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Payara development work progressing, will push output above 580,000 bpd

OilNOW -
Preparations are underway for ExxonMobil’s third oil production project offshore Guyana at the Payara field. The Maritime Administration Department said in a notice the developmental area is situated approximately 102.27nautical miles (189.4 kilometers) from the Coast of Guyana and covers...
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Touchstone to deliver Trinidad’s first onshore natural gas project in 20 years

OilNOW -
The Alberta-based Touchstone Exploration Inc. is preparing to launch Trinidad and Tobago’s first onshore natural gas project in 20 years, it said on Monday. The project emanates from the Ortoire onshore block. Touchstone has 80% operating working interest, with Heritage...
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Oil exports from US Gulf to hit record high this quarter – Rystad Energy

OilNOW -
Oil exports from the US Gulf Coast are set to hit an all-time high of 3.3 million barrels per day (bpd) in the second quarter of 2022, as refining capacity outages limit operators’ ability to meet demand and the...
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Eco Atlantic ups interest in Africa’s newest exploration hotspot

OilNOW -
Eco (Atlantic) Oil & Gas Ltd. signed a farm-out agreement with the Lunn Family Trust to acquire an additional 6.25% stake in Block 3B/4B offshore South Africa. Lunn Family Trust is a shareholder of Ricocure (Proprietary) Limited. Subject to regulatory approvals,...
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Gov’t warns Ramps it must submit documents that are not misleading

OilNOW -
One day after it held a media conference demanding answers, Ramps was told by the Guyana Local Content Secretariat that the onus is on it, as an applicant, to submit documents that are not false or misleading. Ramps had applied...
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With big offshore finds, Santokhi invites major influx of investors at Energy Summit

Shikema Dey -
Paramaribo, Suriname - A brand-new chapter dawns for Suriname, quickly becoming one of the hottest new oil exploration destinations on the globe. And its President, Chandrikapersad Santokhi has opened the floodgates, inviting investors from all and sundry to help develop...
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Ramps may have made misleading submissions in breach of Local Content Act, could be fined GY$10M – source

OilNOW -
Ramps Logistics may have made misleading submissions in its application to be on Guyana’s Local Content Register, among several breaches of Guyana’s Local Content Act, OilNOW understands. The company has opened itself to a fine of GY$10 million, because of...
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Norway-based E&P acquires Saipem’s US$73M FPSO to develop assets offshore Brazil

OilNOW -
Shortly after snatching up two major deepwater blocks offshore Brazil, Norway-based BW Energy inked a deal with Saipem to acquire the Cidade de Vitoria oil vessel to develop the Golfinho cluster. According to BW, the deal amounts to US$73 million;...
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Trinidad pays deepwater royalties, taxes for oil companies, caps cost recovery at 80%

OilNOW -
Trinidad and Tobago’s model deepwater production sharing contract (PSC) offers attractive incentives to international oil companies (IOCs). All royalties, taxes and other levies are paid for out of the Government’s share of Profit Petroleum, which remains after costs are recovered up to a ceiling...
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Over 60% of Suriname’s deepwater acreage remain unlicensed; new bid round nears

OilNOW -
Suriname’s state oil company, Staatsolie is set to auction off several deepwater blocks this year with another bid round reportedly planned for the shallow blocks by mid-2023. “We are very excited about the prospects of releasing further offshore acreage,” Annand Jagesar,...
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Chevron secures prized stake in Guyana oil block with arbitration win against Exxon

Chevron has won a high-stakes arbitration battle against ExxonMobil, clearing the way to finalize its US$53 billion acquisition of...

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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