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O&G project sanctioning faces up to US$131 billion in reduction this year

OilNOW -
The effect of the COVID-19 virus on global demand for oil and gas, along with an ongoing price war that has sent oil prices tumbling at an unprecedented rate, are poised to wreak havoc on new project development plans...
News

Bristow deploys helicopters for corona evacuations in UK

OilNOW -
Bristow Helicopters has successfully repatriated offshore workers in the oil and gas industry with suspected cases of the novel coronavirus – COVID-19 – using three specially-configured former search and rescue aircraft. Three suspected COVID-19 cases have been flown from offshore...
Exploration

How will the oil price crash hit the upstream sector?

OilNOW -
(Wood Mackenzie Analysis) The coronavirus outbreak has derailed OPEC+, thrown the oil market into turmoil and sent an already unloved sector into freefall, setting in motion a chain of events that led to the biggest fall in the oil price...
Exploration

Tullow writes off Jamaican oil exploration licence

OilNOW -
(The Gleaner) Tullow oil Plc has fully written off its oil exploration licence for the Walton-Morant Basin offshore Jamaica, on which it has taken a US$36-million hit. The write-off relates to what the company indicated in its most recent earnings report...
News

Stabroek Block operations could be affected due to COVID-19 disruptions – ExxonMobil

OilNOW -
The impact of the coronavirus (COVID-19) outbreak globally continues to impact the oil and gas industry and could see operations at Guyana’s Stabroek Block slowing down as ExxonMobil grapples with travel restrictions which is affecting the movement of personnel...
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

Over 200 OFS firms facing bankruptcy as COVID-19 slashes billions off market – Rystad Energy

OilNOW -
Around 20% of Europe’s mid- and small-sized oilfield service companies, the vast majority of which are British or Norwegian, are set to become insolvent as the effect of the Covid-19 epidemic will hit the continent’s OFS market hard and...
News

Guyana should aim to produce 2 to 3 million barrels of oil per day ‘as quickly as possible’ – Mangal

OilNOW -
President and CEO of oilfield services company TOTALTEC, Lars Mangal, says if Guyana is to truly benefit from what he calls the closing window of opportunity due to the rise of renewable energy, oil production must be ramped up...
Exploration

Guyana oil production on track to surpass Newfoundland and Labrador – Rob Strong

OilNOW -
South America’s newest oil producer Guyana is on track to ramp up production to more than 750,000 bpd by 2025 from multiple developments at massive oil fields located off the country’s coast at the 6.6 million acres Stabroek Block. Speaking...
News

Coronavirus will delay FPSO deliveries, postpone US$30B in investments – Rystad Energy

OilNOW -
Out of a global total of 28 floating production, storage and offloading (FPSO) vessels that are under construction, 22 are being built at shipyards in China, South Korea and Singapore. Rystad Energy expects the outbreak of the coronavirus disease...
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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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