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Wednesday, November 25, 2020

Latest News

Tullow to plug over 90% of expenditure in West Africa, will continue to evaluate Guyana acreage

UK-based Tullow Oil will be unveiling a new strategy and plan to generate c. $7 billion of operating cashflow over the next 10 years...

Joint billion-dollar-plus Guyana-Suriname deepwater harbour on the cards

With massive volumes of hydrocarbons being found in the Guyana-Suriname basin in recent years, development of these resources will require significant shorebase support services...

Orinduik block partners reviewing multiple light, sweet targets for 2021 drill plans

Eco (Atlantic) Oil and Gas Ltd announced Tuesday via its unaudited results for the six months ended September 30, 2020, that multiple light, sweet, oil...

South America’s new O&G deepwater players positioning for big opportunities

The governments of Guyana and Suriname, the new oil and gas deepwater hotspots in South America, are focusing on strengthening bilateral relations and solidifying...

U.S hedge fund plugs US$30 million into junior firm with stake in Kaieteur block

(Reuters) - Activist hedge fund Elliott Management Corp has invested at least $30 million in Cataleya Energy, a small firm focused on oil exploration...

Trending

Orinduik block partners reviewing multiple light, sweet targets for 2021 drill plans

Eco (Atlantic) Oil and Gas Ltd announced Tuesday via its unaudited results for the six months ended September 30, 2020, that multiple light, sweet, oil...

Tullow to plug over 90% of expenditure in West Africa, will continue to evaluate Guyana acreage

UK-based Tullow Oil will be unveiling a new strategy and plan to generate c. $7 billion of operating cashflow over the next 10 years...

South America’s new O&G deepwater players positioning for big opportunities

The governments of Guyana and Suriname, the new oil and gas deepwater hotspots in South America, are focusing on strengthening bilateral relations and solidifying...

Joint billion-dollar-plus Guyana-Suriname deepwater harbour on the cards

With massive volumes of hydrocarbons being found in the Guyana-Suriname basin in recent years, development of these resources will require significant shorebase support services...
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Local Content

Instead of strict requirements, Guyana could incentivize companies to achieve local content targets – Dr. Marcel

When oil producing nations pursue the development of a local content policy, one of the challenges that often emerges, is striking the balance between...

Consultations on new local content framework in Guyana set for this month

The newly appointed Advisory Panel on Local Content in Guyana will begin reaching out to key stakeholders this month as work continues...

Guyana Local Content Panel looking to begin consultations – Vickram Bharrat

Guyana’s Minister of Natural Resources Vickram Bharrat said on Tuesday that the recently appointed Local Content Advisory Panel has already commenced work...

Local content legislation for Guyana Parliament by year-end

Draft local content legislation should be ready for Parliament by the end of the year in South America’s newest oil producing nation...

Start date, scope for review of Guyana local content policy to be worked out – Energy Consultant

Trinidadian energy consultant Anthony Paul says details for his engagement with the Government of Guyana to review the country’s Local Content Policy are being...

Guyana’s Local Content Policy for review

Guyana’s Minister of Natural Resources, Vickram Bharrat, says the newly installed PPP/C government will take steps to review and amend the Local Content Policy...
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Latest News

Tullow to plug over 90% of expenditure in West Africa, will continue to evaluate Guyana acreage

UK-based Tullow Oil will be unveiling a new strategy and plan to generate c. $7 billion of operating cashflow over the next 10 years...

Joint billion-dollar-plus Guyana-Suriname deepwater harbour on the cards

With massive volumes of hydrocarbons being found in the Guyana-Suriname basin in recent years, development of these resources will require significant shorebase support services...

Orinduik block partners reviewing multiple light, sweet targets for 2021 drill plans

Eco (Atlantic) Oil and Gas Ltd announced Tuesday via its unaudited results for the six months ended September 30, 2020, that multiple light, sweet, oil...

South America’s new O&G deepwater players positioning for big opportunities

The governments of Guyana and Suriname, the new oil and gas deepwater hotspots in South America, are focusing on strengthening bilateral relations and solidifying...

U.S hedge fund plugs US$30 million into junior firm with stake in Kaieteur block

(Reuters) - Activist hedge fund Elliott Management Corp has invested at least $30 million in Cataleya Energy, a small firm focused on oil exploration...

Oil hits highest since March on vaccine trials, Biden transition

(Reuters) - Oil rose more than $1 a barrel to its highest levels since March as a third promising coronavirus vaccine raised hope for...

Total contracts Maersk Drilling for two-rig campaign offshore Suriname

Maersk Drilling has received a Conditional Letter of Award (CLOA) from Total E&P Suriname, Suriname Branch for the supply of two deepwater rigs, Mærsk...

Baker Hughes plugging over US$8 million into Oilfield Service Facility in Guyana

American international industrial service company, Baker Hughes, is moving to set up an Oilfield Service Facility at Land of Canaan on the East Bank...

Regional

South America’s new O&G deepwater players positioning for big opportunities

The governments of Guyana and Suriname, the new oil and gas deepwater hotspots in South America, are focusing on...

Corentyne River Bridge on agenda as Guyana President makes first state visit to Suriname

Guyana’s President, Dr Mohamed Irfaan Ali, has arrived in Suriname for a state visit over the period November 23...

Suriname offshore breakeven expected to go down with more discoveries

The projected breakeven price for development of oil fields offshore Suriname is expected to reduce in coming years as...

