oil production Archives - Panorama Insurance Brokers

Ramp up in oil production to result in ‘high rates of real economic growth’ says Finance Minister

With Guyana currently having over US$200 million in its Natural Resources Fund (NRF) from oil exports and royalty, the government anticipates that the ramp up in production this year will result in greater earnings and an increase in economic growth. In his 2021 budget speech on Friday, February 12, under the theme ‘A Path to… Read More

Oil Production Resumes at Faregh Field

By John Lee. The National Oil Corporation (NOC) announced the restart of production at Waha Oil Company (WOC)‘s Faregh field on Thursday, nearly a year after it was shut down due to the closure of oil terminals in January 2020. After lifting the force majeure in September 2020, Waha began what it describes as difficult… Read More

Production Resumes at Waha Oil Company

Resuming production of Waha Oil Company after the completion of the necessary maintenance on the 32-inch Pipeline connecting the fields of Samah – Dhahra – to Es-Sider Terminal The National Oil Corporation (NOC) has announces that the Waha Oil Company has completed the necessary maintenance of the main crude oil pipeline connecting the Samah, Dhahra… Read More

Onshore producers have higher carbon intensity says Rystad Energy in new analysis

The carbon footprint of exploration and production companies (E&Ps) is having an increasing impact on investment levels, access to capital and – in some regions – the social license to operate. Rystad Energy has conducted a comprehensive company-level analysis of the world’s upstream industry, identifying the top carbon-intensity performers in each of the offshore, onshore… Read More

Guyana government intensifies call for oil not to be seen as the ‘only game in town’

The Government of Guyana is continuing to place emphasis on the diversification of the economy as part of efforts to ensure the emerging oil and gas sector does not become the sole area of economic activity in the South American country. From the President to Vice President as well as several Ministers and other officials,… Read More

Libyan Oil Production Exceeds 1m bpd

By John Lee. The National Oil Corporation (NOC) has announced that it has increased oil production to 1,036,035 barrels a day (bpd). However, the NOC warned that it may not be able to sustain the current production levels due to what it described as “the reluctance of some entities and their hindering of NOC’s efforts… Read More

Libyan Oil Output hits 800,000 bpd

By John Lee. Libya’s oil production has reached a reported 800,000 barrels per day (bpd). According to Bloomberg, Mustafa Sanalla, the chairman of the National Oil Corporation (NOC), said the country is targeting 1.3 million bpd by the beginning of next year. As recently as early September, the country was producing only 100,000 bpd. More… Read More

Guyana will be lifting 4th oil cargo as second pandemic wave threatens demand

Oil prices continued to slide on Tuesday as concerns grow about the resurgence of coronavirus cases around the world which could stymie a recovery in oil demand just when Guyana is preparing to export its 4th 1-million-barrel of Liza Crude, set for November. According to Reuters, brent crude futures were trading down 34 cents, or 0.8%,… Read More

NOC Lifts Force Majeure at Al Sharara Field

By John Lee. The National Oil Corporation (NOC) has announced that it has reached what it describes as an ‘honor agreement’, under which the Petroleum Facilities Guards (PFGs) “abides by ending the entire obstacles that face Al Sharara Field in a way that guarantees there will be no security breaches and in a way that… Read More