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Oil sinks on CDC warning of impending virus outbreak in US

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(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

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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

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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

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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

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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...
News

Guyana produced 427,282 barrels of oil from December 20-31

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Guyana’s Ministry of Finance in a report on February 17 stated that petroleum production for December 2019 amounted to 427,282 barrels or 35,607 barrels per day and that there were no operational losses for the period. The Report on Petroleum...
News

Oil prices slip as coronavirus concerns linger

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(Reuters) - Oil prices slipped on Tuesday on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand, tracking losses in financial markets. Brent crude LCOc1 was at $57.30 a barrel, down...
Exploration

Liza field leading investments at prolific Stabroek Block

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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...
Production

Global oil stocks to pile up as proposed OPEC cuts are no match for coronavirus induced surplus

OilNOW -
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...
News

Coronavirus to completely wipe out projected Q1 2020 global oil demand growth – Rystad Energy

OilNOW -
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...
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‘Business as usual’: No disruption in Guyana’s operations despite Venezuela controversy – GCCI Pres.  

Kathy Smith, President of the Georgetown Chamber of Commerce and Industry (GCCI), has made it clear that there has...

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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