Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary of ExxonMobil.The offshore block, known as Block 52, is located north of the coast of Paramaribo, Suriname’s capital city…
Chinese independent refiners have snapped up rare crude grades from the North Sea and Guyana at low prices in an oversupplied market after the coronavirus pandemic destroyed demand, four sources with knowledge of the matter said on Tuesday.The North Sea grades bought included Balder…
Exxon Mobil Corp said on Tuesday that production at the Payara project, its third development in Guyana, could be delayed due to delays in government approvals as the company scales back spending elsewhere due to the crude price crash.Payara's…
Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion barrel plays. The confidence carried over into 2020 but has evaporated in the face of the Covid-19 crisis and the collapse in oil prices…
Guyana's oil output rose 58.2% to 56,320 barrels per day (bpd) in January, up from 35,607 bpd in December, the South American country's finance ministry said in a report published this week.The government is still working with the consortium…
Oil output estimated at 1.2 million barrels per day by 2030, Guyana’s total annual oil revenues could approach $30 billion within 10 years and could send the country's GDP 'skyrocketing,' according to research by Rystad Energy, a Norwegian energy intelligence company…
Exxon Mobil Corp on Friday posted its first quarterly loss in three decades on plunging oil demand and collapsing prices, reporting a $610 million quarterly deficit after a nearly $3 billion inventory writedown.Global fuel demand has tumbled…
Guyana has extended the initial deadline in its search for an agent to market its share of oil produced by an Exxon Mobil-led consortium to March 24, the Department of Energy said on Wednesday.Guyana has no domestic refining capacity or national…
Offshore drilling contractor Noble Corporation has backtracked on its 2020 guidance announced in February, citing the recent sharp decline of oil price due to the oil oversupply and drop in demand caused by COVID-19, as the reason.Noble Corp…
Diplomats and foreign observers on Thursday questioned preliminary results of Guyana's presidential election as incumbent David Granger claimed victory and the opposition denounced fraud, setting up a showdown in the oil-rich South American nation…
Following the double whammy of the collapse in the oil price and the COVID-19 pandemic, exploration plans are being redrawn and the well count is expected to drop by as much as 35% on 2019 levels.At the start of the year, the high impact well…
Dutch offshore service provider Ampelmann said it has added Guyana as a new market to its global portfolio following a contract award from compatriot floating production and mooring systems firm SBM Offshore.Ampelmann said it assisted the hook-up and commissioning of the SBM floating production…
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the blended impact of COVID-19 on oil and gas activities and the oil price war, Rystad Energy said Tuesday.These wells, the Norwegian energy intelligence firm said…
U.S. oil company Hess Corporation has cut its capital and exploratory program in response to the sharp drop in oil prices, affecting both onshore and offshore drilling programs. The company said Tuesday it would reduce its capex to $2.2B from previously proposed $3 billion…
Guyana's government on Wednesday launched a search for a company to market its share of crude produced at the offshore Liza well, where an Exxon Mobil Corp-led consortium began producing oil in December.The government is entitled to a share of the oil produced…
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