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SBM Offshore project portfolio at record level with multiple Guyana FPSOs in play

OilNOW -
Dutch floater specialist SBM Offshore reported on Thursday an Underlying Directional revenue of US$2,317 million for 2021, an increase of 1% compared with 2020, mainly resulting from ramp-up of activities with five FPSOs under construction in 2021, the awarded...
News

Guyana oil production to peak in 2035, continue up until 2050

OilNOW -
Guyana has not yet scratched the surface when it comes to output at its vast offshore oilfields now under development by U.S. oil major ExxonMobil. In fact, of the more than 10 billion barrels of oil equivalent discovered so...
News

Spending structure for Guyana’s oil fund not unusual, says AMI expert

OilNOW -
The spending structure for Guyana’s Natural Resource Fund (NRF) which currently holds over US$600 million in oil revenue is not unusual says Co-Director of Americas Market Intelligence energy practice, Arthur Deakin. The government passed the NRF bill on December 29,...
Opinions

Will Guyana become the next United Arab Emirates? Only time will tell

OilNOW -
By Arthur Deakin - OilNOW  In late January, the Guyanese PPP administration introduced a U$2.6 billion budget for 2022 where it will consume 100% of the funds stored in its Sovereign Wealth Fund (SWF). By year’s end, the SWF will...
News

GY$20M set aside for establishment of Local Content Secretariat

OilNOW -
The Government of Guyana through the Ministry of Natural Resources has allocated and approved the sum of GY$20 million (US$100,000) to kick start the establishment of a Local Content Secretariat. This was announced by Minister of Natural Resources, Vickram...
News

Explorers hoping to deliver pay at Kanuku Block this year

OilNOW -
The year started with two more discoveries at Stabroek Block by ExxonMobil and a significant announcement by CGX Energy at its Kawa-1 well on the Corentyne Block, marking a potential major discovery outside of the prolific Stabroek license. Following...
News

2022 is critical year for Brazil to consolidate New Gas Market

OilNOW -
(S&P Global Platts) Brazil's natural gas industry received a significant push forward with approval of the country's New Gas Market, but it faces a critical year in 2022 to consolidate implementation of the regulatory regime and create the foundation...
Exploration

Kawa-1 elevates hope for shelf explorers in Guyana basin – Wood Mackenzie

OilNOW -
The recent announcement by CGX Energy Inc. and Frontera Energy Corporation of a discovery at the Kawa-1 well in the Corentyne Block elevates hope for shelf explorers in the Guyana basin says leading UK consultancy group, Wood Mackenzie. In an...
News

Bayphase Ltd. wins contract to review FDP for Exxon’s US$9 billion Yellowtail project

OilNOW -
With the second-lowest bid totalling US$423,360, Bayphase Ltd. which is headquartered in the United Kingdom has successfully beaten more than 10 companies for the contract to review the Field Development Plan (FDP) for ExxonMobil's fourth project in Guyana, Yellowtail. This...
News

Nine-member delegation of British investors looking to expand into Guyana

OilNOW -
Over the next four days, a nine-member British Trade Mission Delegation will be in Guyana scouting opportunities for investment in the country’s lucrative market. The British High Commission in a statement on Monday said that the potential investors are set...
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ExxonMobil sanctions Hammerhead oil project offshore Guyana; first oil in 2029

ExxonMobil has made a final investment decision (FID) for the development of the Hammerhead discovery offshore Guyana, its seventh...

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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