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...
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...
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...
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...
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...
(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...
(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,...
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...
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...
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...
