Production

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Oil’s stint above $50 ends

OilNOW -
(Bloomberg) Was $50 a barrel for oil just a passing fancy? West Texas Intermediate, the U.S. benchmark, skyrocketed above $52 a barrel at the end of September, teasing investors. But the rally didn’t last long. After hedge funds sliced their...
Production

Oil & gas fields have 15-30 year lifespan, production could be unpredictable

OilNOW -
Oil and gas fields generally have a lifespan ranging from 15 to 30 years, from first oil to abandonment. Production can last 50 years or more for the largest deposits. Deepwater fields, however, are operated just five to ten...
Production

ANALYSIS: Non-OPEC production decline rates – lower for longer

OilNOW -
As the lower-for-longer market lingers, non-OPEC oil field decline rates remain stable. With the price collapse ultimately cutting 50% of investment in producing fields and ushering in a dwindling pipeline of new projects, the expectation was for decline rates...
Production

How does an oil and gas company measure and state its production?

OilNOW -
Oil and gas exploration and production companies, or E&P companies, use three basic formats for measuring and reporting oil and gas production: (1) Oil production is measured and reported in barrels, or “bbl.” Production rates are typically reported in terms...
News

Private sector group wants Guyana government to explain how it will use oil money

OilNOW -
The head of a body representing private sector interest in Guyana believes that the country’s government should already have a plan in place on how revenues from the oil and gas industry will be utilized. In an interview on Thursday...
News

Oil will be produced from 8 wells in Liza Phase 1 development

OilNOW -
The Liza Phase 1 development project will see a total of 17 wells being drilled, eight of which will produce oil, while six will be used for water injection and three for gas injection. Gas and water are reinjected to...
Exploration

“We’re gonna keep looking for more oil” – Exxon Operations Manager

OilNOW -
Encouraged by positive results from several drill campaigns offshore Guyana which saw the largest discovery being made for 2015, ExxonMobil has vowed to continue its search for more oil in the South American country. The Liza 1 discovery, estimated to...
News

Production license valid for 20 years with one-time renewal option

OilNOW -
ExxonMobil will have an initial 20-year period to produce petroleum under the license granted by Guyana for the Liza Phase 1 development project, with a single renewal period of up to 10 years thereafter. As part of the agreement, ExxonMobil,...
Production

Stones: World’s deepest offshore oil & gas project

OilNOW -
Stones is the world’s deepest oil and gas project, operating in around 2,900 metres (9,500 feet) of water in an ultra-deep area of the US Gulf of Mexico. The project started production in September 2016 from a Floating Production,...
News

Shell starts production at Gbaran-Ubie Phase 2 in Nigeria

OilNOW -
The Shell Petroleum Development Company of Nigeria Ltd joint venture has started production at Gbaran-Ubie Phase 2, a key project in Nigeria’s Niger Delta region. In a statement Wednesday, the company said Phase 2 follows the success of the first...
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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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