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Saipem withdraws 2020 guidance over growing market uncertainty

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Italian multinational oilfield services company Saipem said on Wednesday the growing uncertainty caused by the COVID-19 pandemic might cause a sharp demand contraction and consequently a delay of some its projects. Saipem said its Board of Directors resolved to withdraw...
News

TechnipFMC in worldwide effort to produce visors for healthcare workers

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TechnipFMC says its teams worldwide are helping to protect medical workers during the COVID-19 outbreak by using 32 printers to produce visors at its facilities. The Edvard Grieg Project team prototype medical visor was approved for use in Norway, and...
News

Exxon slashes 2020 CAPEX by 30% – says Guyana oil production unaffected but other slowdowns expected

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ExxonMobil said Tuesday it is reducing its 2020 capital spending by 30 percent and lowering cash operating expenses by 15 percent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic. Capital investments for...
News

World running out of oil storage capacity

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If OPEC does not act, lack of storage will begin to force shut-in of crude oil production at some locations around the world since oil demand will be unlikely to recover substantially in the coming weeks, according to a...
News

Saipem seeking EOIs for construction of Guyana fabrication yard

OilNOW -
Italian engineering and drilling services firm Saipem is inviting companies to express interest in bidding for the construction of a fabrication yard to support its operations at the Stabroek Block offshore Guyana. The contracting period has been given as second quarter...
News

Suriname’s Maka well can bring US$50M per year in revenue

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The Maka Central-1 discovery has the potential to bring more than US$50m in revenue per year to the Surinamese Government if it sees similar success to Guyana’s Stabroek, according to leading data and analytics company GlobalData. Gregory Bosunga, Oil and Gas Analyst...
News

ExxonMobil lowers 2020 production target, slows Permian growth

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(S&P Global) ExxonMobil on Thursday lowered its 2020 total oil and gas production estimate about 7% to 3.9 million boe/d, which includes slowing operations slightly in the Permian Basin, based on both lower oil prices. In the West Texas/New Mexico...
News

Exxon will spend up to US$35B annually through 2025 as Guyana production ramp-up remains on track

OilNOW -
US oil major ExxonMobil said Thursday it continues to make progress on its long-term growth plans by investing through the commodity price cycle to capture high-value opportunities and grow earnings and cash flow potential. “We are effectively executing our growth strategy...
Discoveries

Offshore drillers look to Guyana, Suriname as global market struggles to recover – S&P Global

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(S&P Global) Off the coasts of Guyana and Suriname, exploration and production companies are turning to offshore drillers and services providers to help them discover then recover massive amounts of crude oil locked beneath the floor of the Atlantic...
News

Saipem employees in Italy ‘stay at home’, missions abroad canceled over coronavirus fears

OilNOW -
With reference to the confirmed cases of CoronaVirus (Covid-19) to date on Italian territory and in particular in Lombardy, Saipem said today “it has immediately activated itself to guarantee maximum health and safety for its employees, customers and suppliers,...
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SBM sponsors international trips, science equipment for winners of Guyana mousetrap competition

SBM Offshore Guyana’s 2025 Guyana-Monaco Mousetrap Car Grand Prix Competition wrapped up with an impressive display of creativity, problem-solving...

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