News

Orinduik partners to submit drilling commitments by end of third quarter

Tullow Oil is preparing to submit drilling commitments to the Government of Guyana for the Orinduik Block. In a release shared by Orinduik's 15%-stakeholder, Eco-Atlantic Oil & Gas, Dr. Michael Green of Align Research said progress is being made on...

Guyana in US$2 billion MoU with United States EXIM Bank

The Government of Guyana and the Export-Import Bank of the United States of America signed a memorandum of understanding (MoU) involving some US$2 billion. The Bank is the official export credit agency of the US federal government. The agreement was signed...

Hess sold 6 million barrels of Liza crude in Q2, expects 75,000 bpd for remainder of year

Hess Corporation, which holds a 30% working interest in Guyana's coveted Stabroek Block, told industry watchers on Wednesday morning that it sold six one-million barrel cargos of sweet crude oil from Guyana for the second quarter of 2022. This...

Hess’ net profits soar to US$667M in 2022 second quarter

Global energy major, Hess Corporation reported a net income of US$667 million, or US$2.15 per common share, in the second quarter of 2022, compared with a net loss of US$73 million, or $0.24 per common share, in the second...

85-year-old Trinidad oil workers’ union to ‘show the ropes’ to Guyanese group

The Guyana Agricultural and General Workers Union (GAWU) announced Tuesday that it has signed a Memorandum of Cooperation (MoU) with the Oilfield Workers Union (OWTU) of Trinidad and Tobago. General Secretary of GAWU, Aslum Singh, told OilNOW the signing took place in Trinidad. GAWU...

Guyana oil revenue projections soar to US$157 billion by 2040, Rystad Energy analysis shows

The recent spate of prolific discoveries in the Stabroek Block and the steady pace of Final Investment Decisions (FID) are positioning Guyana to reap the rewards of these finds with cumulative revenues totaling US$157 billion by 2040. This is...

Schlumberger profited US$6.7B in Q2, cites increased drilling activity offshore Guyana

As the second quarter of 2022 drew to a close, oilfield services company Schlumberger netted US$6.7 billion in profits, up 14% sequentially and 20% year-on-year. “This represented the strongest sequential quarterly growth since 2010,” said Schlumberger’s Vice President and Chief...

Guyana economy continues to shine as IMF projects gloomy outlook for the world

The International Monetary Fund (IMF) in its latest World Economic Outlook published on Tuesday, painted a gloomy picture of global development with much uncertainty ahead. According to the IMF, global output contracted in the second quarter of this year, owing...

Yellowtail Permit requires high credit rating from Exxon’s insurers to cover potential pollution damage – Bharrat

Even as Guyana forges ahead with multiple discoveries and approvals for offshore oil and gas production operations, authorities remain keen on ensuring the South American country has a robust system in place to minimise the impact these activities are...

Liza projects at full capacity as background flare achieved offshore Guyana

ExxonMobil Guyana’s Production Manager, Mike Ryan, announced full production capacity has been reached at both Liza projects offshore Guyana. Exxon was able to safely install a new gas compressor aboard the Liza Destiny floating production, storage, and offloading (FPSO) vessel...

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Dominican Republic can help Guyana bridge gaps, place progress on par with developed world- Pres. Ali

Guyana's President, Dr. Irfaan Ali deemed the Dominican Republic a pivotal ally that can help his country bridge many...