Exploration

Guyana future uncertain as election woes deepen and coronavirus devastates global economy

Guyana ended 2019 on the high note of a new oil producer and with the 16th discovery announced at the Stabroek Block off the country’s coast in January, hope for the future has been at an all time high....

Stabroek co-venturer CNOOC makes ‘large-sized’ discovery in China

CNOOC Limited said on Monday that it has made a large-sized discovery Kenli 6-1 in Bohai Bay, which is expected to be the first large-sized oil filed in Laibei lower uplift. The Kenli 6-1 structure is located in Laibei lower...

Hess slashes US$800M off E&P budget…Guyana offshore drilling unaffected

Hess Corporation announced Tuesday a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion. The company also announced a new $1.0 billion three-year term loan agreement. These actions further strengthen the company’s cash position and financial...

Tullow to drill Suriname well in Q4 2020, remains hopeful of better-quality oil in Guyana

UK-based Tullow Oil has confirmed that it will drill the Goliathberg-Voltzberg North prospect at Suriname’s Block 47 this year. The prospect lies approximately 260 kilometres off the coast of the country in 1,900 metres of water and is one of...

Oil Field Service companies under threat as E&P budgets face massive cuts

The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad...

US drilled but uncompleted wells under threat from oil price collapse – Rystad Energy

In the wake of one of history’s largest oil price declines in a single day, a Rystad Energy impact analysis shows that US drilled but uncompleted wells (DUCs) will be the first assets to be threatened by the newly...

Exploration plans cover 31 wells offshore Guyana – region in need of jackups

South America is home to several regions of offshore expansion, with few basins currently displaying more growth potential than the Guyana Suriname Basin. Exploration in this area continues to impress and the list of oil and gas participants is...

Guyana oil production on track to surpass Newfoundland and Labrador – Rob Strong

South America’s newest oil producer Guyana is on track to ramp up production to more than 750,000 bpd by 2025 from multiple developments at massive oil fields located off the country’s coast at the 6.6 million acres Stabroek Block. Speaking...

Apache second well offshore Suriname looking favourable

Following a significant discovery at the Maka Central-1 well at Block 58 offshore Suriname, Apache Corp. is now gunning for oil at a second prospect on the block which reports indicate look promising. John J. Christmann IV, CEO and President...

Guyana could become 2nd largest producer in Latin America by end of decade

Guyana could be on course to become the second largest oil producing country in Latin America by the end of this decade, particularly if conditions in neighbouring Venezuela fail to improve and Mexico's decline in output progresses. Oil production in...

Latest News

Offshore Frontier Solutions wins contract for ExxonMobil’s Hammerhead FPSO in Guyana

Offshore Frontier Solutions Pte. Ltd. (OFS), a joint venture between MODEC Inc. and Toyo Engineering Corporation, has secured a...