News

Oil analysts at Norway-based Rystad Energy have projected that global crude oil prices could drop to approximately US$60 per barrel by 2027 as demand growth slows, which could mark a significant decline from next year's peak price.  This forecast provides...

Guyana's Vice President, Dr. Bharrat Jagdeo, has announced the government's plans to reissue a request for proposals (RFP) for the Amaila Falls hydropower project in a span of two weeks. This move comes after the initial effort to secure...

Guyana’s shadow oil minister, David Patterson, has complained that the application of Guyana’s new fiscal terms to offshore contracts, among other things, has created an uneven playing field. This issue, Patterson pointed out during an October 6 press conference,...

Guyana’s Minister of Natural Resources, Vickram Bharrat, said in a statement on Thursday evening that he was under the impression the Guyana Revenue Authority (GRA) was part of a process that resulted in a drastic reduction in a claim...

ExxonMobil Corporation, the largest oil producer in the U.S. and Guyana, anticipates a boost in its third-quarter operating profit, driven by surges in oil, gas, and fuel prices. The company revealed this information in a securities filing posted on...

Brazil's state-controlled oil company, Petrobras, is considering the possibility of resuming operations in Venezuela, encouraged by Chevron Corp's successful re-engagement in the oil-rich nation, according to Chief Executive, Jean Paul Prates. Prates highlighted the strategic importance of expanding into neighbouring...

Though Trinidad’s latest shallow water bid round was welcomed by its Energy Chamber, much concern was expressed about the need to stimulate short-term investment in existing acreage to prop up its liquefied natural gas (LNG) sector.  Launched on Oct. 4,...

The court orders sought by activists Vanda Radzik and Elizabeth Deane-Hughes to quash the Gas-to-Energy Environmental Permit granted to ExxonMobil Guyana Limited (EMGL) were refused by Justice Priya Sewnarine-Beharry. The lawsuit concerns the issuance of the Permit by the Environmental...

Guyana and Brazil continue to drive supply in Latin America higher, with new analysis from S&P Global Commodity Insights projecting that the duo will lead a production boost by 400,000 barrels a day in 2024.  New numbers issued by the...

The Vreed-en-Hoop Shore Base (VEHSI) project being executed by NRG Holdings Inc. remains on schedule for first-phase completion despite the exit of Hadi’s World Incorporated.  Hadi’s is owned by Guyanese businessmen Nazar Mohamed and his son Azruddin. The duo sold...