22 C
Georgetown
Wednesday, October 28, 2020

Latest News

Oil, gas to play key role for decades despite energy transition says Petronas CEO

(S&P Global Platts) Malaysia's state-run Petronas will be pursuing most of its oil and gas projects, but by using more cost-effective and cleaner processes,...

Brent drops below $40 as renewed pandemic restrictions cloud outlook

(Bloomberg) --Oil fell sharply with broader markets as renewed restrictions on movement in Europe clouded the outlook for consumption once again. Crude futures in New...

Stabroek Block resources jump to 9 billion barrels of oil equivalent – Hess

Hess Corporation, a 30 percent stakeholder at the Stabroek Block offshore Guyana, said on Wednesday that the estimated gross discovered recoverable resources have been...

Total makes second major gas discovery in South Africa

French multinational oil and gas company Total has made a significant gas condensate discovery on the Luiperd prospect, located on Block 11B/12B in the...

Uncompetitive fiscal regimes, poor reservoir quality behind stalled development of over 11 billion boe

A new study by Westwood Global Energy Group shows that 11 billion barrels of oil and 36 billion barrels of oil equivalent (boe) gas...

Trending

Unity, Prosperity FPSOs targeting lower carbon intensive production

Dutch floater specialist SBM Offshore, the builder and operator of the Liza Destiny FPSO currently producing oil offshore Guyana, is moving ahead with technological...

Stabroek Block resources jump to 9 billion barrels of oil equivalent – Hess

Hess Corporation, a 30 percent stakeholder at the Stabroek Block offshore Guyana, said on Wednesday that the estimated gross discovered recoverable resources have been...

Uncompetitive fiscal regimes, poor reservoir quality behind stalled development of over 11 billion boe

A new study by Westwood Global Energy Group shows that 11 billion barrels of oil and 36 billion barrels of oil equivalent (boe) gas...

Guyanese have ‘transferrable skills’ that can be used for oil and gas says OES VP

In addition to employing Guyanese in the oil and gas industry, local content development also includes investing in these human resources and developing the...
- Advertisement -

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...
- Advertisement -
- Advertisement -

Latest News

Oil, gas to play key role for decades despite energy transition says Petronas CEO

(S&P Global Platts) Malaysia's state-run Petronas will be pursuing most of its oil and gas projects, but by using more cost-effective and cleaner processes,...

Brent drops below $40 as renewed pandemic restrictions cloud outlook

(Bloomberg) --Oil fell sharply with broader markets as renewed restrictions on movement in Europe clouded the outlook for consumption once again. Crude futures in New...

Stabroek Block resources jump to 9 billion barrels of oil equivalent – Hess

Hess Corporation, a 30 percent stakeholder at the Stabroek Block offshore Guyana, said on Wednesday that the estimated gross discovered recoverable resources have been...

Total makes second major gas discovery in South Africa

French multinational oil and gas company Total has made a significant gas condensate discovery on the Luiperd prospect, located on Block 11B/12B in the...

Uncompetitive fiscal regimes, poor reservoir quality behind stalled development of over 11 billion boe

A new study by Westwood Global Energy Group shows that 11 billion barrels of oil and 36 billion barrels of oil equivalent (boe) gas...

Guyanese have ‘transferrable skills’ that can be used for oil and gas says OES VP

In addition to employing Guyanese in the oil and gas industry, local content development also includes investing in these human resources and developing the...

CNOOC records 131.2 million boe for Q3 2020, Guyana remains key overseas project

China National Offshore Oil Corporation (CNOOC), a 25% stakeholder in Guyana’s Stabroek Block, said it achieved a total net production of 131.2 million barrels...

Venezuela crude inventories mount as exports drop ahead of sanctions deadline

(Reuters) Crude inventories at Venezuela’s main oil export terminal, Jose, have hit their highest levels since August as customers shy away from state oil...

Regional

Venezuela crude inventories mount as exports drop ahead of sanctions deadline

(Reuters) Crude inventories at Venezuela’s main oil export terminal, Jose, have hit their highest levels since August as customers...

BP drops operatorship of sensitive exploration block offshore Brazil

(S&P Global Platts) BP has handed over operatorship of an environmentally sensitive exploration block offshore Brazil in the Amazon...

T&T Energy Chamber and Staatsolie sign MoU to build HSE capacity in Suriname

The Energy Chamber of Trinidad & Tobago (ECTT) and Suriname state oil company Staatsolie Maatschappij Suriname N.V. (Staatsolie) have...

