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Credit Suisse sees 9 development phases at Stabroek Block with production ballooning to more than 1 million bpd

OilNOW -
Zürich-based investment bank Credit Suisse sees potential at Guyana’s Stabroek Block for 9 development phases that would push production well above 1 million barrels of oil per day and expects the resource estimate on the block to further increase...
News

Guyana should collaborate with industry stakeholders to consider oil storage alternatives – API’s Chief Economist

OilNOW -
As the COVID-19 pandemic continues to batter oil prices along with global demand, major exploration and production companies are growing concerned about storage space for all the oil that is not being consumed. It therefore means that along with making...
Exploration

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

OilNOW -
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

Exxon’s giant Hammerhead project will push Guyana production to three-quarter million bpd milestone

OilNOW -
ExxonMobil’s 4th proposed development project offshore the South American country of Guyana will produce approximately 150,000 - 190,000 barrels of oil per day (bpd), pushing total production at the Stabroek block to 750,000 bpd. This latest development, once approved,...
News

10 billion US dollars a year and growing

OilNOW -
By Steven Jasmin - OilNOW  A few weeks ago, I posted a breakdown of the estimated $500 Billion USD worth of oil that has been discovered and will be extracted. The post was well received and re-shared quite a bit....
News

ExxonMobil earns $14.3B in 2019 as Guyana operations enter new chapter

OilNOW -
Exxon Mobil Corporation (NYSE:XOM) announced Friday its estimated fourth quarter 2019 earnings of $5.7 billion, or $1.33 per share assuming dilution. Earnings included favorable identified items of about $3.9 billion, or $0.92 per share assuming dilution, mainly a $3.7 billion...
Opinions

1-Year Later: Advice for the Guyanese Nation on the event of first oil

OilNOW -
The following op-ed was first published on December 23, 2019. One year later, the advice from Trinidad and Tobago's former Energy Minister Kevin Ramnarine remains pertinent. By Kevin Ramnarine - OilNOW  Guyana is at the dawn of a new economic era...
News

Guyana is now an oil producing nation

OilNOW -
The South American country of Guyana has joined the league of petroleum producing nations with the official start of oil production at the Liza Phase 1 Development, announced on Friday December 20 by President David Granger, who proclaimed the...
News

Global upstream investments set to decline in 2020

OilNOW -
Rystad Energy is forecasting that overall global upstream investments in 2020 will decrease by around 4%. Investments in shale/tight oil are expected to contract the most next year by almost 12%. Rystad Energy believes that the lower oil price and...
Opinions

Where is Guyana seeing the benefits of oil production?

Bobby Gossai, Jr. -
By Bobby Gossai Jr. Bobby Gossai, Jr. recently completed his MSc (Econ) in Petroleum, Energy Economics and Finance from the University of Aberdeen. Mr. Gossai, Jr.’s professional experiences include being the head of the Guyana Oil and Gas Association and...
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SLB acquires ChampionX as it strengthens production and recovery capabilities

SLB has completed its acquisition of ChampionX Corporation, expanding its portfolio in the production and reservoir recovery space.  In its...

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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