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MODEC FPSO hits first oil in Brazil on one of the longest charter contracts in company’s history

OilNOW -
MODEC, Inc. announced a significant milestone in its ongoing partnership with Petróleo Brasileiro S.A. (Petrobras) as the FPSO Anita Garibaldi MV33 successfully achieved first oil production on August 16, 2023. The vessel, now operational at the Marlim field in...
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ExxonMobil’s Whiptail project sets sights on 72 wells to propel oil output surge

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ExxonMobil’s Whiptail project is slated to target up to 72 wells to develop the fields. This was outlined in the Whiptail Environmental Impact Assessment (EIA) submitted to Guyana’s Environmental Protection Agency (EPA) for review and approval, on August 20.  “...EEPGL has...
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Guyanese contractors needed to help expand country’s largest shorebase operation

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Guyana Shorebase Inc. (GYSBI) is set to expand its capacity with the construction of a new operations center at its Houston/McDoom location along the East Bank Corridor. To bring this vision to life, the company is actively searching for...
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Guyana leads global economic growth chart with 27.14% average GDP expansion

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Guyana has catapulted to the forefront of nations with the most robust economic growth rate over a span of five years, driven by its oil industry. This revelation comes from a recent assessment conducted by the hedge fund data...
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Guyana will have Petroleum Commission at appropriate time – VP Jagdeo

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While Guyana’s Petroleum Activities Bill 2023 vests significant powers of administration for the oil sector in its Natural Resources Minister, those duties would migrate to a Petroleum Commission at the appropriate time. This was recently underscored by the country’s...
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CGX warns of financing risk for Guyana port facility 

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Canadian oil explorer, CGX Energy Inc., has put its shareholders on notice that there is no guarantee its efforts to secure financing for a port facility in Guyana would be successful. Even if it is, the company warned that...
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Guyana’s debt-to-GDP ratio to plummet to 8.9% in five years – Report 

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With Guyana poised to benefit from an astounding oil windfall from the ExxonMobil-operated Stabroek Block, the country finds itself well positioned on the pathway for a balanced budget by 2025, the Inter-American Development Bank (IDB) said in a recent...
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Guyana government to test interest of market in 17 trillion cubic feet gas reserves

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With Guyana’s Petroleum Activities Bill 2023 now awaiting presidential assent to formally become the nation’s new oil law, regulators have set their eyes on conquering a new mission—the completion of a National Gas Strategy. This was recently confirmed by...
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Petrobras pledges US$18 billion investment to transform Campos Basin

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Petrobras has an ambitious investment plan totaling US$18 billion, slated for implementation until 2027. This strategy is focused on revitalising and expanding the renowned Campos Basin. The sizeable investment is earmarked for a multifaceted transformation, with a significant portion allocated...
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Opposition’s 15% royalty proposal for new oil blocks would have killed potential investments – VP Jagdeo

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The decision of Guyana regulators to apply a 10% royalty for future oil blocks was a just and studied one says Vice President, Dr. Bharrat Jagdeo. Had the government caved to the recommendations of the country’s political opposition to...
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Guyana’s power demand hits record high at 221.3 megawatts 

Guyana has recorded its highest-ever electricity demand this year, with peak consumption reaching 221.3 megawatts (MW) in September. The...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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