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Chevron projects $18.3B spending budget, down 4 percent

OilNOW -
Chevron Corp (CVX.N), the second largest U.S.-based oil producer, is budgeting $18.3 billion for capital projects next year, the company said on Wednesday, about 4 percent less than this year and lower for a fourth year in a row. International...
News

MSGB Basin shows new West African promise

OilNOW -
(Hart Energy) At night from space it’s easy to see why Africa is called the “Dark Continent,” but bright oil and gas lights are starting to flicker in West Africa, reflecting huge hydrocarbon potential that could still play an...
News

Petrobras: New Mero field contains 3.3 billion barrels of oil

OilNOW -
(Offshore) Brazilian oil company Petrobras has declared commerciality of the field in the Libra Northwest area, in the pre-salt of Santos Basin off Brazil, renaming it Mero. Namely, Petrobras said in its statement last Thursday that it had submitted the declaration...
News

Statoil delivers $5.9B plan for Arctic Johan Castberg Project

OilNOW -
Statoil and partners have delivered to Norwegian authorities a $5.9 billion development plan for their massive Arctic Johan Castberg oil discovery, having halved costs for the project that now has a $35-per-barrel breakeven price. The development, which Statoil calls the biggest...
News

TechnipFMC, Samsung awarded US$4.2B by Bahrain Petroleum Company

OilNOW -
TechnipFMC said on Monday it has been awarded a US$4.2B contract, jointly with Samsung Engineering and Tecnicas Reunidas, from Bahrain Petroleum Company (Bapco) for the Bapco Modernization Program (BMP). TechnipFMC awarded Subsea Contract for Liza deep water project The project is located...
News

The Nigerian Production Sharing Contract: An Overview

OilNOW -
The Production Sharing Contract (PSC) was widely introduced in 1993 to address some of the issues faced by the Joint Operating Agreement (JOA) and also to provide a suitable agreement structure for encouraging foreign investment in offshore acreage. Under...
Exploration

‘We want to look back 10 years from now and say we helped Guyana’ – Exxon Country Manager

OilNOW -
ExxonMobil Guyana Country Manager, Rod Henson says the company would like to look back 10 years from now and see that its presence would have served to help the South American country of 750,000 people. Guyana will enter the league...
News

ExxonMobil courts Guyanese companies for support contracts

OilNOW -
US oil major ExxonMobil has begun to up the ante in its push to sensitize the Guyanese business community of opportunities during its exploration and development phases in the coming decades and is in fact encouraging private companies from...
News

Saipem awarded US$400M ECP contract by Saudi Aramco

OilNOW -
Saipem has been awarded a new E&C Offshore contract by Saudi Aramco for Engineering, Procurement, Construction (EPC) activities in Saudi Arabia, under the Long Term Agreement renewed in 2015 until 2021. The contract’s main scope of work includes the engineering,...
News

IDB/IDA begins funding Guyana O&G development programme

OilNOW -
The Guyana Government has set aside an allocation in its annual national expenditure, to go towards the building of institutional capacity in the Oil and Gas sector as well as the advancement of its legal and regulatory frameworks. The multi-year...
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Guyana’s political outlook steady enough to keep investors calm – Norway group

Stability, that’s the word investors want to hear, and in Guyana, they’re likely to get it. Schreiner Parker, Partner 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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