Regional

Exploration

Largest number of bankruptcy filings in modern history in play as US upstream industry braces for impact

OilNOW -
Whiting Petroleum this week opened the door of Chapter 11 filings but will not be the only company to cross that threshold. As the US upstream industry is heavily indebted, the current price environment is likely to create the...
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Apache, Total make second discovery offshore Suriname

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Apache Corporation (NYSE, Nasdaq: APA) and Total S.A. (NYSE: TOT) on Thursday announced a significant oil discovery at the Sapakara West-1 well drilled offshore Suriname on Block 58. The well was drilled using the Noble Sam Croft with Apache as operator...
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Gas sector impacted by triple whammy of coronavirus, oil price crash and LNG oversupply – WoodMac

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In its latest short-term gas and LNG outlook report, Wood Mackenzie weighs the risks coronavirus, sustained low oil prices and LNG oversupply pose to the sector this year. “While the collapse of LNG prices towards US production break-evens was foreseeable,...
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State capacity deficits put Venezuela among top 5 countries most vulnerable to COVID-19

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South American oil producer Venezuela is listed among the top 5 countries most vulnerable to the COVID-19 pandemic due to major deficiencies in the state’s capacity to tackle the disease. On Monday IHS Markit launched its COVID–19 Country Vulnerability Index,...
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Guyana can learn from the Venezuelan crisis

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Venezuela provides a window to a dystopian future. The country’s neighbour to the east, Guyana, is developing its first offshore oil and gas finds made in the past five years. There’s a growing number of them; the 16th discovery...
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Baker Hughes reports US drilling rigs drop by 44

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Baker Hughes’ latest Rig Count revealed that as at March 27, 2020 the count of active United States drilling rigs has dropped by 44 to 728 after falling by 20 one week earlier. In addition, the US active rig...
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Rosneft hands Venezuelan oil business to Russian state firm

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(AP) — Russia’s Rosneft oil company said Saturday that it’s halting operations in Venezuela and selling its assets there to a company fully owned by the Russian government, a move apparently intended to protect Russia’s largest oil producer from...
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Staatsolie issues US$195 million international bond ahead of anticipated offshore oil boom

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Suriname state oil company Staatsolie Maatschappij Suriname N.V. has issued a US$195 million bond in Suriname and Curaçao. This bond issuance, executed on March 23, is internationally listed on the Dutch Caribbean Securities Exchange (DCSX). De Surinaamsche Bank N.V....
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COVID-19, political instability could restrict Guyana’s growth and stall oil investments

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The International Monetary Fund (IMF) says commodity exporters in South America will face all round lower export revenues as a result of the COVID-19 pandemic both from the drop in prices and reduction in export volumes, especially to China, Europe...
News

Suriname aiming to become offshore oil producer in 5 to 6 years

OilNOW -
Suriname’s first major offshore oil discovery at the Maka Central-1 field in Block 58 could move to production in 5 to 6 years and expectations are high that multiple projects could come on stream within the same period. Reports indicate...
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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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