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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

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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

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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

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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...
News

First major job of post-election gov’t in Guyana is to build O&G capacity

OilNOW -
Updated March 1, 2020 The South American country of Guyana, where US oil major ExxonMobil has so far found more than 8 billion barrels of oil equivalent, is set to elect a new government on Monday March 2, just months...
News

TT facing unprecedented economic crisis – former energy minister

OilNOW -
Caribbean petroleum producer Trinidad and Tobago is facing an unprecedented economic crisis fueled by a downturn in LNG and oil prices which former energy minister Kevin Ramnarine says only careful planning and a reality check can avert. “Folks we are...
News

Guyana oil production will help counter structural declines from mature countries – WoodMac

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Mature oil and gas provinces such as the North Sea will be able to maintain output levels into the mid-2020s but new producers such as Guyana will play a key role in helping to counter declines in a number...
News

Explorers identify 22 prospects on Orinduik Block with some having over 30% chance of success

OilNOW -
Explorers at the 1,800 km2 Orinduik Block offshore Guyana have identified 22 prospects including 11 leads in the Upper Cretaceous horizon, the majority of which have over a 30 percent or better chance of success. This is enhanced by the...
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Middle East tensions could lift Guyana’s oil revenues, but capacity risks remain – Orinoco Research

Rising geopolitical instability in the Middle East could increase oil revenues for Guyana while also exposing capacity constraints across...

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