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Plans to ramp up production to 340,000 bpd by 2022 on schedule – Energy Department

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The giant Liza Phase 2 Development Project offshore Guyana remains on course for production startup in 2022, the country’s Department of Energy (DE) has said. Liza Phase 2 will have a production rate of up to 220,000 barrels of oil...
Exploration

ExxonMobil sees future demand for oil and gas increasing by 20% – Darren Woods

OilNOW -
As the global economy tightens under severe pressure brought on by the COVID-19 pandemic, demand for oil has plummeted to an all-time low creating a supply glut that has seen prices plummet as the world runs out of storage...
News

Guyana racking up millions in oil revenue – royalty payments to begin on April 30

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In addition to the almost US$55M that has already been deposited into the Natural Resource Fund (NRF) account held by the Bank of Guyana at the Federal Reserve Bank of New York, royalty payments are expected to begin this...
Exploration

Final modules for Johan Castberg Turret Mooring System set sail for Singapore

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Dutch floater specialist SBM Offshore on Monday announced the sailaway of the last two modules for the Turret Mooring System, destined for Singapore for integration into the hull of Equinor’s Johan Castberg FPSO. This milestone represents the successful completion...
News

Guyana’s next FPSO will be first of its kind in the world

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The Liza Unity Floating Production Storage and Offloading vessel (FPSO) being built by Dutch floater specialist SBM Offshore is the first of its kind to be constructed under the company’s pioneering Fast4Ward program which aims to transform business by...
News

Guyana battling oil crisis, global pandemic and internal conflict

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The International Energy Agency (IEA) says low oil prices impact the livelihood of millions of people employed along the oil industry’s extensive value chain. The IEA said too that low prices damage the economies of weaker producing countries where...
News

Saipem in 269 million euros loss as projects get parked, axed

OilNOW -
Italian multinational oilfield services company Saipem said on Thursday it can no longer offer guidance for 2020 due to unpredictable market conditions brought on by the coronavirus pandemic and plummeting oil prices. Saipem said it recorded a loss in...
News

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

OilNOW -
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...
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SBM Offshore Guyana throws support behind Mental Health Awareness Campaign

SBM Offshore Guyana has thrown its support behind a new national mental health campaign launched by the Office of...

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