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Suriname to open auction for Demerara acreage in Q4

OilNOW -
Suriname’s state-oil entity Staatsolie plans to open an auction for nation’s Demerara acreage, during the fourth quarter of 2022. Staatsolie representatives revealed this at the Guyana Basins Summit (GBS) 2022 currently being held at the Pegasus Suites in Guyana. The...
News

123 years after settlement of boundary, Venezuela’s land grab aspirations now being driven by oil

OilNOW -
Earlier this week, Guyana commemorated the 123rd anniversary of the 1899 Arbitral Award, which settled a land boundary dispute which had existed between British Guiana (now Guyana) and Venezuela. A week prior, Venezuela released a statement alleging that Guyana’s pursuit...
News

Guyana considers entering downstream business with 30,000 bpd refinery

OilNOW -
An Expression of Interest (EOI) is expected to be issued by the Guyana government for the establishment of a 30,000-barrel refinery, President Dr. Mohamed Irfaan Ali relayed on Tuesday. Talk of building a refinery in Guyana had ramped up over the past few months due...
Opinions

Guyana, oil and answering Europe’s needs

OilNOW -
By Scott B. MacDonald - OilNOW The Russo-Ukrainian War has been a shock-like wakeup call for Europe over its heavy dependence on Russian oil, gas and coal. As European Union (EU) and other Western countries imposed economic sanctions on Russia,...
Exploration

Guyana’s oil-related foreign direct investments were US$4.4 billion in 2021 – Report

OilNOW -
In 2018, Guyana’s rapidly expanding hydrocarbons sector paved the way for significant capital inflows, accounting for 28.8% of Gross Domestic Product (GDP). This was noted in a report prepared by the International Monetary Fund (IMF). The financial institution was pleased...
News

Frontera gives CGX new extensions for US$19 million loan, Joint Operation Agreement

OilNOW -
CGX Energy has been given a further extension to finalise the Joint Operating Agreement (JOA) it has with Frontera Energy for the Corentyne Block and the US$19 million loan it also took to cover its Guyana projects. Both have been extended to...
News

Fate of Petrobras hangs in the balance as Lula, Bolsonaro go head-to-head

OilNOW -
The tight electoral race for Brazil’s Presidency will end finally on October 30 when top candidates Jair Bolsonaro and leftist Luiz Inácio Lula da Silva go to a run-off after delivering unexpected poll numbers on October 2. After the votes...
News

Guyana outranks Saudi Arabia, Norway, Qatar as country with world’s second highest oil reserves per capita

Shikema Dey -
New oil producer Guyana now ranks second only to Kuwait on the list of countries with the highest oil reserves per capita, placing it ahead of producers like Saudi Arabia, Norway, and Qatar, according to the International Monetary Fund...
News

Guyana’s 2022 crude output valued at US$9.3 billion

OilNOW -
The International Monetary Fund (IMF) has projected the total value of crude produced in the Stabroek Block this year at US$9.33 billion. This accounts for 93.4 million barrels of expected production, at an average price of US$99.90 per barrel. Guyana’s profit...
News

Guyana must perform delicate balancing act between present and future needs, says energy expert

OilNOW -
From the diverse landscape of Ghana to the ultramodern architecture of Qatar, one can find a plethora of lessons on what to do with oil revenues. But the one thing Guyana, an oil explorer’s paradise must not do, is find...
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High-tech seismic campaign offshore Guyana to wrap up in December

ExxonMobil Guyana will complete its latest seismic data acquisition campaign in December, marking the end of a months-long effort...

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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