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South America’s emerging deepwater oil giants pledge strategic alliance

OilNOW -
Following discussions over the last 24-hours between the newly elected Presidents of Guyana and Suriname, the two leaders announced on Sunday their intent to strengthen bilateral relations between the two South American countries that will see strategic collaboration in...
News

Liza and Kwaskwasi are giants in the prolific Guyana-Suriname basin

OilNOW -
The Guyana-Suriname basin has been the subject of much discussion since US oil major ExxonMobil made its world class Liza discovery in 2015 at the prolific Stabroek Block. Appraisal drilling showed Liza contained 800 million to 1.4 billion barrels...
News

Brazil doubled oil exports in July

OilNOW -
(MercoPress) Brazilian oil exports more than doubled in July to 8.19 million tons, compared to 3.76 million tons shipped in July 2019, according to data released by the Foreign Trade Secretariat, Secex. The volume was the second highest in 2020,...
News

Venezuela state-oil firm looking to ship its own oil as crushing sanctions deepen

OilNOW -
Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions,...
News

Suriname’s world-class discoveries expected to be developed in shortest time possible: like Guyana’s Liza – Staatsolie MD

OilNOW -
Suriname state oil company Staatsolie would like to see the country’s deepwater discoveries move to development in the shortest time possible, similar to the Liza discovery in Guyana which operator ExxonMobil was able to move to first oil in...
News

Suriname’s Block 58 could hold 6.5 billion barrels of oil – Morgan Stanley

OilNOW -
US multinational investment bank and financial services company Morgan Stanley says its modelling of Suriname’s Block 58 shows that it contains a potential 6.5 billion barrels of oil equivalent resources which can be developed across seven phases with first...
Exploration

UK oil company strikes exploration deal in Jamaica

OilNOW -
UK-based United Oil & Gas PLC said on Monday it has received approval from the Jamaican Government to take forward the Walton Morant Licence, Jamaica, on a 100% operated basis. United has been assigned Tullow Jamaica Ltd's 80% equity in the Walton Morant...
News

U.S. defense firm joins creditors seeking to enforce Venezuela judgments

OilNOW -
(Reuters) - U.S. defense contractor Huntington Ingalls Industries Inc has joined a long line of creditors seeking to enforce a judgment against heavily indebted OPEC member Venezuela, court documents filed on Friday showed. Huntington Ingalls’ shipbuilding unit earlier this year...
News

Venezuela supreme court approves extradition request to Italy for ex-oil czar

OilNOW -
(Reuters) - Venezuela’s supreme court said on Friday it had approved a request to Italy for the extradition of Rafael Ramirez, a once powerful oil minister and former head of state oil company Petroleos de Venezuela, on corruption charges. Authorities...
News

Despite ‘COVID-19 shock’ Canadian oil sands production positive over long-term – IHS Markit

OilNOW -
Canadian oil sands production is expected to decline by nearly 175,000 barrels per day (b/d) in 2020 as a result of COVID-19—the largest annual decline on record. However, the longer-term trajectory of oil sands production is expected to change...
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Latest News

NewsKemol King -

Guyana gov’t can withdraw up to 96% of last year’s oil earnings in 2025 budget

The Guyana government can withdraw 96% of its 2024 earnings from the oil sector, based on the withdrawal rule...

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