U.S extends Chevron’s stay in Venezuela to mid-2021

(S&P Global Platts) The US Treasury said on Tuesday that Chevron and top oilfield services firms can remain in...

Suriname is 2nd in the world for volume of oil discovered this year, Guyana remains big prize in basin

Of the 73 new discoveries announced this year (through October), Suriname has emerged as the number two location for...

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Must Read

Tullow to plug over 90% of expenditure in West Africa, will continue to evaluate Guyana acreage

UK-based Tullow Oil will be unveiling a new strategy and plan to generate c. $7 billion of operating cashflow over the next 10 years...

Joint billion-dollar-plus Guyana-Suriname deepwater harbour on the cards

With massive volumes of hydrocarbons being found in the Guyana-Suriname basin in recent years, development of these resources will require significant shorebase support services...

Orinduik block partners reviewing multiple light, sweet targets for 2021 drill plans

Eco (Atlantic) Oil and Gas Ltd announced Tuesday via its unaudited results for the six months ended September 30, 2020, that multiple light, sweet, oil...

South America’s new O&G deepwater players positioning for big opportunities

The governments of Guyana and Suriname, the new oil and gas deepwater hotspots in South America, are focusing on strengthening bilateral relations and solidifying...

Baker Hughes plugging over US$8 million into Oilfield Service Facility in Guyana

American international industrial service company, Baker Hughes, is moving to set up an Oilfield Service Facility at Land of Canaan on the East Bank...

Corentyne River Bridge on agenda as Guyana President makes first state visit to Suriname

Guyana’s President, Dr Mohamed Irfaan Ali, has arrived in Suriname for a state visit over the period November 23 to 26, during which time...

Opinions

Negotiating an oil agreement for new economies such as Guyana

The mere mention of a natural resource discovery, especially of oil and increasingly of gas, ignites personal and national dreams of riches and hopes of prosperous times, fuelled more than ever by recent dramatic changes in oil prices. Many emerging economies such as Guyana view their natural resources as an asset not belonging to any private party. Irrespective of who may own the surface land and rights, the nation owns the assets, and this position...

Considerations for competitive bidding and licensing rounds for Guyana’s offshore development

Fiscal design elements are important, but so are the means by which governments choose to allocate acreage or projects.  As can be seen today,...

Factors that affect exposure to exploration risk in Guyana’s offshore basin

Most governments go to a lot of effort to distance themselves as much as possible from exploration risk. This can be done through management...

Understanding the effective royalty rate for new petroleum producing countries

The investor’s response to any given tax instrument or regime depends on the interrelations that link each of their profit decisions. For example, it...

Evaluating key elements of an oil contract for emerging petroleum economies

Keep in mind, however, that most fiscal systems in the world are moderately regressive. The revenue the governments receive will go up, but Government...

Petroleum Contracts

Agreement

between Government of Guyana and EEPGL + CNOOC/NEXEN + HESS

Agreement

between Government of Guyana and CGX Energy

Agreement

between Government of Guyana and Ratio Energy

Agreement

between Government of Guyana and Tullow/Eco Atlantic

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Exploration

Stena Carron exits ‘deepest Guyana well’ for new drill campaign

The drillship Stena Carron is set to depart the Tanager-1 well site in the Kaieteur block and will take up a new assignment at...

It will take several wells to define Kaieteur Block opportunity – Hess

Speaking just days before the results from the Tanager-1 prospect was announced, John Hess, CEO of Hess Corporation, a 15% stakeholder in the Kaieteur...

Tanager results a reminder that exploration is a risky, expensive business – Ramnarine

The results from the Tanager-1 exploration well at the Kaieteur Block offshore Guyana announced on Tuesday brings back into focus the risky nature of...

Liza Destiny, drillships rack up over 11 million hours without lost time injury offshore Guyana

Safety continues to be a top priority in the exploration and production activities offshore Guyana where ExxonMobil is operator at the prolific 6.6 million...

Discoveries

Guyana’s history with oil dates back centuries

The possibility of Guyana having petroleum stemmed from observations of petroliferous occurrences recorded by Dutch explorers since the 1750s, but it was not until...

Offshore drillers look to Guyana, Suriname as global market struggles to recover – S&P Global

(S&P Global) Off the coasts of Guyana and Suriname, exploration and production companies are turning to offshore drillers and services providers to help them...

World’s Largest Recent Offshore Oil Discovery Progresses Amid Political Tensions, Disputes

Nothing is ever easy or simple in the world of international offshore oil and gas development. That axiom is proving to be true...

Production

IEA cuts 2020 demand estimates, says vaccine may not salvage oil market until H2 2021

The International Energy Agency trimmed its oil demand estimate for 2020 on the resurgence of the coronavirus in the West and said it does...

Liza Destiny, drillships rack up over 11 million hours without lost time injury offshore Guyana

Safety continues to be a top priority in the exploration and production activities offshore Guyana where ExxonMobil is operator at the prolific 6.6 million...

Guyana oil production will grow tenfold, contribute to uptick in S/America’s output – GlobalData

Rapid development of oil fields offshore Guyana will result in production increasing tenfold in the coming years, and along with Brazil, will see South...

Staatsolie CEO sees big benefits for Guyana and Suriname from natural gas

Large volumes of associated natural gas discovered with oil off the coast of both Guyana and Suriname can play a major role in the...