Wednesday, February 8, 2023

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BP extends Stena IceMAX contract for drilling in Gulf of Mexico

BP has extended its contract for utilisation of the mobile offshore drilling unit (MODU) Stena IceMAX, Stena Drilling said Tuesday. This extension shall see the MODU mobilise to the United States Gulf of Mexico in direct continuation of the initial...

Guyana, Permian growth offset Exxon’s divestments, Sakhalin-1 expropriation in 2022

ExxonMobil revealed that earnings from growth at its Guyana and Permian projects in 2022 more than offset the losses from its divestments and the expropriation of the Russian Sakhalin-1 project. This was also helped by higher prices on account...

BP scaling back oil and gas withdrawal, rakes in US$27.7 billion in profits for 2022

UK supermajor, bp has decided that it will be producing oil and gas longer than it intended to, in direct response to the world’s growing energy needs. But it is not dialling back on its transition to green energy; bp...

Guyana’s Economic Boom and the Labour Market

By Dr. Meredith Arnold McIntyre - OilNOW Guyana’s rapidly expanding oil sector has the potential to profoundly transform the economy. Oil production is currently above 300,000 barrels per day (bpd) and is projected to reach 720,000 bpd by 2026. The...

Guyana Opposition demands Minister hand over all Gas-to-Energy files

Two Members of Parliament (MP) have approached the Guyana House seeking an order for the Minister of Natural Resources, Vickram Bharrat, to table all documents relating to the construction of the Wales Gas-to-Energy project and the Heads of Agreement...

NetBenefit Software looking to extend local content tracking success to Guyana

Guyana passed Local Content legislation a little over a year ago to ensure that its citizens get the most out of the petroleum resource – a whopping 11 billion barrels discovered in the Stabroek Block and counting. Now, NetBenefit Software...

Stabroek Block oil producers pay Guyana US$58 million in 4Q22 royalties

ExxonMobil, Hess and CNOOC have paid up US$57.6 million (GY$12 billion) in quarterly royalties to the Guyana government, a January report of the Natural Resource Fund indicated. This represents 26% of Guyana’s projected royalties for 2023. The royalties account for...

Exxon to utilise Stena DrillMAX for Kokwari exploration well offshore Guyana

ExxonMobil Guyana’s Kokwari-1 exploration well is expected to be drilled between February and July 2023, utilising the Stena DrillMAX. Guyana’s Maritime Administration Department (MARAD) in a notice to mariners said the well site is situated approximately 190 kilometres off the...

Trinidad kicks off negotiations with Venezuela for Dragon Gas Deal

Trinidad and Tobago’s Minister of Energy, Stuart Young is leading a team to Caracas, Venezuela to kick off negotiations with the Bolivarian Republic for the Dragon gas deal. According to TT media reports, Young is being supported by Trinidad’s Venezuelan...

Touchstone begins sidetrack drilling at Royston-1X well in Trinidad

Touchstone Exploration said Monday that it commenced operations at the Royston-1X sidetrack well on the onshore Ortoire Block in Trinidad and Tobago. Royston-1X is re-entering the previously drilled Royston-1 well and is expected to be drilled to a measured depth...

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BP extends Stena IceMAX contract for drilling in Gulf of Mexico

BP has extended its contract for utilisation of the mobile offshore drilling unit (MODU) Stena IceMAX, Stena Drilling said...