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T&T is not the best example for Guyana to follow – Caribbean Economist

OilNOW -
The effects of the COVID-19 pandemic on the oil industry should help Guyana, South America’s newest oil producer, to understand a most valuable lesson — avoid heavy dependence on oil alone and diversify the economy at all costs. This...
Exploration

Apache spuds 3rd Suriname well as search for more crude intensifies

OilNOW -
Apache Corporation and Total S.A have spudded their third well offshore the South American country of Suriname. The two companies each hold 50% interest in Block 58 where they have made 2 discoveries to date. In the second half of...
News

Full-blown crisis in Trinidad & Tobago’s petrochemical sector

OilNOW -
There is now a full-blown crisis in Trinidad and Tobagio’s petrochemical sector, with four plants shut down in four months and word that more could be taken out of operation as the sector reels under low commodity prices and...
News

Chevron, Exxon curtail production as US shut-ins set to double

OilNOW -
US production of 616,000 barrels of oil per day (bpd) will be shut during May and 655,000 bpd during June as a result of the supply-demand imbalance that the Covid-19 pandemic has created, according to a Rystad Energy analysis...
Exploration

Canada-based energy company inks deal to sell TT gas

OilNOW -
Touchstone Exploration said on Monday after markets closed that it had inked a deal for the sale of natural gas and gas liquids produced from the Ortoire block in Trinidad and Tobago. The Canada-based oil and gas explorer said it had signed...
News

Venezuela crude output keeps sliding, fields shut due to fire damage

OilNOW -
Venezuela’s oilfields produced 687,000 barrels of crude last Saturday, up from 653,000 barrels on Friday but below the 718,000 barrels per day (bpd) the country said it produced in March, according to documents seen by Reuters on Monday. The drop...
News

Venezuela’s PDVSA considers dramatic changes to revive oil production

OilNOW -
New leadership at Petroleos de Venezuela SA is considering a major overhaul that could see the company streamlining its oil business and even forsaking decades of state monopoly, according to people familiar with the matter, Bloomberg said in a...
News

Trinidad & Tobago oil production hits lowest since 1950s

OilNOW -
Oil production in Trinidad and Tobago came down to the lowest point since the 1950s during the month of February this year as the Caribbean energy producing country continues to face challenges in its economy. Former energy minister Kevin Ramnarine...
News

Venezuela appoints alleged drug trafficker El Aissami as oil minister

OilNOW -
Venezuelan President Nicolas Maduro on Monday appointed his economy vice president, Tareck El Aissami, who has been indicted in the United States on drug trafficking charges, as oil minister, amid acute fuel shortages across the country, Reuters reported. Maduro named...
News

Brazil issues new end-of-life rules for oil and gas fields

OilNOW -
Brazil's National Petroleum Agency (ANP) issued new rules and procedures on Monday for deactivating mature oil and natural gas fields that should result in about $5 billion in investments over the next five years as Latin America's biggest producer...
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Oil revenue to fund 37% of Guyana’s US$6.6 billion 2025 budget

US$2.46 billion in revenue earned from Guyana’s fast-growing oil sector will fund 37% of Guyana’s 2025 national budget. The...

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