent and WTI contracts to around 2 ½ month peaks as new oil producer Guyana lifted its second 1 million barrels of crude from the ExxonMobil-operated Stabroek Block where production began last...
Exploration

Factbox: Oil and gas industry delays repairs amid virus lockdown

OilNOW -
(Reuters) - The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say. Below is a...
Exploration

ExxonMobil spent over US$35 million on Guyanese suppliers in Q1 2020

OilNOW -
ExxonMobil Guyana has spent over US$35 million or approximately 7.1 billion Guyana dollars on more than 500 local suppliers in the first quarter of this year. The company said local suppliers remain important to the success of its operations...
News

Analysis: US oil and gas rig count falls 34 to 398 as Permian collapse extends

OilNOW -
(Platts) The US oil and gas rig count fell 34 to a total of 398 in the week ended May 6, as Permian basin drilling activity continued to decline, rig data provider Enervus said Thursday. Oil rigs again led the...
News

Struggling oil market finally stabilized but recovery will take up to 3 months – JP Morgan

OilNOW -
Global oil demand remains at historic lows as inventory vastly outpaces storage, but JPMorgan analysts think the worst of the commodity-market carnage is over, according to a report from Markets Insider. The coronavirus pandemic and the ignition of a price...
Exploration

Canada-based energy company inks deal to sell TT gas

OilNOW -
Touchstone Exploration said on Monday after markets closed that it had inked a deal for the sale of natural gas and gas liquids produced from the Ortoire block in Trinidad and Tobago. The Canada-based oil and gas explorer said it had signed...
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Guyana’s Yellowtail crude to enter market in competition with U.S. WTI and Argentina’s Medanito

Guyana’s Yellowtail crude, from the country’s fourth offshore development, is set to hit international markets in the third quarter...

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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