Production

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MODEC to supply largest ever FPSO to Brazil for production at giant ‘pre-salt’ region

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MODEC, Inc.  said Thursday it has signed a Sales and Purchase Agreement (SPA) with Equinor Brasil Energia Ltda, a subsidiary of Equinor ASA, to supply a Floating Production Storage and Offloading (FPSO) vessel for the Bacalhau (formerly Carcará) field...
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Liza Phase 1 approaching 75,000 barrels per day

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Oil production at Guyana’s first ever offshore development – Liza Phase 1 - is ramping up with daily output now around 75,000 barrels per day. “Liza Phase 1 production continues to ramp up. Current gross production is approximately 75,000 barrels...
News

BHP hits pay in Trinidad while encountering dry hole at other prospect

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Australian based petroleum company BHP said on Thursday it has made one discovery while encountering a dry hole in exploration activities offshore the Caribbean twin island nation of Trinidad and Tobago. The company drilled two additional exploration wells at its...
News

Tender to be put out soon for marketing Guyana’s share of oil

OilNOW -
The Guyana government will be selling its own share of crude when production starts at the Liza Phase 1 Development project, just months away, and a tender for this will be put out before the end of the year....
Exploration

UK Analyst and Guyanese Economist say high royalty rate could make Guyana less competitive

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UK-based data analytics and consulting company GlobalData and a Guyanese Economist both say the scope for an upward adjustment in the royalty rate under Guyana’s current model Production Sharing Agreement is limited and warns that increasing this beyond a...
Exploration

Offshore project sanctioning in 2019 stands at $56 billion

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To survive in the lower oil price environment of the past five years, E&Ps and service companies alike have sharpened their pencils and delivered significant cost reductions for the offshore industry. Rystad Energy says the resulting cost savings is...
Exploration

Whatever happens the oil will flow

OilNOW -
The sheer magnitude of Guyana’s oil producing potential has been recognised by many international publications and industry experts. With ExxonMobil Guyana expecting to produce over 750,000 barrels of oil per day by 2025, Guyana will soon become one of...
Exploration

Guyana is one of the main beneficiaries of deepwater reinvention

OilNOW -
Deepwater and tight oil are two of the great growth themes in the oil and gas industry, but are often considered to be at opposite ends of the development spectrum. Deepwater represents large, expensive and complex long-cycle projects best suited...
News

Oil prices drop as China economic slowdown threatens to spread

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(Reuters) - Oil prices fell on Tuesday on signs that an economic slowdown in China, the world’s second-largest economy and oil consumer, was spreading, stoking concerns over future fuel demand. The gloomy economic news has pulled down financial markets across...
News

Oversupply, faltering growth to weigh on oil prices in 2019: Reuters poll

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(Reuters) - Crude oil prices look likely to trade below $70 per barrel in 2019 as surplus production, much of it from the United States, and slowing economic growth undermine OPEC-led efforts to shore up the market, a Reuters...
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An inside look at the complex nature of moving a drillship 

Relocating a drillship requires careful planning and execution, according to Richard Wells, International Logistics Manager at Stena Drilling, who...

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