• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 1 min US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 3 hours Marine based energy generation
  • 12 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 28 mins While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 2 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 2 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 23 hours The Most Annoying Person You Have Encountered During Lockdown
  • 20 hours Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 10 mins Which producers will shut in first?
  • 8 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 21 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 24 hours Cpt Lauren Dowsett

Breaking News:

This Emerging Economy Bets Big On Solar

Global Energy Advisory – June 27th, 2018

rig

Exxon has revised upwards its reserve estimate for a major oil discovery off the coast of Guyana. The Stabroek block is now seen to hold 25% more crude, at more than 4 billion barrels. What’s more, the actual size of the discovery could turn out to be even larger, according to Wood Mackenzie analysts: It could be up to 1,000 times larger than the average bloc in the Gulf of Mexico.

If Exxon turns out to be right and there are indeed many more billions of barrels in the waters of Guyana, the tiny South American country could become a pretty solid oil producer in the not too distant future, with a potential daily rate of 750,000 barrels by 2025.

It’s good timing for Exxon, as well. Big Oil has faced challenges in growing their reserve base in the last few years as investments in new exploration have stalled in the face of lower oil prices. Now, investments are on the rise but mostly in ongoing production rather than in exploration. Yet Exxon is so upbeat about Stabroek that it has commissioned two drill ships for simultaneous exploratory drilling off the Guyanese coast.

The world’s largest listed oil company reported today disappointing second-quarter results. Earnings per share fell short of analyst expectations, coming in at $0.92 per share, versus forecasts of $1.27, although revenues beat forecasts, at $73.5 billion, versus an expected $72.58 billion.

Deals, Mergers & Acquisitions

• BHP Billiton has agreed the sale…




Oilprice - The No. 1 Source for Oil & Energy News