News

Local content spend is estimated at US$720 million in 2023, reflecting the capabilities of the private sector and adherence to the Local Content Act, legislated at the end of 2021. Dr. Martin Pertab, Director of the Local Content Secretariat,...

“Abhorrent and illegal” were the terms used by Venezuela’s Vice President Delcy Rodriguez to describe Guyana's move to approach the International Court of Justice (ICJ) to seek measures that would block its planned referendum.  That very referendum seeks to gather...

SBM Offshore has once again delivered and put into operation another floating production storage and offloading (FPSO) vessel offshore Guyana ahead of funding schedule and at industry-leading pace. The Prosperity FPSO began oil production at the ExxonMobil-operated Stabroek Block...

Negotiations with the winners of Guyana's first bid round are set to begin next week, according to the country's Minister of Natural Resources, Vickram Bharrat. Bharrat said the government has officially notified the awardees of the eight blocks. "We have...

Guyana’s Ministry of Natural Resources has affirmed that the Payara project will bring substantial benefits to the people of Guyana. This development is a major advancement of ExxonMobil’s output ramp-up strategy for the South American country. “Commencement of production at...

A four-member parliamentary delegation from Canada arrived in Guyana on November 14, commencing a five-day visit aimed at fortifying and deepening the diplomatic relations between the two nations. The visit was facilitated through the Commonwealth Parliamentary Association (CPA).  Led by...

Guyana’s Natural Resource Fund (NRF) has surpassed the US$2 billion mark, in market value, for the first time since its 2019 inception, according to an October report from the Bank of Guyana. In October, the Fund received approximately US$192.99 million...

Guyana sees the International Court of Justice (ICJ) as the power to prevent the annexation of two-thirds of its territory, which would follow a controversial referendum by its neighbor Venezuela. The Nicolas Maduro regime is attempting to seek public...

ExxonMobil announced on Tuesday that it has started producing oil at the massive Payara Development Project offshore Guyana, bringing total production capacity to approximately 620,000 barrels per day (bpd). The Prosperity floating, production, storage and offloading (FPSO) vessel is expected...

Specialist market research and consultancy firm Westwood Global Energy Group says liquids production (crude, condensate and NGLs) is forecast at 100mmbpd by 2030, up 8% on 2022. This will be driven by increased crude production from deepwater areas, such...