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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, Flotta, and Chestnut crude, while Guyana's Liza crude was sold... Continue Reading →
Oil major ExxonMobil is reducing its 2020 capital spending by 30 percent and lowering cash operating expenses by 15 percent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic. Capital investments for 2020 are now expected to be about $23 billion, down from the previously announced $33 billion,... Continue Reading →
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 producing crude at the Stabroek block off its coast on finalizing the procedures to calculate... Continue Reading →
Guyana and Namibia focused oil and gas company Eco Atlantic has said that its board and management have agreed to voluntary pay cuts of up to 40 percent, in the wake of the situation with the coronavirus and the low oil prices. The company has said it has undertaken a strict cost-cutting program across all... Continue Reading →
China's state-controlled oil company CNOOC Ltd is scheduled to load in the coming days its first cargo of crude from Guyana's offshore Liza oil project, the South American country's Director of Energy Mark Bynoe said. CNOOC has a 25% stake in the massive Stabroek block as part of a consortium with operator Exxon Mobil Corp... Continue Reading →
Chinese oil company CNOOC has announced the appointment of Hu Guangjie executive director and president of the company. In a statement on Friday, CNOOC said that Xu Keqiang had resigned as the President of the Company, but would remain an Executive Director and the Chief Executive Officer of the Company. Continue reading
Lankhorst Offshore reports it has been awarded a contract by SBM Offshore to supply the deepwater mooring lines for the Liza Unity Floating Production Storage and Offloading (FPSO) for ExxonMobil’s Liza oil field offshore Guyana, South America. This follows the deployment of Lankhorst mooring lines for the Liza Destiny FPSO mooring system also in the... Continue Reading →
Hess on Tuesday announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3 billion. The company also announced a new $1 billion three-year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in... Continue Reading →
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 oil company and must sell the crude on the open market. Continue reading
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. The former British colony on Monday voted to choose who will oversee an oil boom that promises to be transformative for... Continue Reading →
