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Oil soars to highest levels in almost 14 months

OilNOW -
(Reuters) - Oil prices jumped more than $1 a barrel on Friday, hitting their highest levels in nearly 14 months, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery...
News

Another local company fabricating fixtures for massive incoming oil production vessel

OilNOW -
Guyana Oil and Gas Support Services Inc. (GOGSSI) is the second local company to be recognized in as many days for providing fabrication services for the Prosperity Floating Production Storage and Offloading (FPSO) vessel being built by SBM Offshore...
News

Concerned about ‘oil leaving underground’ Colombia looking to boost pace of investments

OilNOW -
Colombia, which holds regular licensing rounds to invite investment in its upstream sector, has recently undertaken what National Hydrocarbons Agency President Jose Armando Zamora called a "full review of our contract offering for bidding rounds," building on its attractiveness...
News

South American basin with abundant oil resources giving rise to fierce competition

OilNOW -
Some are calling it the last major hydrocarbon frontier while others see it as the Holy Grail of oil and gas. The Guyana Suriname Basin (GSB) has now become a major hotspot for petroleum exploration and production and is...
Opinions

Rivalry in the Guyana Suriname Basin, the Holy Grail of oil & gas

OilNOW -
By Anthony T. Bryan – OilNOW From Trinidad and Tobago (T&T) it is about one hour flying time south to Georgetown the capital of the Republic of Guyana and another hour flying south to Paramaribo the capital of Suriname. These two...
Opinions

Letter-to-the-Editor: No matter the price of oil, Guyana will receive a lot of revenue

OilNOW -
There is a Letter to the Editor published in Sunday’s Stabroek News under the headline, “Guyana is losing US$35B by failing to negotiate a fair royalty”. While I can sympathize with the sentiment behind the letter, I believe that...
News

100 million b/d global oil demand rebound likely by year end

OilNOW -
(S&P Global Platts) Global oil demand is expected to recover to pre-pandemic levels of around 100 million b/d by the end of the year driven by a strong rebound for gasoline, diesel and fuel oil, several analysts said Feb...
News

Stena rig gunning for oil offshore Suriname to adopt Managed Pressure Drilling system

OilNOW -
Since the advent of Ultra Deepwater Drilling units, with water depths in excess of 7,500ft, the risks and hazards of operating in such environments have provided new challenges to operate safely and efficiently. With advances in technology, the exploration...
News

Ramp up in oil production to result in ‘high rates of real economic growth’ says Finance Minister

OilNOW -
With Guyana currently having over US$200 million in its Natural Resources Fund (NRF) from oil exports and royalty, the government anticipates that the ramp up in production this year will result in greater earnings and an increase in economic...
News

Guyana exported its first oil cargo for 2021 last week: over US$206M now in account

OilNOW -
Government may reopen bids for marketing company The Guyana government lifted its first oil cargo for 2021 last week, bringing the total number of shipments made by the country to five, which represents its share of crude from the...
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ExxonMobil warns oil and gas investment must be sustained to avoid global supply crisis

ExxonMobil is warning that “sustained investments are more important than ever” in oil and gas, with its newly released...

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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