News

ExxonMobil’s sixth Guyana project proposed for the Stabroek Block will develop the Whiptail, Pinktail and Tilapia discoveries, according to a project summary from the Environmental Protection Agency (EPA). Rystad Energy’s 2022 benchmarking update on Guyana estimates that these reservoirs have...

ExxonMobil Corporation announced it has reached an agreement with Bangchak Corporation to sell its interest in Esso Thailand. This includes the sale of a refinery, select distribution terminals, and a network of Esso-branded retail stations.  Exxon said this transaction is...

Japan’s MODEC Inc. announced on Monday that the Anita Garibaldi MV33 floating, production, storage and offloading (FPSO) vessel has arrived in Brazilian waters and is scheduled for commissioning before being deployed to the Campos basin. MODEC said the final commissioning...

Guyana’s Finance Minister on Monday presented a national budget of GY$781.9 billion (US$3.75 billion) for the fiscal year 2023, of which oil revenues will contribute 26.7%. The Minister said that GY$208.9 billion (US$1 billion) is legally allowable for withdrawal from...

Guyana's Finance Minister Dr. Ashni Singh said the country's oil sector expanded by 124.8% in 2022. The Minister revealed this during his presentation of Guyana’s 2023 budget. A total of 101.4 million barrels of crude were produced in the full year...

Guyana’s President Dr. Irfaan Ali will be among the other CARICOM heads of government to deliver feature remarks at the upcoming Trinidad and Tobago Energy Conference. T&T’s Energy Chamber – the official hosts of the signature event made the announcement. The...

With high-impact drilling set to make a rebound in 2023, there are several high-impact wells in the Guyana-Suriname Basin to watch out for. Rystad Energy classifies high-impact wells through a combination of factors, including the size of the prospect, whether...

Calls for Exxon’s Stabroek Block production sharing agreement to be renegotiated have not waned in some quarters. Guyanese economist Joel Bhagwandin says proponents are acting prematurely. He urges them to wait a few political cycles.  “The sanctity of an investment...

Sri Lanka has joined the list of countries looking to garner as much investment as it can from offshore oil and gas resources. President, Ranil Wickremesinghe, recently finalised new regulations to allow for companies to sign an expression of...

Eni announced a significant new gas discovery by Chevron at the Nargis-1 exploration well located in the Nargis Offshore Area Concession, in the Eastern Mediterranean Sea, offshore Egypt. The Nargis-1 well encountered approximately 200 net feet (61 metres) of Miocene...