News

(Bloomberg) Germany seized the local unit of Russian oil major Rosneft PJSC as Berlin moves to take sweeping control of its energy industry, secure supplies and sever decades of deep dependence on Moscow for fuel. In the latest move, the government said...

SBM Offshore is the first prime contractor of ExxonMobil Guyana to receive its Letter of Approval for its Local Content Master Plan, 2022. Halliburton was the second company to receive this letter followed by CGX Energy Inc. The Ministry of...

Guyana’s foreign direct investments (FDI) have seen a 47.2% or US$629.7 million growth in the first six months of the year to US$1.964 billion. This was disclosed by Guyana’s Central Bank. In its latest report, the financial regulator said the increase is primarily due to the oil and gas sector. FDIs are...

Vice President Dr. Bharrat Jagdeo said the government is currently reworking the Petroleum (Exploration and Production) Act of 1986, to modernise its provisions. The Act applies to the exploration, extraction, conservation, and management of petroleum reserves existing in Guyana’s exclusive...

Economist, Richard Rambarran is commending the Guyana government for resisting the temptation of borrowing heavily against the Natural Resource Fund (NRF), which holds oil production revenues. He said this is helping to keep the “presource curse” at bay. Rambarran made...

The wholly-Guyanese-owned Atlantic Alliance (AA) Maritime and Offshore Training Institute Guyana is well on its way to launching the country’s second OPITO-approved facility to offer internationally accredited training to locals. AA officially opened its doors in March this year at...

With close to 11 billion oil-equivalent barrels discovered in the Stabroek Block offshore Guyana, ExxonMobil is forging ahead with development plans, in keeping with the objective of the government to bring the resources to market in the shortest time...

Trinidad and Tobago truly offers a lesson to Guyana on what not to do with its vast oil and gas revenues, as the twin-island Republic struggles to keep its economy afloat with the earnings being garnered each year. Its Prime...

CIC Insurance Brokers Guyana Inc., a full-service insurance brokerage, which is majority owned and controlled by local conglomerate, ZARC Group of Companies, has appointed Gavin Ramsoondar, a young business professional, to its Board of Directors. Ramsoondar, who will also serve...

New oil producer Guyana continues to advance steps towards greener energy sources. Senior Finance Minister, Dr. Ashni Singh on Tuesday signed a US$83.3 million agreement with the Inter-American Development Bank (IDB) to fund eight utility-scale photovoltaic solar projects totalling 33 megawatt-peak...