Production

Capital expenditure by project offshore Guyana sees the Liza field at the 6.6 million acres Stabroek Block leading the pack through 2030 having already surpassed US$3 billion in investments for 2019. “The 2015 Liza find has completely rewritten the script...

The coronavirus outbreak in China will curb global oil demand growth by at least a quarter this year, and the production cuts of 600,000 barrels per day (bpd) proposed by an OPEC+ committee are far from enough to balance...

The coronavirus epidemic in China is expected to have a significant impact on global oil demand growth in coming months, according to a new report from Rystad Energy. The virus has triggered restrictions in the country’s public transport and air...

As the government in the South American country of Guyana prepares to lift its first shipment of oil from the Liza Phase 1 Development, the largest demand shock the oil market has suffered since the global financial crisis of...

MODEC, Inc.  said Thursday it has signed a Sales and Purchase Agreement (SPA) with Equinor Brasil Energia Ltda, a subsidiary of Equinor ASA, to supply a Floating Production Storage and Offloading (FPSO) vessel for the Bacalhau (formerly Carcará) field...

Oil production at Guyana’s first ever offshore development – Liza Phase 1 - is ramping up with daily output now around 75,000 barrels per day. “Liza Phase 1 production continues to ramp up. Current gross production is approximately 75,000 barrels...

Australian based petroleum company BHP said on Thursday it has made one discovery while encountering a dry hole in exploration activities offshore the Caribbean twin island nation of Trinidad and Tobago. The company drilled two additional exploration wells at its...

The Guyana government will be selling its own share of crude when production starts at the Liza Phase 1 Development project, just months away, and a tender for this will be put out before the end of the year....

UK-based data analytics and consulting company GlobalData and a Guyanese Economist both say the scope for an upward adjustment in the royalty rate under Guyana’s current model Production Sharing Agreement is limited and warns that increasing this beyond a...

To survive in the lower oil price environment of the past five years, E&Ps and service companies alike have sharpened their pencils and delivered significant cost reductions for the offshore industry. Rystad Energy says the resulting cost savings is...