WorldOil Tullow to slash jobs, close offices after poor Africa and Guyana results Tullow Oil will reduce its headcount in Kenya by about 40% as part of a company-wide restructuring following poor performances at its Africa and Guyana operations. ExxonMobil’s latest discovery raises Guyana recoverables above 8 billion barrels ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion oil equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block. OPEC sees growing supply threat from rivals beyond U.S. shale OPEC’s latest forecasts suggested a weaker outlook for global oil markets this year as surging supplies from competitors from Norway to Guyana threaten the group’s efforts to defend crude prices. Hess dodges shale decline, leads SandP 500 via ‘fairy tale’ Guyana find Hess rose above the carnage in shale stocks with a more traditional approach to oil exploration – partnering in a massive offshore discovery in a frontier nation. Tullow slumps as Guyana oil find is smaller than expected The independent oil producer’s first discovery of the new year comes after a calamitous 2019 in which its stock declined 64% and the chief executive officer and exploration chief stepped down. ExxonMobil and partners discover more oil in Stabroek block offshore Guyana ExxonMobil and its partners announced another oil discovery on the Stabroek Block offshore Guyana, southeast of the Liza Field. The discovery adds to the current gross recoverable resource estimate of more than 6 Bboe. FPSO Liza Destiny producing offshore Guyana SBM Offshore announced that FPSO Liza Destiny has produced first oil as of December 20, 2019 and is formally on hire. The FPSO is installed at the Liza field, which is located circa 200 km offshore Guyana in the Stabroek block. Oil boom begins in Guyana as Exxon lifts first Liza crude Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 gross bopd in coming months, with the first cargo to be sold within several weeks. Tullow stock sinks on finding high sulfur content in Guyana crude The stock sank as much as 23% on the news that crude from two wells in Guyana was found to be heavy, with a high sulfur content. That’s disappointing as the Guyanese discoveries earlier this year had countered concerns over troubled ventures elsewhere. ExxonMobil taps SBM Offshore for third Guyana FPSO The FPSO, to be named Prosperity, will utilize a design that largely replicates the design of the Liza Unity FPSO. As such, the design is based on SBM Offshore’s Fast4Ward program that incorporates the company’s new build, multi-purpose hull combined with several standardized topsides modules.