Exploration

Global demand for oil could outstrip supply after 2020 unless new investments approved soon

Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned...

TechnipFMC awarded Subsea Contract for Liza deep water project

TechnipFMC has been awarded a contract by an affiliate of ExxonMobil Corporation for the engineering, manufacture and delivery of the subsea equipment for the Liza deep water project in Guyana, South America. The award scope includes seventeen total enhanced vertical...

Exxon making big time push for shale in South America

ExxonMobil Corporation will spend close to one billion dollars this year to ramp up the production of natural gas at the Vaca Muerta shale play located in Neuquen, Argentina. The governor of Neuquen province, Omar Gutierrez, said in a statement...

Apache hits dry well offshore Suriname

Apache Oil and Gas Corporation has failed to find commercial quantities of oil at its Kolibrie-1 well, offshore Suriname. The closely-watched drilling operations took place 129km off the coast of the South American country, in Block 53. The Noble Douglas drill...

CGX back in the game; looking to drill 6 wells over next 2yrs offshore Guyana

Canadian-based oil and gas exploration company CGX Energy Inc. will soon recommence exploration work offshore Guyana and aims to drill as much as 6 wells over the next two years. CGX had come up empty-handed on previous attempts to...

SBM proud to be building FPSO for Liza development, production in Guyana

SBM Offshore, the company awarded contracts for a Floating Production, Storage and Offloading vessel (FPSO) for the Liza development and production in Guyana, is excited to be undertaking this project that would help catapult the South American country into...

Hess to plug US$475M into Stabroek block offshore Guyana this year

Hess Corporation will plug a total of US$475M into development and drilling activities on the Stabroek block, located 120 miles offshore the coast of Guyana this year. The now world-famous oil field is home to the Liza and other...

Exxon to carry out exploratory work in newly acquired Kaieteur block, drilling to begin at Liza-4 well

US oil major ExxonMobil will soon begin preliminary exploration work in the Kaieteur block, an area adjacent to the Stabroek block offshore Guyana, which the company recently acquired. Drilling will also commence at the Liza-4 well in the eastern...

Exxon forges ahead with plans for second FPSO in Guyana

Plans are moving forward by ExxonMobil for the installation of another Floating Production, Storage and Offloading (FPSO) vessel in Guyana. Upstream reports that this second vessel will be bigger than the first, and is earmarked for the Liza development,...

The world needs a stable oil market

The following statement was made by Tord André Lien in December last year, when he was Norway’s Minister of Petroleum and Energy. The global use of oil is increasing. Soon oil demand will surpass the 100 million barrel per day....

Latest News

Private sector body urges swift payment reforms in Guyana’s oil and gas sector

The Private Sector Commission (PSC) has raised urgent concerns over payment delays from oil and gas companies, calling for...