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Conoco to recover $2B in agreement with Venezuela

OilNOW -
ConocoPhillips said it will receive $2 billion in a settlement with Petroleos de Venezuela SA, ending a dispute that’s severely crippled Venezuela’s ability to export the crude oil at the heart of its faltering economy. An international tribunal awarded the amount in...
News

Study shows Suriname businesses must boost capacity to benefit from offshore oil industry

OilNOW -
As the search for oil continues offshore Suriname, the Dutch-speaking South American country is looking to put systems in place for what the country hopes is an imminent discovery. State oil company Staatsolie recently commissioned an Industrial Baseline Study (IBS)...
News

Venezuela’s crack-up is accelerating

OilNOW -
Country’s neighbors — and the world — should prepare for the worst (Bloomberg) What happens when the country with the world’s largest oil reserves becomes its latest failed state? As Venezuela’s government grows increasingly despotic, a crack-up is accelerating —...
News

No more cheap fuel…for some

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Venezuelan President Nicolás Maduro has the announced the end of Venezuela’s notoriously inexpensive subsidized gasoline for opponents. According to a report in the Panam Post, the Venezuelan President said on August 14 that he will maintain the subsidy for...
News

Kosmos on location for new drill campaign at Pontoenoe-1 in Suriname

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Kosmos Energy’s Ensco DS-12 drillship is on location approximately 17 km east of the Guyana-Suriname maritime boundary in its new search for hydrocarbons at the Pontoenoe-1 prospect on Block 42 offshore Suriname. OilNOW understands the Ensco DS-12 arrived on location...
Exploration

United Oil & Gas says 3D data acquired off Jamaica coast “encouraging”

OilNOW -
UK-based United Oil & Gas Plc said on Monday, August 13, that the fast track version of the recently acquired 3D seismic dataset over the Walton-Morant licence offshore Jamaica, has been delivered by the operator, Tullow Jamaica Ltd. Encouragingly,...
News

Incompetence, greed and fear main reasons petro-countries do badly – Anthony Paul

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High levels of incompetence, greed, and the fear of making tough decisions are the primary reasons countries rich in petroleum resources do badly. So says Managing Director, Principal Consultant of Association of Caribbean Energy Specialists Ltd. (ACES), Anthony Paul. Paul,...
News

Renewable energy among key factors to fuel C/bean climate-smart zone

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A ground-breaking partnership to support the Caribbean’s ambition to become the world’s first ‘climate-smart zone’ was launched on Thursday, August 9, 2018. Eight-time Olympic Gold Medal Winner Usain Bolt was in attendance to help fire the starting pistol for...
News

Venezuela facing compounding oil woes

OilNOW -
Though it holds the largest reserves of oil in the world, production levels put it only in the middle of the pack among OPEC member states. Venezuelan plans to stabilize crude oil production do little to address bottlenecks and the...
News

Venezuelan Petroleum Professor addressing Green Economy Workshop in Guyana

OilNOW -
A Venezuelan Professor of Petroleum is currently in Guyana giving advice on developing the oil and gas sector in hopes that the country does not repeat Venezuela’s mistakes.  Professor Carlos Mendoza Pottella, who is the Visiting Advisor to the Central...
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Suriname team tours Guyana’s FPSO simulator unit as oil development advances

SBM Offshore Guyana hosted a Local Content taskforce from Staatsolie, Suriname’s national oil company, at the Facility Simulator (FacTor)...

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