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In South America ExxonMobil’s success makes Guyana-Suriname Basin second only to pre-salt Brazil – GlobalData

OilNOW -
Following the recent Hammerhead-1 discovery by ExxonMobil in the Stabroek block in Guyana, Adrian Lara, Senior Oil and Gas Analyst at GlobalData, a leading data and analytics company, offered his view on the impact this could have on the upstream...
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Exxon’s 2017 Guyana oil discoveries place country among top 3 globally for that year

OilNOW -
Although 2017 was yet another record low year for discovered conventional oil volumes globally, Guyana was among the top three countries where recoverable resources were found. “We haven’t seen anything like this since the 1940s,” says Sonia Mladá Passos, Senior...
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Reducing revenue leakage among Energy Dept top priorities

OilNOW -
Among the top priorities for recently appointed Head of the Government’s Energy Department, Dr. Mark Bynoe is “reducing revenue leakage” or the unnoticed or unintended loss of revenue. Dr. Bynoe was appointed to lead the department which was set up...
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Deep-water feeding frenzy in South America as Brazil and Guyana lead enthusiasm

OilNOW -
Good reservoir quality and improved upstream terms have combined with cost declines and firmer oil prices to spark enthusiasm for deep offshore oil exploration in South America. According to a report in the Petroleum Economist, analysts say that while the...
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CNOOC considering selling US oil assets as Guyana discoveries redefine company’s perspective

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China’s CNOOC which owns a 25 percent interest in the Stabroek Block offshore Guyana is considering selling parts of its U.S. oil assets in the Gulf of Mexico, Reuters reported a company spokesperson as saying on Thursday.  The spokesperson...
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World Bank funding to help expedite ExxonMobil cost recovery audit

OilNOW -
Guyana’s Opposition Leader, Bharrat Jagdeo, had suggested that the Government should consider hiring external experts to audit the pre-production cost incurred by ExxonMobil in its operations offshore, particularly since the Guyana Revenue Authority (GRA) is already overburdened with work. In...
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“We work with an ethical supply chain that values women, men and different races” – Saipem President

OilNOW -
Italian oil and gas industry contractor, Saipem, on Tuesday facilitated a safety leadership forum in Guyana at ExxonMobil’s Centre for Local Business Development. Saipem is one of the primary contractors for the US oil major in Guyana and was recently awarded...
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Total eyes deepwater expansion to 2025, scope for new projects

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(S&P Global Platts) Total expects its deepwater oil and natural gas production to grow by more than 40% to around 500,000 b/d of oil equivalent by 2025 on the back of new projects in offshore Brazilian and Gulf of...
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Brazil cuts oil royalties to boost recovery rates

OilNOW -
(Argus Media) Brazil's hydrocarbons regulator ANP reduced royalties to 5pc from around 10pc in an effort to boost recovery at qualifying mature fields. The royalty reduction is contingent on new investment commitments and only applies to those fields that have...
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Tullow Oil abandons Namibia well

OilNOW -
Reuters) - Africa-focused Tullow Oil will abandon its first well in Namibia, but data gathered in the project indicated it might strike lucky in another attempt, the company said on Monday. “The Cormorant-1 exploration well in the PEL-37 licence, offshore...
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Ali: Fighting transnational crime vital, protecting sovereignty is Guyana’s business

Guyana's President, Dr. Irfaan Ali made it clear today that protecting his country's sovereignty remains a top priority. The...

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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