Venezuela says it has produced drug capable of eliminating COVID-19

(teleSUR) Venezuela’s President Nicolas Maduro Sunday announced the discovery of a high-effective treatment capable of eliminating COVID-19 and pointed out that a drug...

Brazil soars to China’s No. 3 crude oil supplier in September

(Reuters) - Brazil jumped to China’s third-biggest crude oil supplier in September, import data showed on Sunday, as China’s...

Subscribe to our newsletter


- Advertisement -
- Advertisement -

Must Read

Uncompetitive fiscal regimes, poor reservoir quality behind stalled development of over 11 billion boe

A new study by Westwood Global Energy Group shows that 11 billion barrels of oil and 36 billion barrels of oil equivalent (boe) gas...

Guyanese have ‘transferrable skills’ that can be used for oil and gas says OES VP

In addition to employing Guyanese in the oil and gas industry, local content development also includes investing in these human resources and developing the...

CNOOC records 131.2 million boe for Q3 2020, Guyana remains key overseas project

China National Offshore Oil Corporation (CNOOC), a 25% stakeholder in Guyana’s Stabroek Block, said it achieved a total net production of 131.2 million barrels...

As Guyana FPSO orders grow, one quarter of global floater fleet under threat of being scrapped

The pandemic-driven downturn in the oil and gas industry is threatening the global floater fleet which could see up to a quarter of the...

IDB expects Guyana’s ‘huge deepwater oil discoveries’ to keep growing

The Inter-American Development Bank (IDB) expects the mega deepwater oil discoveries offshore the South American country of Guyana will keep growing in the coming...

“It’s a great time to be a woman entrepreneur in Guyana” says new business owner

With the emergence of offshore exploration and production activities in Guyana, more Guyanese have been positioning themselves to benefit from growing business opportunities in...

Opinions

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 Take will go down on average. Finally, it is important to remember that the differences in fiscal terms across systems are not necessarily due to the different families being used, similar terms can be achieved across all of these systems. Rather, differences reflect varying conditions in the diverse environments in...

Comparing fiscal systems for Guyana’s hydrocarbons sector

In the universe of oil contracts, two main families of fiscal system exist. The first family includes ‘concessionary’ systems, so-called because the government grants...

Dynamic influences on evaluating the fiscal terms of Guyana’s oil contracts

Oil is the world’s number one strategic commodity. It is of vital interest to developed and emerging markets that rely on imported...

Avoid complex contracts – institutional reforms to facilitate Guyana’s growth

A risk associated with complex contracts is that the true market value of the contract may be better understood by the oil...

Be patient: Oil does not disappear – Strengthen institutions for Guyana’s growth

The privatisation in an economy can set in motion a vicious circle. Even without corruption, rapid privatisation means that governments receive less...

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

- Advertisement -

Exploration

Guyana has at least 10 years of intense exploration drilling, biggest window of opportunities – Ramnarine

New oil producer Guyana will see the highest level of exploration activities unfolding over the next ten years, which, according to one official with...

Guyana production set to hit 1.4 million b/d in mid-2030s with potential for even higher output

Oil production in Guyana is expected to rapidly increase in the coming years as more developments are sanctioned, and floating production storage and offloading...

Guyana, Suriname entering high-stakes competition for development of deepwater resources

Five years after Guyana’s first oil discovery and just weeks after production started last December, Suriname experienced a game-changer with its first...

Petronas spuds first well offshore Suriname

Malaysian oil and gas company Petronas has spudded its first well - Sloanea-1 - offshore Suriname at Block 52 where it has farm-down 50% of...

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

Deepwater projects are big winners as average breakeven price drops to US$50 per barrel – Rystad Energy

A comprehensive analysis by Norway-based Rystad Energy of oil production costs has revealed that the average breakeven price for all unsanctioned projects has dropped...

Guyana has at least 10 years of intense exploration drilling, biggest window of opportunities – Ramnarine

New oil producer Guyana will see the highest level of exploration activities unfolding over the next ten years, which, according to one official with...

Guyana production set to hit 1.4 million b/d in mid-2030s with potential for even higher output

Oil production in Guyana is expected to rapidly increase in the coming years as more developments are sanctioned, and floating production storage and offloading...

Guyana set to become region’s ‘most exciting investment destination’ – President tells business group

With a burgeoning petroleum industry, where over 8 billion barrels of oil equivalent resources have been discovered so far by U.S. oil major ExxonMobil,...