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Unbundling of contracts, shorter payment period now central focus of gov’t, private sector

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The Ministry of Natural Resources and the Private Sector Commission (PSC) indicated, following a meeting Tuesday, that they have aligned on matters related to local content and will move together to find resolutions. The meeting involved discussions about the unbundling of...
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Petrobras selling off interest in exploration assets in Brazil’s Potiguar Basin

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Brazil’s state-controlled Petrobras has started the process to sell 40% of its interest in two exploratory deep-water concessions in the Potiguar Basin on the coast of Rio Grande do Norte. The company currently has a 100% interest in these concessions and said it will...
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Guyana already shortlisting residents for new highland settlement

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Guyana’s Ministry of Housing and Water said the government has already started shortlisting persons for homes to be built at Silica City, the new highland urban settlement to be built in the oil producing country. On Wednesday, Minister within the...
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Exxon awards contract to Magseis Fairfield for geophysical work in Stabroek Block

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Oslo-listed marine seismic survey firm, Magseis Fairfield, has been awarded a contract by ExxonMobil Guyana to conduct geophysical work in the Stabroek Block. According to Magseis, the contract is for a “large Ocean Bottom Node (OBN) project”, to be conducted using its ZXPLR...
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Guyana barrels delivering over 11 million gallons of fuel per day

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A massive oil production ramp up off the coast of Guyana this year is seeing daily output at the Liza Destiny and Unity FPSOs reach record levels, delivering significant energy, and in turn revenue, for the country and the...
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GAICO expands dredge fleet in Guyana with US$2.5M acquisition

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Dredging the Guyana Demerara channel is becoming increasingly important as the country expects a ramp up in marine traffic due to oil and gas activities. And GAICO Construction and General Services Inc. is positioning itself to provide the needed service...
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Guyana Minister dispels claims government promised to renegotiate Exxon deal

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A Minister of Government in Guyana, Charles Ramson Jr., wrote a letter dispelling claims in one section of the local press that the People’s Progressive Party Civic (PPP/C) administration promised to renegotiate the Stabroek Block Production Sharing Agreement (PSA). The...
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Pricey FPSOs startle Petrobras as it pursues production ramp-up

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IHS Markit said Brazil’s Petrobras has been making orders for floating production, storage, and offloading (FPSO) vessels at price tags spiked by supply chain disruptions. As Brazil targets an aggressive production ramp-up, it will continue to be faced with higher...
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Right fiscal regime key to Guyana getting most out of upcoming bid round – Rystad Energy

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With the right fiscal regime in place, Guyana could reap the most benefits from the upcoming oil block auction, Norway’s Rystad Energy said. The highly anticipated auction will be the first time Guyana hands out oil licenses through a competitive...
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First phase of GAICO’s dry dock laydown & storage yard on track for October completion

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Work on GAICO Construction and General Services Inc.’s dry dock laydown and storage yard at Nismes Foreshore, West Bank Demerara is moving apace with the company on track for phase one to be completed in October. Its Chief Executive Officer...
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Guyana to fast-track second gas power plant as energy demand rises

Guyana’s government plans to accelerate construction of a second gas-fired power plant, President Irfaan Ali said this week, as...

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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