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Venezuela’s PDVSA raises prospect of force majeure on oil exports -sources

OilNOW -
(Reuters) OPEC member Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, according to three sources familiar with the matter. Falling production...
News

Offshore oil discovery in Suriname is almost a certainty – Staatsolie boss

OilNOW -
As the search for oil intensifies off the coast of Dutch-speaking Suriname, Managing Director and CEO of state oil company Staatsolie Maatschappij Suriname N.V., Rudolf Elias, is confident that a discovery will eventually be made. “It's not a question of...
News

Oil prices hold near 3 1/2-year high; Brent nears $80 as market braces for Iran sanctions

OilNOW -
(Market Watch) Oil prices rose Friday, with Brent crude trading close to the $80-a-barrel threshold, in anticipation of renewed U.S. economic sanctions on Iran. July Brent crude LCON8, +0.64% rose 30 cents, or 0.4%, at $79.60 a barrel on ICE...
News

ON Energy PSA: 53% profit oil, 1% royalty for Guyana

OilNOW -
The Production Sharing Agreement (PSA) between the Government of Guyana and ON Energy, signed on February 12, 2013, outlines a 53% share of profit oil for the South American country and 1% royalty, payable by the company. Recoverable contract...
News

Guyana contracts American firm to review ExxonMobil application for giant Liza Phase 2 development

OilNOW -
The Environmental Protection Agency (EPA) has hired an American company; Rampal US Corporation to assess and certify an Environmental Impact Assessment (EIA) study for the ExxonMobil Liza phase II development. This was confirmed on Friday by Guyanese Minister of State,...
News

IMF gives Guyana thumbs up on fiscal prep for oil

OilNOW -
The International Monetary Fund (IMF) on Wednesday said it welcomed the progress being made in Guyana on establishing a comprehensive fiscal framework for managing oil wealth while forecasting a turnaround in the South American country’s economic outlook when revenues...
News

Suriname has long history of respecting oil agreements – Staatsolie CEO

OilNOW -
Staatsolie Maatschappij Suriname N.V Managing Director and Chief Executive Officer, Rudolf Elias, says the Dutch-speaking South American country has a long history of respecting agreements with International Oil Companies (IOCs) and this continues to play a key role in...
News

Guyana on BP’s radar as oil major looks to expand presence in region

OilNOW -
Oil major BP Plc is closely following oil auctions in Brazil, Mexico and other potential offshore investment opportunities in Guyana, Colombia and Suriname in a bid to expand its presence in the region. Rising crude prices and energy reforms in...
Exploration

Big oil firms hold back on drilling

OilNOW -
(The Wall Street Journal) The world’s biggest oil companies are awash in cash, thanks to rising crude prices. But few, if any, are going on spending sprees, even as the prospect of a global oil shortage looms. Western energy giants...
News

‘Exxon told us to maximize use of Guyanese employees, contractors’ – Lockwood

OilNOW -
Majority Guyanese-owned port facility – Guyana Shorebase Inc. (GYSB) says it has been maximizing the use of local content in its operations, which is in keeping with a request from ExxonMobil for the company to utilize as much services...
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Latest News

NewsShikema Dey -

Major energy and infrastructure projects to define Guyana’s next few years

Over the next few years, President Irfaan Ali’s second term will see Guyana advancing key projects that place energy...

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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