Production

Exploration

Global exploration & production revenues will fall by staggering 1 trillion dollars – Rystad Energy

OilNOW -
The devastating effect of the COVID-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020. A Rystad Energy analysis shows that global E&P...
News

Guyana racking up millions in oil revenue – royalty payments to begin on April 30

OilNOW -
In addition to the almost US$55M that has already been deposited into the Natural Resource Fund (NRF) account held by the Bank of Guyana at the Federal Reserve Bank of New York, royalty payments are expected to begin this...
Exploration

BP profits dive 66% as UK O&G industry faces 30,000 job losses

OilNOW -
BP's first quarter profit has dived by two thirds after the global coronavirus crisis hit demand for oil. The oil giant warned it was facing an "exceptional level of uncertainty" after a sharp reduction in the need for its products. Lockdowns...
News

Global economy will not stay paralyzed; oil heading to $40 – OPEC president

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OPEC rotating president and Energy Minister of Algeria, Mohamed Arkab, believes oil prices will rise to $40 per barrel following the implementation of the OPEC+ output cut deal on May 1. Speaking during an interview on the country’s national radio...
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‘Water-based’ crude producers can stay afloat…for now – TT Energy Minister

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While trading at Brent futures does not necessarily provide insulation from the oil price volatility gripping the global industry at present, it puts producers in this class in a better position to rally as storage space for crude continues...
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Guyana battling oil crisis, global pandemic and internal conflict

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The International Energy Agency (IEA) says low oil prices impact the livelihood of millions of people employed along the oil industry’s extensive value chain. The IEA said too that low prices damage the economies of weaker producing countries where...
News

US oil futures looking to post third straight gain but faces 30% weekly loss

OilNOW -
Oil futures on Friday headed higher for a third straight session, but with U.S. prices on track for a more than 30% weekly loss as commodity investors attempted to take stock of a historic collapse in prices that cast...
News

US oil price under pressure as Guyana and T&T keep close watch on Brent futures

OilNOW -
While the sale of crude from the Liza Field in Guyana and in neighbouring Trinidad and Tobago (T&T) has not shared the same fate as US oil, former Energy Minister of Trinidad and Tobago, Kevin Ramnarine, says the Caribbean...
News

Tankers carrying 20 million barrels of crude are surrounding California with nowhere to unload

OilNOW -
Oil tankers carrying enough crude to satisfy 20 per cent of the world’s daily consumption are gathered off California’s coast with nowhere to go as fuel demand collapses, Bloomberg said in a report on Tuesday. Almost three dozen ships —...
News

Drop in gasoline demand globally driving oil to the brink

OilNOW -
As the global population puts the breaks on ground transportation thanks to lockdowns, road fuels – which make up about half of the world’s oil demand – has become the segment most impacted by the COVID-19 pandemic. Among road...
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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...

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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