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Oil exports remain key driver of Guyana’s GDP, says IDB in latest report

OilNOW -
The main driver of Guyana’s GDP in the medium term continues to be oil exports, which the International Monetary Fund (IMF) estimates will represent 38.2 percent of GDP in the 2020 –2021 period. This is according to the Inter-American...
News

Guyana could transform into new type of oil producer, attract big carbon capture investments – AMI analyst

OilNOW -
The Guyanese government recognizes the appeal of its newfound treasure off the country’s coast and has assured that future oil contracts will generate more profits for the government, writes Arthur Deakin, Co-Director at Americas Market Intelligence (AMI) Energy Practice,...
Exploration

Brazil planning to expand Open Acreage program – could unlock smaller oil deposits

OilNOW -
(S&P Global Platts) Brazil plans to expand the country's Open Acreage program to include exploration and production blocks inside the subsalt polygon that requires production sharing contracts in a move that could unlock development of smaller oil and natural...
News

Crude oil futures climb after several days of losses

OilNOW -
(S&P Global Platts) Crude oil futures were higher in mid-morning trade in Asia August 23 amid bargain hunting by investors after the rout in oil prices last week, with analysts noting the demand outlook remained optimistic as the West...
News

Oil posts biggest week of losses in nine months

OilNOW -
(Reuters) - Oil prices closed out their biggest week of losses in more than nine months with another down day on Friday, as investors sold futures in anticipation of weakened fuel demand worldwide due to a surge in COVID-19...
News

Investments and opportunities growing in South America’s new oil producing nation

OilNOW -
With Guyana approaching its second year as an oil-producing nation, the small South American country, with a population of approximately 750,000 continues to see increasing benefits from its resource-rich Exclusive Economic Zone (EEZ), in which its vast oil fields...
News

Delta tightening grip on oil market

OilNOW -
(S&P Global Platts) Crude oil futures were lower during mid-morning Asian trade Aug. 16 as investor concerns over the fast-spreading delta variant resurfaced amid restrictive movement curbs in oil consuming giant China and growing number of cases in the...
News

Shift towards low carbon oil pushes BP to exit The Gambia

OilNOW -
(S&P Global Platts) Energy group BP has exited from The Gambia, relinquishing its stake in Block A1 after it agreed to pay the government for suspending drilling at the license, the Ministry of Petroleum and Energy said Aug. 12. BP...
News

Oil drops 4% as virus concerns persist

OilNOW -
(Reuters) - Oil prices fell by 4% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel...
News

Builder of Guyana FPSOs secures 22.5 year contract for Brazil floater

OilNOW -
SBM Offshore said Tuesday it has signed a Letter of Intent with Petróleo Brasileiro S.A. (Petrobras) for a 22.5-year lease and operate contract for FPSO Alexandre de Gusmão. The unit will be deployed at the Mero field in the...
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Latest News

NewsShikema Dey -

Timothy Ramkissoon: From first hire to leadership at TechnipFMC

When Timothy Ramkissoon joined TechnipFMC in 2017, oil and gas activities in Guyana were now picking up. “My story is...

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