News

The Natural Resource Fund, established to receive revenues from oil sales and royalties, has received more than US$1.24 billion since first oil in December 2019. This scale of revenue flow is significant for Guyana, since from this single sector, these...

Saudi Aramco reaped the most benefits from the global energy crisis, raking in a record breaking US$48.4 billion in profits as the second quarter of 2022 closed. That represents a 90% jump in quarterly profits – up from US$25.5 billion...

Today’s oil and gas industry is strikingly concentrated. Almost three-quarters of resources are in just 10 basins that hold more than 100 billion boe. Fewer than 50 traditional super basins supply more than 90% of the world’s oil and...

President of ExxonMobil Guyana, Alistair Routledge, said the company is committed to doing everything it can to ensure the Gas-to-Energy project, set to deliver lower cost and lower emission power to the new oil producing country, is successful. “It’s a...

Noble Corporation has entered into an asset purchase agreement to sell five jackup rigs in pursuit of a merger with Maersk Drilling. It had said that upon notifying United Kingdom regulators about the proposed merger, the Competition and Markets Authority...

Production Manager for ExxonMobil Guyana, Mike Ryan, said there is potential to tie new discoveries at the Stabroek Block into existing offshore projects. The use of this engineering process, called subsea tieback, is a move that saves companies a fraction...

SBM Offshore is positioning itself to benefit from the global energy transition. The company has its eyes set on achieving net-zero emissions by 2050 and has announced new intermediate greenhouse gas-related targets. SBM Offshore’s Chief Executive Officer (CEO) Bruno Chabas disclosed...

Italian oil services company, Saipem was awarded three contracts totaling US$900 million for works on the Quiluma and Maboqueiro gas fields development project off the northwest coast of Angola. The contracts were awarded by the New Gas Consortium comprised of...

The Venus discovery made by TotalEnergies is Sub-Saharan Africa’s biggest ever oil find. This was related by Eco Atlantic Oil & Gas Ltd. in a recent report marketing the prospectivity of its acreages in the African Orange Basin. Discovered in Block...

Chemtech International is hoping to lead the way for Guyana’s downstream industry with the establishment of a US$200 million oil refinery and integrated post-petrochemical manufacturing complex. The pioneering project—which is awaiting the approval of the Environmental Protection Agency (EPA)—will...