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Liza SURF contractor Saipem posts loss of $2.4M in Q1 2018

OilNOW -
ExxonMobil Guyana Tier 1 contractor Saipem has narrowed its losses to $2.4m for the first quarter of 2018. The Italian oil and gas company's Q1 2018 loss marks an improved financial performance, following the $331m loss reported in Q4 2017. However, the Milan-based firm, operational in Saudi...
News

Large oil spill “statistically unlikely” but preparation is key – Exxon Country Manager

OilNOW -
Speaking at the opening of a major capacity building workshop on Oil Spill Response in the South American country of Guyana, Country Manager of ExxonMobil, Rod Henson, stressed the importance of being prepared, even while highlighting that the likelihood...
News

Saipem secures contracts in Offshore Drilling and Offshore E&C

OilNOW -
ExxonMobil Guyana Tier 1 contractor Saipem has been awarded new contracts in Offshore Drilling involving the sixth-generation semi-submersible rig Scarabeo 8, suitable for harsh environments. Drilling activities will take place offshore Norway, and will last approximately 10 months, excluding...
Exploration

Schlumberger CEO warns of tightening oil market

OilNOW -
The head of the world’s largest oilfield service company warned of growing global supply challenges in the coming year as Venezuelan production falls and Nigerian and Libyan output reach capacity amid lingering fears of possible sanctions against Iran, Hart...
News

Oil falls after Trump criticizes OPEC for artificially high prices

OilNOW -
(Reuters) - Oil prices fell on Friday after U.S. President Donald Trump criticized OPEC and said oil prices were artificially high, but they were still set for a weekly gain. Brent crude oil futures LCOc1 were at $73.01 per barrel...
News

Int’l experts say frontier countries offer ‘favourable fiscal terms’ to secure oil deals

OilNOW -
It is not uncommon for countries with little or no proven oil reserves to offer prospective investors favourable fiscal terms in an effort to kick-start their petroleum ambitions says the International Monetary Fund (IMF), Norway-based industry analyst, Rystad Energy...
News

The most promising oil and gas companies of 2018

OilNOW -
Analysts were bearish on Exxon's prospects for 2018. The stock spent the first few months of 2018 taking a deep dive. But looks can be deceiving. Exxon has made two big recent discoveries. First there's a huge find offshore...
News

TechnipFMC secures FPSO design contract from BP

OilNOW -
BP has awarded TechnipFMC the engineering design contract for the Tortue/Ahmeyim fields floating production, storage and offloading (FPSO) unit. TechnipFMC is the same company that has been awarded a contract by ExxonMobil Guyana for the engineering, manufacture and delivery of...
News

Guyana’s oil deal and government share

OilNOW -
Guyana’s first and major oil deal, with ExxonMobil, produces results for the government which are outlier low, a financial model reveals. Over the life of the project the government should expect to see from 52% to 54% of profits,...
News

Nabi Oil & Gas PSA outlines ‘sliding’ 70% cost recovery pegged on oil price of US$100 per barrel

OilNOW -
The Government of Guyana is to release another Petroleum Agreement shortly; this time for Nabi Oil and Gas Inc., signed in 2012. This is according to sources close to Cabinet. OilNOW understands that the Nabi contract could be released to...
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What you need to know about the U.S. military build-up in the Caribbean

What began on August 14, when Washington ordered air and naval forces into the southern Caribbean reportedly to combat...

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