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S&P Global: Oil crisis, project delays will not derail Exxon-Hess development in Guyana

OilNOW -
(S&P Global) On the precipice of a production boom that could transform its struggling economy, Guyana has attracted the drill bits of some of the largest international oil companies in recent years. Now, amid a collapse in global oil demand...
News

COVID-19 precautions ramped up as Liza Destiny FPSO continues to produce Guyanese oil

OilNOW -
Extensive measures remain in place and precautions are being taken to ensure the health and safety of personnel working onboard the 120,000 barrels per day Liza Destiny FPSO producing oil offshore the South American country of Guyana. SBM Offshore, the...
Opinions

Understanding the dynamics of the global oil market: OPEC and non-OPEC production

Bobby Gossai, Jr. -
Crude oil is a major component of modern lifestyle. It has played an important role in many world events for over a hundred years. Wars have been fought over crude oil, and energy security is one of the major...
News

Offshore drillers face up to $3 billion in contract cancellations – Rystad Energy

OilNOW -
The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling in particular is among the most affected industry segments. A Rystad Energy impact analysis estimates that drillers...
News

World running out of oil storage capacity

OilNOW -
If OPEC does not act, lack of storage will begin to force shut-in of crude oil production at some locations around the world since oil demand will be unlikely to recover substantially in the coming weeks, according to a...
News

Gas sector impacted by triple whammy of coronavirus, oil price crash and LNG oversupply – WoodMac

OilNOW -
In its latest short-term gas and LNG outlook report, Wood Mackenzie weighs the risks coronavirus, sustained low oil prices and LNG oversupply pose to the sector this year. “While the collapse of LNG prices towards US production break-evens was foreseeable,...
News

Oil drops more than 6% to 18-year low as global demand evaporates

OilNOW -
(CNBC) U.S. oil dropped to an 18-year low on Monday as demand continues to evaporate, and as Saudi Arabia and other OPEC+ nations prepare to ramp up production. With much of the world in lockdown as the coronavirus pandemic rages...
Opinions

Responses to oil price volatility for Guyana’s emerging oil economy

Bobby Gossai, Jr. -
The occurrence of certain events is probable in the precarious economic environment created by Oil Price Volatility (OPV); inflation and unemployment are both likely to increase, while investment, stock market returns, consumer demand, and industrial production are likely to...
News

Over 1 million oil field services jobs to be cut in 2020 as COVID-19, price crash wreak havoc

OilNOW -
More than a million jobs in the oilfield service industry (OFS) are likely to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, a Rystad Energy impact...
News

Staatsolie issues US$195 million international bond ahead of anticipated offshore oil boom

OilNOW -
Suriname state oil company Staatsolie Maatschappij Suriname N.V. has issued a US$195 million bond in Suriname and Curaçao. This bond issuance, executed on March 23, is internationally listed on the Dutch Caribbean Securities Exchange (DCSX). De Surinaamsche Bank N.V....
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Cutting-edge technologies giving exploration a sustainable future – Insights from SLB 

Andrea Lovatini, Director of Exploration Data and Geosolutions at SLB and Chairman of the EnerGeo Alliance Board, argues that...

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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