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Catering company Newrest says it is committed to equal worker treatment

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Newrest Guyana, the company providing catering services on the Liza Destiny FPSO said in a statement on Tuesday it is committed to upholding equal treatment for its employees and promoting local content. This follows reports of alleged mistreatment of Guyanese...
Exploration

CGX delivers historic discovery after more than 2 decades on the hunt

OilNOW -
After more than 20 years of seismic data acquisition and drilling, CGX Energy Inc. has finally landed its first oil discovery in Guyana at the Kawa-1 well on the Corentyne Block which appears to rival some of the notable...
Exploration

Exxon delivered big results in Guyana last year as discoveries plummeted globally

OilNOW -
Oil and Gas explorers around the world had high hopes pinned on 2021 as pandemic restrictions eased and wildcat wells deferred from the year before were given the green light. But according to Rystad Energy, despite an impetus from...
News

ExxonMobil undertakes major restructuring; cost savings to exceed US$6B

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ExxonMobil Corporation disclosed on Monday that it is undergoing a significant restructuring process that will result in over US$6 billion in cost savings by 2023, compared to 2019. Effective April 1, the company will be organized along three business lines...
News

2022 marks pivotal year in Guyana’s transformation as landmark projects set to roll out

OilNOW -
The Guyana government is sparing no expense to facilitate the transformation of the country's infrastructure with billions in funding being set aside this year for major development projects in the oil producing South American nation. The government said last week...
News

Guyana oil revenue to more than triple this year

OilNOW -
Authorities in Guyana have projected that the country will receive close to US$1 billion in oil revenue this year, representing more than three times what it has earned per annum to date from the Liza Phase 1 Development. During his...
News

Hess could lift around 24 million barrels of oil from Stabroek Block this year

OilNOW -
When the Liza Phase 2 development comes on stream this quarter and reaches full production later this year, Hess Corporation expects to collect 24 lifts from its Guyana operations. It would also be well positioned to clear off its...
News

Guyana on track to rake in around US$90 million for first oil lift this year

OilNOW -
Oil prices rose to a more than seven-year peak at the weekend and recorded their sixth straight weekly gain with Brent climbing to $90.03 a barrel, after hitting $91.70 early Friday, the highest level since October 2014. OilNOW understands preparations...
News

Payara project 66% complete; start-up on track for 2024

OilNOW -
The Payara development, the third project in the ExxonMobil-operated Stabroek Block, is 66 percent complete. This is according to Hess Corporation’s Chief Operating Officer (COO), Greg Hill. During the company’s Q4 2021 earnings call, Hill said Subsea Umbilicals, Risers and...
Opinions

The Natural Resource Fund Series: Part 2

OilNOW -
Summary Guyana’s Natural Resource Fund institutional and Governance framework are in line with the IMF’s recommendation and the models adopted by some of the largest SWFs across the globe. The withdrawal rule of the fund is economically justified against...
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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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