Production

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

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...

Considerations for an oil and gas lifting agreement for Guyana

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...

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

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...

Factbox: Oil and gas industry delays repairs amid virus lockdown

(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...

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

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...

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

(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...

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

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...

Canada-based energy company inks deal to sell TT gas

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...

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

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...

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

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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Guyana and global oil exports marked safe as US market tariffs hit other industries

By Alana Nadir The energy industry was marked safe from sweeping tariffs announced this week by U.S. President Donald...