News

Oil jumps by 1% as ship runs aground in Suez Canal

(Reuters) - Oil rose more than 1% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains. Ships in the Suez Canal...

Venezuela oil worker on house arrest after criticizing Maduro

(Reuters) - Venezuelan authorities granted house arrest to a worker at state oil company Petroleos de Venezuela who was detained nearly a year ago after criticizing President Nicolas Maduro in a meeting with company leadership, the worker’s family said...

Executives from Exxon, other major U.S oil companies pledge support for Biden’s climate campaign

(Bloomberg) Chief executives of some of the largest U.S. oil companies promised to collaborate with the Biden administration in its campaign against climate change during a meeting Monday with White House National Climate Adviser Gina McCarthy. The oil industry leaders...

Will Guyana oil resources remain relevant as the energy transition takes hold?

Whatever the pace of the energy transition, the world will still rely on oil and gas for much of its energy needs until well beyond 2040, according to research conducted by consultancy group Wood Mackenzie. "Exploration will be critical...

Guyana President tells summit country on cusp of economic explosion

In an address that focused heavily on Guyana’s coming transformation, President of the new oil producing country Dr. Irfaan Ali told participants at the Guyana Basins Summit last week major strides in infrastructure and social services will see the...

Industry has found more natural gas than it needs or can commercialise, oil remains king

Energy market research and intelligence company Westwood Energy said in a report last week that more than 60% of the discovered resource in 2012-2020 was gas, even though ~70% of high-impact wells were targeting oil. This was due to...

How a perfume entrepreneur profited by flipping cheap oil leases from Trump auctions

(Reuters) A Myanmar-born U.S. perfume entrepreneur became a curiosity last year when she became the nation’s top buyer of oil-and-gas leases at the Trump administration’s federal auctions, despite having no apparent energy background. Since July, Levi Sap Nei Thang has...

Guyana and Brazil set to dominate non-OPEC+ oil supply growth, IEA says in new report

With US and Canadian oil production growth tapering off, Brazil is poised to be one of the key sources of expansion over the medium term, while all eyes are on newcomer Guyana where output is on course to skyrocket...

Guyana oil exports driving Suezmax fortunes

Midsize tankers loading in the Americas could see freight rates taper down in the second quarter, as weather-related port logistic disruptions will decrease to a seasonal low and remove the main bullish factor from the otherwise pandemic-affected Aframax and...

Strategic consultations on local content advancing, feedback on key areas received

Intense engagements with oil and gas companies in Guyana and other stakeholders in recent weeks have seen feedback on specific areas of enhance business development being received by the Ministry of Natural Resources. “The consultations are evolving with both stakeholders...

Latest News

Ali in fiery exchange with BBC journalist about Guyana’s oil

Guyana’s President, Dr. Mohamed Irfaan Ali, sat down for an interview with BBC journalist, Stephen Shakur, on the sidelines...