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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...
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...
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

OilNOW -
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...
News

‘Water-based’ crude producers can stay afloat…for now – TT Energy Minister

OilNOW -
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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TechnipFMC mobilizes first subsea 2.0® tree from Guyana for Uaru development

TechnipFMC marked a key milestone for its configure-to-order Subsea 2.0® platform, which has benefited from its global talent pool....

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