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SBM Offshore secures US$600 million bridge loan for FPSO Sepetiba

OilNOW -
SBM Offshore on Wednesday announced the closure of a US$600 million bridge loan facility for the financing of the construction of FPSO Sepetiba, to be deployed in the Santos Basin offshore Brazil. The facility was secured by the special purpose company...
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Maersk Drilling bags exploration contract for one-well campaign in Suriname

OilNOW -
Maersk Drilling has secured a contract for the semi-submersible rig Mærsk Developer which will be employed by PETRONAS Suriname Exploration & Production B.V. for a one-well exploration campaign in Block 52 offshore Suriname. The contract is expected to commence in...
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Brazil’s Petrobras says Buzios oil field achieved a new daily production record in June

OilNOW -
(Reuters) - Brazil’s Petrobras said that its platforms P-74, P-75, P-76 and P-77 located in the deepwater Buzios oil field, the largest in the world, achieved record production levels on June 27, totalling 664,000 bpd and 822,000 boed. The oil...
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U.S./Canadian oil & gas rig count falls to record low again-Baker Hughes

OilNOW -
(Reuters) - U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low again this week even as higher oil prices prompt some producers to start drilling again. The U.S. oil and...
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Total, partners ramp-up production at Brazil pre-salt with start-up of second FPSO

OilNOW -
Total and its partners have announced the start-up of the Floating Production Storage and Offloading (FPSO) P-70 of the Iara cluster (Block BM-S-11A), located in the deepwater Santos Basin pre-salt offshore Brazil. With a productive capacity of 150,000 barrels...
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Venezuela oil crisis deepens with India refiners halting imports

OilNOW -
India’s largest private refinery halted purchases of Venezuelan oil, putting additional pressure on the Latin American country’s beleaguered oil industry, Bloomberg said in a report on Thursday. Reliance Industries Ltd, which runs the biggest refinery in the world in Jamnagar...
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Suriname awaits new president, new oil policy

OilNOW -
Suriname's president Desi Bouterse has conceded defeat in the emerging oil producer's 25 May parliamentary elections, two days after the country's electoral council declared the official results, Argus Media said in a report on Monday. This clears the way for...
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Venezuela will not disrupt Guyana’s offshore oil operations – IHS Markit

OilNOW -
The oil discoveries made offshore Guyana, 16 of which are located at the prolific ExxonMobil-operated Stabroek Block, are not under any significant risk from Venezuela, despite a border controversy with Guyana that have seen aggressive actions by the Venezuelan...
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End of Venezuela’s oil fortune looms over Maduro’s regime

OilNOW -
(Bloomberg) -- Oil revenue, the financial lifeline of Venezuela, is quickly drying up, adding to the growing instability of Nicolas Maduro’s embattled regime. Crude exports that once accounted for 95% of foreign currency inflow to the country tumbled by almost...
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Venezuela maintains ICJ has no jurisdiction in border case with Guyana

OilNOW -
Just days before the International Court of Justice is set to open public hearings on the question of its jurisdiction in the case concerning the Arbitral Award of October 3, 1899 (Guyana v. Venezuela), the Bolivarian Republic  is maintaining...
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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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