News

With big offshore finds, Santokhi invites major influx of investors at Energy Summit

Paramaribo, Suriname - A brand-new chapter dawns for Suriname, quickly becoming one of the hottest new oil exploration destinations on the globe. And its President, Chandrikapersad Santokhi has opened the floodgates, inviting investors from all and sundry to help develop...

Ramps may have made misleading submissions in breach of Local Content Act, could be fined GY$10M – source

Ramps Logistics may have made misleading submissions in its application to be on Guyana’s Local Content Register, among several breaches of Guyana’s Local Content Act, OilNOW understands. The company has opened itself to a fine of GY$10 million, because of...

Norway-based E&P acquires Saipem’s US$73M FPSO to develop assets offshore Brazil

Shortly after snatching up two major deepwater blocks offshore Brazil, Norway-based BW Energy inked a deal with Saipem to acquire the Cidade de Vitoria oil vessel to develop the Golfinho cluster. According to BW, the deal amounts to US$73 million;...

Trinidad pays deepwater royalties, taxes for oil companies, caps cost recovery at 80%

Trinidad and Tobago’s model deepwater production sharing contract (PSC) offers attractive incentives to international oil companies (IOCs). All royalties, taxes and other levies are paid for out of the Government’s share of Profit Petroleum, which remains after costs are recovered up to a ceiling...

Over 60% of Suriname’s deepwater acreage remain unlicensed; new bid round nears

Suriname’s state oil company, Staatsolie is set to auction off several deepwater blocks this year with another bid round reportedly planned for the shallow blocks by mid-2023. “We are very excited about the prospects of releasing further offshore acreage,” Annand Jagesar,...

‘No path to net-zero without using gas as transition fuel’ – VP Jagdeo

As the world charts a path forward to net zero by 2050, some environmentalists argue that countries should leave the natural gas in the ground and move straight to renewable energy. But Guyana’s Vice President Dr. Bharrat Jagdeo argues...

SOLD OUT: Suriname gearing up for major energy conference this week

The 2nd edition of the Suriname Energy, Oil & Gas Summit & Exhibition (SEOGS 2022) will be hosted this week in Paramaribo from June 28 to 30. The event is set to provide the opportunity to hear from government,...

Stabroek Block royalties not part of cost oil – Guyana tax boss

Commissioner-General of the Guyana Revenue Authority (GRA), Godfrey Statia said on Saturday that royalties paid by the Stabroek Block consortium are not allowable in the calculation of cost oil. The tax boss explained this in response to “misinformation” in the...

Economist Michael Porter, Hess helping Guyana modernise services needed for booming oil economy

Vice President Dr. Bharrat Jagdeo recently clarified that Hess Corporation along with revered United States academic and economist, Michael Porter do not have a hand in crafting Guyana’s national development strategy building on its oil resources; but rather, are...

Commonwealth reaffirms support for Guyana’s sovereignty in Venezuela border case

As the curtains of the Commonwealth Summit held in Kigali, Rwanda closed, the Heads of Government present reaffirmed their “firm and unwavering support for the maintenance and preservation of the sovereignty and territorial integrity of Guyana” in the matter...

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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...