(S&P Global) ExxonMobil on Thursday lowered its 2020 total oil and gas production estimate about 7% to 3.9 million boe/d, which includes slowing operations slightly in the Permian Basin, based on both lower oil prices.
In the West Texas/New Mexico...
The volatile nature of the oil market is now becoming more evident than ever to new producer Guyana where production got underway just last December at ExxonMobil’s giant Liza field. Declining demand and prices mean producers around the world...
ExxonMobil’s 4th proposed development project offshore the South American country of Guyana will produce approximately 150,000 - 190,000 barrels of oil per day (bpd), pushing total production at the Stabroek block to 750,000 bpd. This latest development, once approved,...
When oil production began at the 120,000 bpd Liza Phase 1 Development offshore Guyana on December 20, Brent was trading at US$66.14 per barrel. Now, less than three months later, the price has collapsed to US$36.98.
In one of the...
(Reuters) - Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in more than four years as the spread of the coronavirus stokes fears of slowing global...
Guyana’s Department of Energy (DE) has put out a request for Expressions of Interest (EOI) from companies looking to provide marketing services to the country for its share of crude from the Liza Phase 1 Development.
The duration of services...
An analyst at private wealth management company, Bernstein, says offshore exploration and production activities, including campaigns in the Guyana-Suriname basin where US oil major ExxonMobil has made 16 discoveries since 2015, remain risky since many projects do not make...
(Bloomberg) -- Oil deepened a three-day rout as panic over a coronavirus outbreak in the U.S. gripped investors and sent shockwaves through commodity, equity and debt markets.
Futures fell 3% in New York to the lowest level in more than two weeks....
From discovery in 2015 to production in 2019, the Liza Phase 1 development offshore Guyana is considered to be one of the fastest deepwater project ramp-ups in the industry’s history. London–based IHS Markit said in a report this month...
Oil production at the Stabroek Block offshore Guyana will see the South American country cashing in on 5 million barrels of oil in 2020 plus 2 percent royalty on all crude produced at the Liza Phase 1 Development.
“I am...