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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%

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(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...
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

OilNOW -
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...
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Exxon says U.S. senators were misled; no Guyana tax credits included in its 2023 & 2024 filings

President of ExxonMobil Guyana, Alistair Routledge, has rejected claims that the company benefited from tax credits in Guyana for...

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