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Use oil revenues to push diversification agenda before window of opportunity is lost – Nokta urges

OilNOW -
President of the Guyana Manufacturing and Services Association (GMSA) Shyam Nokta believes that now is the time that Guyana must make the most of the opportunities to strengthen the South American country’s traditional economic sectors given not only the...
News

Oil revenues can help Guyana compete in multiple lucrative markets – Guyana’s Foreign Secretary

OilNOW -
Guyana’s Foreign Secretary Robert Persaud said the new oil producing nation must use some of the revenue from its vast hydrocarbon resources to bolster other export-oriented sectors of the economy. The South American emerging oil giant has already benefited from...
News

ExxonMobil limiting oil production after encountering additional challenges with gas compressor

OilNOW -
Additional challenges with the gas handling system on the Liza Destiny FPSO has resulted in ExxonMobil taking a decision to limit oil production in order to curb flaring. Despite the challenges, the company says it is continuing to safely...
Production

Venezuela oil production plummets as Guyana output set to soar

OilNOW -
The country with the largest oil reserves in the world could soon be producing none of it. Venezuela—one of the world’s earliest and (at one time) largest oil producers, as well as a founding member of OPEC—could soon be producing close to...
News

Suriname’s Block 58 could hold 6.5 billion barrels of oil – Morgan Stanley

OilNOW -
US multinational investment bank and financial services company Morgan Stanley says its modelling of Suriname’s Block 58 shows that it contains a potential 6.5 billion barrels of oil equivalent resources which can be developed across seven phases with first...
News

FPSO awards set to bounce back next year as Guyana’s Payara, other projects expected to take off

OilNOW -
Hit by the second industry downturn in five years, global awards for floating production, storage and offloading (FPSO) vessels will likely be limited to a single unit in 2020, Rystad Energy believes, as exploration and production firms slash budgets...

OilNOW – News and Information from the Oil and Gas sector in Guyana

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News

Venezuela will not disrupt Guyana’s offshore oil operations – IHS Markit

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The oil discoveries made offshore Guyana, 16 of which are located at the prolific ExxonMobil-operated Stabroek Block, are not under any significant risk from Venezuela, despite a border controversy with Guyana that have seen aggressive actions by the Venezuelan...
News

Solid gains from Guyana, Brazil and Norway key as global oil output set to limp back to life – IEA

OilNOW -
The International Energy Agency said in its latest monthly report that global oil output in 2020 will continue to exceed demand but will rebound in 2021 as the oil market rebalances, providing OPEC+ cuts ease and a handful of...
News

SBM Offshore working to develop FPSOs powered by wind, solar energy

OilNOW -
The reduction of greenhouse gases is one of the greatest challenges facing operators and service companies in the oil industry. But the task is certainly not an insurmountable one for Dutch floater specialist, SBM Offshore. Over the past few...
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Bulk carrier spills oil at Guyana’s Demerara River, regulator says

A bulk carrier moored at a wharf along Guyana’s Demerara River spilled oil on Thursday, prompting an emergency response...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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