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World running out of oil storage capacity

OilNOW -
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

OilNOW -
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

OilNOW -
(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

OilNOW -
(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,...
News

‘Boatload of discoveries’ offshore Guyana signals more to come – Geoscientist

OilNOW -
Since 2015, Guyana has gone from having no known oil resource to a massive 8 billion plus barrels of oil equivalent with 16 discoveries at the giant Stabroek Block, 2 at the adjacent Orinduik Block and 1 at Kanuku. All...
News

Guyana production on path to rival OPEC top guns

OilNOW -
It is estimated that by the mid-2020s to 2030, oil production in Guyana could hit 750,000 barrels per day but this figure may ‘underestimate the country’s production’ the American Security Project (ASP) has said. ASP said unlike other recent discoveries...
Exploration

Around 25 more prospects remain at Stabroek with further upside to 8 billion boe estimate

OilNOW -
With 16 discoveries made so far at the Stabroek Block offshore Guyana, multiple exploration prospects remain in play that could push the resource estimate even higher than the most recent update released by ExxonMobil in January. ExxonMobil has raised the...
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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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