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Exploration

Transocean drill ship Discoverer India suffers contract termination

OilNOW -
Offshore drilling contractor Transocean is reporting that it has received a contract termination for its drill ship Discoverer India which has been operating in Egypt. This is according to Transocean’s latest Quarterly Fleet Status Report dated April 16, 2020. The...
News

Largest supply-demand imbalance in history pushing US storage to its limits

OilNOW -
US crude oil stock builds hit a new weekly record in the week ending April 10 (week 15) as about 17.2 million barrels were sent into storage, Norway-based Rystad Energy estimates. It said this new record is forecast to...
News

Oil industry could be wiped out “on the other side of the pandemic” – US Energy Secretary warned

OilNOW -
The United States Energy Secretary Dan Brouillette has noted that if oil producing countries did not agree to cuts in an attempt to rebalance a low price market and to counter the heavy impact of COVID-19, there may not...
Exploration

More than half of 2020 licensing rounds set to be wiped out – Rystad Energy

OilNOW -
More than half of the world’s planned licensing rounds are likely to be cancelled this year due to the combined effect of the COVID-19 pandemic and the ongoing oil price war, a Rystad Energy impact analysis forecasts. New licensed...
Opinions

Understanding the dynamics of the global oil market: OPEC and non-OPEC production

Bobby Gossai, Jr. -
Crude oil is a major component of modern lifestyle. It has played an important role in many world events for over a hundred years. Wars have been fought over crude oil, and energy security is one of the major...
News

Guyana oil production in best position to weather global price storm

OilNOW -
As disruptions in the global oil and gas industry intensify as a result of oil price shocks and the COVID-19 pandemic, companies have been forced to slow down or stop operations altogether. While the co-venturers at Guyana’s Stabroek Block...
News

CNOOC plans to cut 2020 investment by up to 15%

OilNOW -
(Reuters) - China National Offshore Oil Corp (CNOOC) will trim annual investment by 10% to 15% in 2020, while maintaining its goal of increasing domestic crude oil and natural gas production for the year, the company said in a...
Exploration

Multi-billion-barrel wells facing delays in Guyana, US and elsewhere – Rystad Energy

OilNOW -
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the COVID-19 virus and the oil price war,...
News

Total divests $400M in Brunei, Sierra Leone and Liberia assets

OilNOW -
French multinational oil company Total has announced that in line with its strategy of actively managing its asset portfolio and its objective to divest $5 billion during the period 2019-2020, it is pursuing the divestments of several non-core assets...
News

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

OilNOW -
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...
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Ali names 25-member cabinet; Vickram Bharrat back at oil ministry

President Irfaan Ali of Guyana unveiled 25 ministerial Cabinet appointees on Saturday evening, as the government embarks on its...

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