Production

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

OilNOW -
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,...
News

Oil crashes to lowest since Guyana began production

OilNOW -
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...
News

Oil prices on track for biggest weekly fall in four years

OilNOW -
(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...
News

Guyana seeking firm to market Liza Crude

OilNOW -
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...
Exploration

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

OilNOW -
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...
News

Oil sinks on CDC warning of impending virus outbreak in US

OilNOW -
(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....
Exploration

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

OilNOW -
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...
News

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

OilNOW -
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...
News

Systems in place to ensure Guyana gets fair share of oil – Energy Director

OilNOW -
Officers from multiple state agencies in Guyana have been working closely with operators onboard the Liza Destiny FPSO to ensure all systems are monitored and output verified as oil production ramps up and the country prepares to export its...
News

Tanker set to depart with government’s first 1 million barrels of crude

OilNOW -
Greece-registered crude oil tanker, Cap Philippe, is set to depart Guyana waters with the government’s first 1 million barrels entitlement after arriving at the Stabroek Block last Thursday. “These one million barrels is part of our profit oil allocation. It...
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Shearwater mobilizes Amazon Warrior for 3D survey offshore Suriname

Norwegian marine geosciences company Shearwater is deploying its Amazon Warrior vessel for a 150-day, 6,042 sq km 3D seismic...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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