• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 13 mins Would bashing China solve all the problems of the United States
  • 7 hours Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 2 hours Model 3 cheaper to buy than BMW 3 series.
  • 1 hour Thugs in Trumpistan
  • 6 mins Pompeo's Hong Kong
  • 17 mins China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 1 day China to Impose Dictatorship on Hong Kong
  • 21 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 9 mins China’s Oil Thirst Draws an Armada of Tankers
  • 11 hours Income report showing potential future spending and economic growth
  • 4 hours Coronavirus hype biggest political hoax in history
  • 11 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 12 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 2 days 60 mph electric mopeds
Oil Holds Gains As Demand Continues To Rise

Oil Holds Gains As Demand Continues To Rise

As oil demand recovers and…

The World Has Too Many Oil Refineries

The World Has Too Many Oil Refineries

Several years of heightened investment…

The $8 Trillion Megatrend Taking Wall Street By Storm

The $8 Trillion Megatrend Taking Wall Street By Storm

As COVID-19 continues to transform…

Editorial Dept

Editorial Dept

More Info

Premium Content

The Major Oil Story Markets Have Missed

A Big Day for Guyana, A Huge Day for New Oil

While it’s difficult to tear oneself away from the effects of the spreading coronavirus on global oil demand as the most significant fundamental oil story of the week, don’t forget about Guyana - our newest major offshore venue that defined the past year of fantastic frontier discoveries. What happens next could rock the rig for Exxon, its partner Hess, and the entire nation-in-waiting.

Guyana voted in presidential elections Tuesday, and by late Wednesday, both of the country’s two main political parties were claiming victory. For the oil market, it doesn’t particularly matter which of the parties wins as both are eager to exploit the new finds. But the current situation should have Exxon and its partners on edge.

The parties are strictly divided along ethnic lines - Afro-Guyanese and Indo-Guyanese - and each wants control of the brand new oil revenues are about to come pouring in with first production that has already begun - ahead of schedule - courtesy of Exxon. These elections aren’t about determining whether the deal cut with Exxon to tap into Guyana’s offshore potential was too sweet, to the detriment of the country. Yes, there’s been a lot of talk about this deal and attempts to tie it to corruption. There’s also been a lot of speculation that the deal could be changed, tweaked or otherwise dramatically reinvented depending on who ends up winning the elections.…





Leave a comment

Leave a comment




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