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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...
Production

Oil storage not an issue for Guyana at this point but all options being considered

OilNOW -
Even though global oil storage space continues to come under immense pressure following depressed demand, the situation is not one that has affected Guyana at this point. Be that as it may, nothing is being left to chance says...
News

Guyana should collaborate with industry stakeholders to consider oil storage alternatives – API’s Chief Economist

OilNOW -
As the COVID-19 pandemic continues to batter oil prices along with global demand, major exploration and production companies are growing concerned about storage space for all the oil that is not being consumed. It therefore means that along with making...
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Offshore Frontier Solutions wins contract for ExxonMobil’s Hammerhead FPSO in Guyana

Offshore Frontier Solutions Pte. Ltd. (OFS), a joint venture between MODEC Inc. and Toyo Engineering Corporation, has secured a...

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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