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Oil paved way for over 20 suppliers, 15 sub-contractors and 212% ramp-up in staff – says Guyanese firm Gaico

OilNOW -
Within less than five years of joining the ranks of service providers for ExxonMobil which is leading development and exploration operations in the Stabroek Block offshore Guyana, Gaico Construction Inc. has matured into one of the company’s key Guyanese...
News

Oil and gas supply chain contract awards drop to 16-year low

OilNOW -
Oil and gas supply chain companies have seen their profits squeezed since the E&P cost cuts of the previous downturn – and just as the industry could finally hope for better days, the coronavirus pandemic caused the value of...
News

Crude oil futures rise, ICE Brent March contract settles above $57/b

OilNOW -
(S&P Global Platts) Crude oil futures rose in mid-morning trade in Asia Jan. 13 on a larger-than-expected draw in US crude inventories and a weakening US dollar. At 10:29 am Singapore time (0229 GMT), the ICE Brent March contract was...
News

In a low oil price world fiscal terms will have to be competitive, but contracts must also be progressive – expert says

OilNOW -
The world is moving now faster than ever towards renewable energy sources and this along with other factors that impact the demand for oil means that going forward, prices are not likely to increase beyond $50 per barrel. This,...
News

Oil companies commit to have contractors address equal pay concerns – Labour Minister

OilNOW -
Guyana’s new Minister of Labour, Joseph Hamilton has been engaging oil companies to address issues in the oil and gas sector such as equal pay for Guyanese workers. According to the official, companies including ExxonMobil and Tullow Oil have...
News

With contracts canceled and debts mounting, offshore oil drillers face another shakeout

OilNOW -
The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms, Reuters said in a report...
News

Global oil and gas contract activity reports downtrend – GlobalData

OilNOW -
The global oil and gas industry has witnessed a significant slowdown in the number of oil and gas contracts and contract value, which is largely attributed to the decline in crude oil prices and reduced demand amid the COVID-19...
News

Noble drill contracts shortened due to oil price, COVID-19 woes

OilNOW -
Noble Corporation says as a result of the oil price war and the global COVID-19 outbreak, its oil drilling contracts have been shortened, drill ships placed on standby and day rates slashed. The US drilling corporation has updated its drill...
News

Worst oil demand contraction ever recorded in the making

OilNOW -
With billions of people worldwide under some form of lockdown, oil demand may fall as much as 20 million b/d at some stage this year, the International Energy Agency's Executive Director, Fatih Birol, said last week. The massive collapse in...
Exploration

Stabroek oil bonanza is key driver in Noble contract coverage

OilNOW -
The unprecedented oil discoveries to date and multiple exploration targets that remain on Guyana’s prolific Stabroek Block are driving up the need for more drillships and this is playing a key role in the improvement of contract coverage for...
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GranMorgu FPSO construction hits 27% as Suriname targets first oil by 2028

Construction of the floating production, storage and offloading (FPSO) platform for Suriname’s GranMorgu project has reached 27%, state oil...

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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