News

The South American country of Guyana is moving full steam ahead with the development of its vast hydrocarbon resources mainly at the prolific Stabroek Block, where U.S. oil major ExxonMobil has found over 10 billion barrels of oil equivalent...

(Reuters) Oil prices rose on Friday after the International Energy Agency (IEA) said oil markets were tight but were still heading for weekly losses on inflation worries and U.S.-Iran which could boost global supplies. Brent crude futures rose 39 cents,...

The National Assembly of Guyana approved the first withdrawal from the country’s Natural Resource Fund on Thursday afternoon, clearing US$607 million for spending. The withdrawal clears the fund of all revenue, as per the provisions of the new law, the...

TotalEnergies, through its affiliate TotalEnergies E&P USA, Inc., on Thursday announced its decision to withdraw from the North Platte deepwater project in the US Gulf of Mexico. “The decision not to continue with the project was taken as the Company...

Dutch floater specialist SBM Offshore reported on Thursday an Underlying Directional revenue of US$2,317 million for 2021, an increase of 1% compared with 2020, mainly resulting from ramp-up of activities with five FPSOs under construction in 2021, the awarded...

Guyana has not yet scratched the surface when it comes to output at its vast offshore oilfields now under development by U.S. oil major ExxonMobil. In fact, of the more than 10 billion barrels of oil equivalent discovered so...

The spending structure for Guyana’s Natural Resource Fund (NRF) which currently holds over US$600 million in oil revenue is not unusual says Co-Director of Americas Market Intelligence energy practice, Arthur Deakin. The government passed the NRF bill on December 29,...

The Government of Guyana through the Ministry of Natural Resources has allocated and approved the sum of GY$20 million (US$100,000) to kick start the establishment of a Local Content Secretariat. This was announced by Minister of Natural Resources, Vickram...

The year started with two more discoveries at Stabroek Block by ExxonMobil and a significant announcement by CGX Energy at its Kawa-1 well on the Corentyne Block, marking a potential major discovery outside of the prolific Stabroek license. Following...

(S&P Global Platts) Brazil's natural gas industry received a significant push forward with approval of the country's New Gas Market, but it faces a critical year in 2022 to consolidate implementation of the regulatory regime and create the foundation...