Production

ExxonMobil lowers 2020 production target, slows Permian growth

(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...

As new producer Guyana enters market global oil demand set to decline by 600,000 bpd

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...

Exxon’s giant Hammerhead project will push Guyana production to three-quarter million bpd milestone

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,...

Oil crashes to lowest since Guyana began production

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...

Oil prices on track for biggest weekly fall in four years

(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 seeking firm to market Liza Crude

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...

Not all discoveries are developed, success not guaranteed – Bernstein analyst

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...

Oil sinks on CDC warning of impending virus outbreak in US

(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....

Most competitive deepwater projects will be those with shortest development cycle times – IHS Markit

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...

Guyana’s share of Liza crude to be traded at around minus $1.50/b versus Dated Brent

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...

Latest News

ExxonMobil completes US$1.23 billion Prosperity FPSO purchase from SBM Offshore 

ExxonMobil Guyana has completed a US$1.23 billion purchase of the Prosperity floating production, storage and offloading (FPSO) vessel from...