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Exceeding expectations: Guyana’s economy set to soar by 39.2% in 2023, ECLAC reports

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Guyana's economic growth continues to outpace global trends, with projections soaring beyond expectations, according to the Economic Commission for Latin America and the Caribbean (ECLAC). ECLAC estimated a growth rate of 39.2% for Guyana this year, a figure in the...
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Guyana aiming to manage salary increases with other competing needs of population

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Despite calls in some sections of the society for the rapid scaling up of public servants’ salaries using oil revenues, the Guyana government says it will not yield to such temptations. It warned that steep increases can lead to...
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Petrobras sells Uruguá and Tambaú fields stakes to Enauta, sealing US$35 million deals

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Brazil's state-run oil giant, Petrobras, has finalized contracts with Enauta for the sale of its entire stake in the Uruguá and Tambaú fields, nestled within the Santos basin. The deal, amounting to US$35 million, signifies Petrobras' strategic maneuver to...
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Guyana waived over US$500 million in taxes last year to boost oil and gas sector – VP Jagdeo

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According to the latest report of Guyana’s Audit Office, GY$108 billion (approximately US$518 million) in tax concessions were granted in 2022 to support booming activities in the oil and gas industry. While this is a significant sum, the nation’s...
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Increasing use of local content in global O&G supply chain anticipated for 2024 – Rystad official

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Audun Martinsen, Head of Supply Chain Research at Rystad Energy, predicts heightened reliance on local content requirements within the oil and gas sector amidst mounting supply chain concerns for 2024. Martinsen highlighted the increasing focus on re-shoring services and...
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Major oil and gas milestones in Guyana: A look back at 2023

OilNOW -
While the exploration success carried less momentum, Guyana’s oil and gas sector hit several milestones in 2023. Let’s look back at a few of those in no particular order.  Starting with discoveries…  In January, Hess announced the Fangtooth SE-1 discovery, revealing...
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SBM Offshore seeking contractor for underwater survey on Liza Destiny, Unity FPSOs

OilNOW -
Guyana Deep Water Operations Inc. (GDO), a subsidiary of SBM Offshore, has issued a request for information (RFI) seeking technical expertise from potential suppliers. The RFI aims to secure a contractor for the execution of the ‘underwater in lieu...
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Noble Corporation secures Petrobras contract for offshore drilling services in Colombia

OilNOW -
Offshore drilling contractor Noble Corporation has inked a deal with Petrobras, clinching a contract for its semi-submersible rig, the Noble Discoverer, to render drilling services off the coast of Colombia. The contract guarantees a firm duration of 400 days, scheduled...
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U.S. expected to approve US$660 million loan for Gas-to-Energy project in Guyana – Jagdeo

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Guyana's Gas-to-Energy project is set to receive significant financial support from the United States, according to Vice President Bharrat Jagdeo. Jagdeo detailed the ongoing negotiations and assurances received from various US departments, highlighting the expected approval of a substantial...
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ExxonMobil Guyana seeks suppliers for architectural and engineering support in Berbice

OilNOW -
ExxonMobil Guyana Limited (EMGL) is actively pursuing partnerships for architectural and engineering support services to bolster future construction endeavors within the Port Mourant, Berbice area. The company aims to identify suppliers capable of facilitating upcoming projects in the region. Currently,...
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Letter-to-the-Editor: Guyana’s oil and gas sector is experiencing responsible growth

Dear Editor, I am constantly engaged with reports across a range of industries—none more prominent in recent years than the...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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