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Exxon slashes 2020 CAPEX by 30% – says Guyana oil production unaffected but other slowdowns expected

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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...
News

Fugro forced to implement hiring, salary freeze as impact of COVID-19 deepens

OilNOW -
Dutch engineering company Fugro said on Monday it is taking appropriate measures during the COVID-19 pandemic to keep its employees, partners and clients safe and healthy while ensuring service delivery. Current market conditions have forced the company to implement...
Exploration

“We do not see Exxon turning off the taps in Guyana” – Rystad Energy

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The fall in oil prices triggered by the Saudi Arabia-Russia price war and the COVID-19 global pandemic has resulted in a number of oil and gas companies readjusting their 2020 exploration and production programmes. US oil major ExxonMobil said...
News

Oil drops more than 6% to 18-year low as global demand evaporates

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(CNBC) U.S. oil dropped to an 18-year low on Monday as demand continues to evaporate, and as Saudi Arabia and other OPEC+ nations prepare to ramp up production. With much of the world in lockdown as the coronavirus pandemic rages...
News

Guyana can learn from the Venezuelan crisis

OilNOW -
Venezuela provides a window to a dystopian future. The country’s neighbour to the east, Guyana, is developing its first offshore oil and gas finds made in the past five years. There’s a growing number of them; the 16th discovery...
Featured

Tullow utilizing Ebola-tested contingency strategies against COVID-19

OilNOW -
Tullow Oil PLC is using contingency plans developed to avoid the dreaded Ebola outbreak in Africa to craft strategies to guard its employees against the virulent novel coronavirus (COVID-19). The virus has to date infected more than 575,000 persons...
News

Low quality Guyana oil among list of Tullow’s 2019 disappointments

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Executive Chair of Tullow Oil PLC Dorothy Thompson reported the Board’s disappointment in the company’s operational and financial performance for 2019, saying that in 2020 the British oil and gas operator will work to rebuild the stakeholder trust that...
News

Guyana remains a bright spot in oil’s universe but politics could change the outlook

OilNOW -
The International Monetary Fund, World Bank, and several other institutions, analysts and experts have all placed Guyana on the road to rapid economic growth and transformation fueled by the massive oil resources discovered by ExxonMobil off the country’s coast...
News

CGX’s Logistics Yard to service development of Guyana Deep Water Port

OilNOW -
CGX Energy Inc. through its wholly owned subsidiary Grand Canal Industrial Estates Inc. (GCIEI) will in 2020 begin construction of phase 1a of the deep-water port at the mouth of the Berbice River in the South American country of...
News

CNOOC lifts 1st oil cargo from Guyana, reports record performance for 2019

OilNOW -
China’s state oil company CNOOC has lifted its first 1 million barrels of light, sweet Liza crude from Guyana’s offshore Liza Phase 1 Development project. The company has a 25% stake in the 6.6 million acres Stabroek block as...
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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...

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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