Production Archives - Panorama Insurance Brokers

Saudi Arabia denounces OPEC+ members trying to cheat oil quota

(Bloomberg) –Saudi Arabia showed its determination to stop OPEC+ members cheating on their production quotas, delivering a thinly veiled dressing-down to its closest ally in the region, the United Arab Emirates. Prince Abdulaziz bin Salman, the Saudi energy minister, forcefully condemned cartel members that try to get away with pumping too much crude. While he… Read More

ExxonMobil limiting oil production after encountering additional challenges with gas compressor

Additional challenges with the gas handling system on the Liza Destiny FPSO has resulted in ExxonMobil taking a decision to limit oil production in order to curb flaring. Despite the challenges, the company says it is continuing to safely move forward with the commissioning of other parts of the gas compression system. “Our teams are… Read More

A tough summer for oil-dependent nations may foretell their new normal

(Bloomberg) –From Baghdad and Algiers to Caracas, many of the world’s oil capitals are experiencing a summer of discontent. It could be a glimpse of their future. Iraq has seen fatal protests as its electricity grid buckles amid searing heat, while Venezuela’s oil production has sunk to a 75-year low. In Algeria’s capital, tension is… Read More

Brent outlook for 2020 stands at $42.35 as Guyana expected to lift 2 million more barrels

New oil producer Guyana is expected to lift 2 million barrels more of Liza crude this year, representing the country’s share of 5 million barrels; 3 million of which have already been exported. Oil production got underway in the South American country in December 2019, the eve of a year when the world was rocked… Read More

Oil tanker SKS SPEY lifts Guyana’s 3rd million-barrel cargo

The offloading of Guyana’s 3rd million-barrel oil cargo from the Liza Destiny FPSO to Norwegian flag-carrier SKS SPEY concluded on Sunday, marking the final lift under the current contract the country has with Shell Western Supply and Trading Limited. Brent was trading around $44 per barrel this weekend, up from the mid $30 range when… Read More

Suriname’s world-class discoveries expected to be developed in shortest time possible: like Guyana’s Liza – Staatsolie MD

Suriname state oil company Staatsolie woud like to see the country’s deepwater discoveries move to development in the shortest time possible, similar to the Liza discovery in Guyana which operator ExxonMobil was able to move to first oil in just under 5 years. Apache, operator at Suriname’s Block 58, and JV partner Total, have made… Read More

Oil tanker SKS SPEY will lift Guyana’s 3rd million-barrel oil cargo this weekend

Norwegian flag-carrier SKS SPEY will lift the third million-barrel oil cargo for Guyana this weekend. OilNOW understands the vessel is in a waiting area ahead of lifting the crude from the Liza Destiny FPSO. Guyana lifted its first million-barrel entitlement back in February under a contract with Shell Western Supply and Trading Limited. This weekend’s… Read More

As Guyana prepares to lift its 3rd oil cargo – new four-month supply glut looms

Guyana will lift its third million-barrel oil cargo next week just as the upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels. Rystad Energy said in a new analysis that after the first five months of 2020, which all registered… Read More