Sunday, October 2, 2022

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Guyana’s non-oil economy also performing well, IMF report shows

The International Monetary Fund (IMF) projects that Guyana, for the next five years, will see growth in its non-oil economy. The Washington-based institution projected that the country would see a growth of 7.2% Gross Domestic Product (GDP) for 2022. It said...

Shell Brasil leases Maersk Developer to explore BC-10 field

Maersk Drilling said it has secured a contract from Shell Brasil for the provisioning of the semi-submersible rig Mærsk Developer in the Campos basin offshore Brazil. The contract is expected to commence in March 2023, in direct continuation of the rig’s current...

Climbing costs leaving IOCs hesitant to sanction new projects, despite record profits

Record high profits are doing nothing to prompt the sanctioning of new deepwater oil projects, according to Norway’s Rystad Energy. “Despite the high commodity prices and record high profits within the upstream industry, sanctioning of new oil and gas projects...

Whose is bigger? Brazil, Guyana will host world’s largest floating oil production vessels

Oil production vessels definitely have a wow factor. Their sheer size, processing power and capability of operating for decades without pause make them truly impressive facilities. The ‘Egina’ is a beast of a floating, production, storage, and offloading (FPSO) vessel...

IMF urges fiscal discipline for spending oil money; Jagdeo says it’s being managed

With a steady flow of billions of dollars in oil revenues expected, the International Monetary Fund (IMF) is urging Guyana to implement a strict fiscal rule to rein in excess spending. According to the IMF, Guyana is at high risk...

Saipem bags contract for largest discovery in 20 years off Ivory Coast

Saipem said Tuesday that it got approximately €1 billion added to its order book to aid the Baleine Phase 1 Project, a development of an oil and gas field located at 1,200 metres water depth, off the Ivory Coast. Saipem said...

Guyana says new offshore model contract being finalised; auction imminent

The Guyana government said the Cabinet is working to finalise the model contract which will apply to its offshore auction to be launched soon. The auction will be open for several months, giving companies ample time to prepare competitive packages,...

City Chamber’s Guyana Basins Summit over 90% sold out, exhibition open to public

The second edition of the Guyana Basins Summit (GBS) is over 90% sold out and ready for its opening next week, October 4-6, 2022 at the new Pegasus Suites & Corporate Centre. The Georgetown Chamber of Commerce and Industry (GCCI) is the lead...

Guyana will not be like countries that splurge oil money, and have nothing to show for it – Jagdeo

Vice President Dr. Bharrat Jagdeo said he has seen many oil-producing countries around the world splurge their windfall revenues and have nothing to show for it in the end.  This, he said, will not be a fate that befalls...

Oil can “profoundly” transform Guyana’s economy – IMF

With a discovered petroleum resource count of close to 11 billion barrels of oil equivalent, Stabroek Block operator ExxonMobil has churned out big wins for Guyana. Now, the International Monetary Fund (IMF) said that when this number tips over, Guyana’s...

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Guyana’s non-oil economy also performing well, IMF report shows

The International Monetary Fund (IMF) projects that Guyana, for the next five years, will see growth in its non-oil...