Production

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

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(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

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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

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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

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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

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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...
News

Finding oil is really hard, making money even harder

OilNOW -
(Journal of Petroleum Technology) As ExxonMobil announced discovery after discovery offshore Guyana, it sounded easy. Beginning with the Liza-1 discovery well, the giant oil company announced 16 successful exploration wells. There were four or five successful wells per year from...
Exploration

ExxonMobil sees future demand for oil and gas increasing by 20% – Darren Woods

OilNOW -
As the global economy tightens under severe pressure brought on by the COVID-19 pandemic, demand for oil has plummeted to an all-time low creating a supply glut that has seen prices plummet as the world runs out of storage...
News

Oil producers scramble to find ‘creative’ storage options after historic price crash

OilNOW -
An unprecedented collapse in oil demand has forced some producers to come up with “creative” measures in order to find places to store their crude, with one energy analyst describing the situation as like a “very elaborate game of...
News

Global oil glut reducing but just 400 million barrels of storage left – Rystad Energy

OilNOW -
The global imbalance between oil supply and demand, which has built to 26.4 million barrels per day (bpd) in April due to the Covid-19 pandemic, is set to halve to 13.6 million bpd in May and fall further to...
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Shearwater mobilizes Amazon Warrior for 3D survey offshore Suriname

Norwegian marine geosciences company Shearwater is deploying its Amazon Warrior vessel for a 150-day, 6,042 sq km 3D seismic...

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