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Hess reports US$97M loss for Q4 2020

OilNOW -
Hess Corporation, a 30% co-venturer on Guyana’s Stabroek Block, announced on Wednesday that it suffered a net loss of US$97 million, or $0.32 per common share, in the fourth quarter of 2020, compared with a net loss of US$222...
Exploration

Thirst for exploration to continue in 2021 with 38 High Impact Wells planned – IHS Markit

OilNOW -
The search for oil in key hotspots across the globe is expected to continue in earnest this year and this will see approximately 38 High Impact Wells (HIWs) being drilled, according to American-British information provider, IHS Markit. Jack Rivers, Director...
News

Guyana operationalizes National Oil Spill Response Plan

OilNOW -
Guyana’s Civil Defence Commission (CDC) announced on Tuesday that it has operationalized the National Oil Spill Response Plan (NOSRP). In addition, the National Oil Spill Committee (NOCS) to support contingency planning and lead the policy direction of the management...
News

Baker Hughes expanding digital capabilities, reducing emissions in new order with Petrobras

OilNOW -
Baker Hughes said on Friday an order has been confirmed with Petrobras to provide a suite of digital solutions across the state oil company’s sites in Brazil. The order, booked in the fourth quarter 2020, will further expand Petrobras’...
News

2020 was costliest year in history for oil company bankruptcy filings

OilNOW -
The combined debt of North American Exploration & Production (E&P) and oilfield service companies that filed for Chapter 11 bankruptcy protection last year jumped to $102 billion, surpassing the $100 billion mark for the first time, a Rystad Energy...
Regional

Staatsolie: From a ‘voice in the wilderness’ to hitting deepwater jackpot

OilNOW -
Staatsolie Maatschappij Suriname is the state oil company of Suriname established to execute the country’s oil policy which includes exploration, drilling and the processing of oil. The company has said it was always confident of a major commercial discovery...
News

Norway set to ramp up oil production by 19%

OilNOW -
(S&P Global Platts) Norway expects its oil production to rise by 19% through to 2024 on the back of new developments such as Johan Sverdrup, while it is eyeing emissions reductions in the order of 40% by the industry,...
News

Exxon has made 18 commercial discoveries out of 22 exploration wells drilled in Guyana

OilNOW -
The success rate for finding commercial quantities of hydrocarbons offshore Guyana remains one of the highest in the oil and gas industry. Supported by state-of-the-art technology and highly trained geoscientists, U.S oil major ExxonMobil has had a remarkably good...
News

Exxon says claims relating to valuation of Permian Basin assets ‘demonstrably false’

OilNOW -
U.S oil major ExxonMobil said on Friday that there is no basis for claims made by an alleged whistleblower, and reported by The Wall Street Journal, regarding the valuation of its assets in the Permian Basin. The Journal reported on...
News

Demand for Guyana’s low-sulphur crude will grow in 2021, expert says

OilNOW -
As the world continues to move towards renewable sources of energy, demand for crude with low-sulphur content will continue to increase, placing producers like Guyana in an advantaged position. That coupled with the low breakeven price to produce oil...
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Latest News

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Kumu’s new small-scale hydropower plant now operational

Guyana commissioned a new 1.5 megawatt (MW) hydropower station in the southeastern community of Kumu on Friday, part of...

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