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Exploration

Apache spuds 3rd Suriname well as search for more crude intensifies

OilNOW -
Apache Corporation and Total S.A have spudded their third well offshore the South American country of Suriname. The two companies each hold 50% interest in Block 58 where they have made 2 discoveries to date. In the second half of...
News

Guyana’s 65-day election could be over in another 25

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South America’s newest oil producer Guyana could be moving to finally conclude its presidential election which took place on March 2. A recount of all the votes cast is set to get underway today on the outskirts of the...
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Saipem bags 280-million-euro contract for Baltic Pipe Project

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Italian-based oilfield services company Saipem has been awarded a contract by GAZ-SYSTEM S.A. for the transportation and installation of a natural gas pipeline between Denmark and Poland in the Baltic Sea. The contract, signed by its controlled subsidiary in U.K. Saipem...
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Finding oil is really hard, making money even harder

OilNOW -
(Journal of Petroleum Technology) As ExxonMobil announced discovery after discovery offshore Guyana, it sounded easy. Beginning with the Liza-1 discovery well, the giant oil company announced 16 successful exploration wells. There were four or five successful wells per year from...
Exploration

Global exploration & production revenues will fall by staggering 1 trillion dollars – Rystad Energy

OilNOW -
The devastating effect of the COVID-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020. A Rystad Energy analysis shows that global E&P...
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Guyana-Suriname basin stratigraphic traps delivering multi-billion barrel pay – Westwood

OilNOW -
More oil and gas were discovered in stratigraphic traps than any other trap type in the last decade and the Guyana-Suriname basin remains one of the most prolific. Excelling in stratigraphic trap exploration is now the key to top...
News

Petronas refutes claims of shutting down 14 deepwater projects

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Malaysian oil and gas company Petroliam Nasional Bhd (Petronas) over the weekend refuted media reports that it had deactivated 14 of its oil rigs. “Petronas would like to clarify that the Company has not shut down any of its rigs,...
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Guyana’s next FPSO will be first of its kind in the world

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The Liza Unity Floating Production Storage and Offloading vessel (FPSO) being built by Dutch floater specialist SBM Offshore is the first of its kind to be constructed under the company’s pioneering Fast4Ward program which aims to transform business by...
News

Guyana battling oil crisis, global pandemic and internal conflict

OilNOW -
The International Energy Agency (IEA) says low oil prices impact the livelihood of millions of people employed along the oil industry’s extensive value chain. The IEA said too that low prices damage the economies of weaker producing countries where...
News

US oil price under pressure as Guyana and T&T keep close watch on Brent futures

OilNOW -
While the sale of crude from the Liza Field in Guyana and in neighbouring Trinidad and Tobago (T&T) has not shared the same fate as US oil, former Energy Minister of Trinidad and Tobago, Kevin Ramnarine, says the Caribbean...
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Chinese oil and gas giant CNOOC eyes greater role in Trinidad and Tobago’s energy sector

Executives from China National Offshore Oil Corporation (CNOOC) this week met with Trinidad and Tobago’s Ministry of Energy and...

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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