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Guyana implements new policy, boosting advantage for locals in oil sector

Kemol King -
Guyanese companies in the oil sector just got a major boost. A new policy now requires that companies evaluating bids give more weight to local content, increasing it from 5% to 10%. Companies with a Local Content Certificate will...
News

IEA: OPEC’s grip on global oil prices may weaken

OilNOW -
A looming glut in global oil supply could “upend” OPEC+ attempts to prop up prices by cutting production, according to the International Energy Agency (IEA). The Paris-based IEA said Wednesday in a new report that growth in global oil production,...
News

Petrobras grants Subsea7 US$1.25 billion in contracts for pipelay support

OilNOW -
Subsea7 said it was awarded four long-term day-rate contracts from Petrobras, for pipelay support vessels (PLSVs) commencing in 2025. The contracts have a combined value of over US$1.25 billion and will be recorded in the backlog in the second quarter. The...
Business Wire

Ceres signs contract with Shell for green hydrogen

Contract to design a 10MW pressurised solid oxide electrolyser (“SOEC”) module to produce green hydrogen at 36kWh/kg Builds on the data being generated from the existing demonstration of Ceres’ technology at Shell’s R&D facility in Bangalore, India Develops pathways for the...
News

Subsea7 secures “super major” Petrobras contract for Búzios 9 field development

OilNOW -
Subsea7 has been awarded a super-major contract by Petrobras for the Búzios 9 field development. The field is located approximately 180 kilometers off the coast of Rio de Janeiro, Brazil, at a water depth of 2,000 meters in the...
News

ConocoPhillips to acquire Marathon Oil for US$22.5 billion

OilNOW -
ConocoPhillips said it entered into a definitive agreement to acquire Marathon Oil Corporation in an all-stock transaction with an enterprise value of US$22.5 billion, inclusive of US$5.4 billion of net debt. Under the terms of the agreement, Marathon Oil shareholders...
News

Contracts for Guyana, Brazil FPSO projects push Seatrium’s Q1 earnings 

OilNOW -
Seatrium Limited, a global provider of engineering solutions to the offshore, marine, and energy industries, reported a net book order of S$25.8 billion (approximately US$19.1 billion) for the first quarter of 2024.  This order includes 31 projects scheduled for delivery...
News

Namibia has potential to match Guyana’s oil success – Africa Energy Chamber head

OilNOW -
Namibia has the potential to replicate Guyana's success in the oil sector, said NJ Ayuk, Chairman of the African Energy Chamber.  In a recent conversation with Petroleum Economist’s editor-in-chief, Paul Hickin, Ayuk praised both countries for their rich geological resources...
News

Noble’s new contracts valued at US$215 million

OilNOW -
Noble Corporation said, in its first quarter earnings release, that new contracts since its prior-quarter update totaled US$215 million (including mobilization payments). These include: Noble Venturer was awarded a three-well contract for an estimated 150 days with Trident Energy in Equatorial...
News

QatarEnergy inks ‘industry’s largest single shipbuilding contract ever’ with China’s CSSC

OilNOW -
QatarEnergy said it signed an agreement with China State Shipbuilding Corporation (CSSC) for construction of 18 ultra-modern QC-Max size liquefied natural gas (LNG) vessels, a major boost in its LNG fleet expansion program. The new vessels, with a capacity of...
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SEOGS 2025 moves to accommodate growing participation

Now in its fifth year, the Suriname Energy, Oil & Gas Summit (SEOGS) has grown into one of the...

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