Production

‘No need to delay Liza Phase 2’ – Dr Mark Bynoe

Head of Guyana’s Department of Energy (DOE) Dr Mark Bynoe says there is no need to delay the Liza Phase 2 development pending an audit of contract costs for Liza Phase 1. Over the last week, Dr Jan Mangal, former...

Venezuelan oil production could further collapse on new U.S. sanctions

(Oil Price) If the U.S. expands sanctions on Venezuela to include the oil industry and restricts U.S. exports of oil products that are crucial for diluting Venezuela’s extra-heavy oil, oil production in the country sitting on the world’s largest...

Court hands Trump another defeat in bid to block Obama-era oil and gas methane emissions rule

A U.S. District Court judge has blocked the Interior Department from suspending an Obama-era rule meant to prevent planet-warming methane from escaping during oil and natural gas operations. According to a CNBC report, the ruling marks the latest setback for...

Surge in global oil supply may overtake demand in 2018: IEA

(Reuters) - The rise in global oil production, led by the United States, is likely to outpace growth in demand this year, the International Energy Agency said on Tuesday. The Paris-based IEA raised its forecast for oil demand growth in...

BP begins production from Egypt’s Atoll gas field

BP on Monday announced the start of gas production from the Atoll Phase One project, offshore Egypt. The project, in the North Damietta concession in the East Nile Delta, was delivered seven months ahead of schedule and 33% below...

ExxonMobil adds 2.7 Bbbl to reserves, replaces 183% of 2017 production

Exxon Mobil Corporation has added 2.7 Bboe of proved oil and gas reserves in 2017, replacing 183% of production. ExxonMobil's proved reserves totaled 21.2 Bboe at year-end 2017. Liquids represented 57% of the reserves, up from 53% in 2016....

Alberta’s oil industry facing perfect storm of awful

(Hart Energy) A funk has settled over the Alberta oil industry as low prices, pipeline system constraints, storage shortfalls, and limited rail shipping have combined in a perfect storm that is costing producers millions of dollars every day. While the...

ExxonMobil to ramp up Permian production to 600,000 barrels

ExxonMobil today announced that it plans to triple total daily production to more than 600,000 oil-equivalent barrels by 2025 from its operations in the Permian Basin in West Texas and New Mexico. Tight oil production from the Delaware and Midland...

‘We want to look back 10 years from now and say we helped Guyana’ – Exxon Country Manager

ExxonMobil Guyana Country Manager, Rod Henson says the company would like to look back 10 years from now and see that its presence would have served to help the South American country of 750,000 people. Guyana will enter the league...

Why is Exxon drilling 17 wells for Liza Phase 1?

ExxonMobil along with its joint venture partners Hess and CNOOC Nexen will be drilling 17 wells in preparation for the Liza Phase 1 development project located 120 miles offshore the South American country of Guyana. But why is the...

Latest News

Strict enforcement of local content law crucial for Guyana’s Success – Nestoil CEO

Chairman and Chief Executive Officer of Nestoil Group, Dr, Ernest Azudialu-Obiejesi, has urged the Guyanese government to learn from...