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60-day flaring allowance for Liza, Payara tougher than international benchmark – EPA

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Guyana’s Environmental Protection Agency (EPA) has disclosed that the 60-day allowance for flaring at start up as stated in the permits it issued to ExxonMobil for the Liza Phase 1 and Payara projects are tougher than the international benchmark....
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Rystad Energy says NPV for Suriname’s 11 active blocks will generate ‘substantial cash flows’

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Norway-based Rystad Energy says the Net Present Value on projects on active blocks in Suriname will generate substantial cash flows as the South American country takes a giant leap forward with its game-changing discoveries. “These assets, when developed, could boost...
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Guyana government set to invest almost GY$500 million per day in projects for remainder of year – President Ali

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During Cabinet deliberations on Thursday, the Irfaan Ali administration examined government’s expenditure portfolio and profile and the investments critically needed to transform the new oil producing country. “Just to let you understand how important this is, for the remainder of...
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Hess anticipates drilling US$1B into Guyana oil developments next year

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Even as it keeps a close eye on market forces and how those may shift to affect its capital allocation, Hess Corporation has disclosed that it intends to plug up to US$1B into oil development projects offshore Guyana next...
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Sod turned for US$20 million Marriott-branded hotel at Guyana’s largest airport

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President of Guyana Dr. Irfaan Ali said he is happy that more Guyanese are coming to the fore to take advantage of the conducive business climate and see the need to create ownership as the country continues to progress....
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Nigeria lawmakers pass landmark petroleum bill proposing lower royalty, tax rates

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Lawmakers in Africa’s most populous country, Nigeria, passed the Petroleum Industry Bill on July 1 after considering the report of the Joint Committees on Petroleum (Upstream and Downstream) and Gas Resources. Consultancy group Wood Mackenzie said this is a significant...
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Surge in FPSO awards to double fabricators’ pipeline, Yellowtail next in line for Guyana

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Norway-based Rystad Energy said in a report on Thursday that the FPSO market is booming this year, with more contracts awarded in the second quarter of 2021 than during the full year 2020. The consultancy group expects FPSO awards...
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Oil holds steady after OPEC+ failed to reach consensus on production at July 1 meeting

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(S&P Global Platts) Crude oil futures were steady during mid-morning trade in Asia July 2 as the market awaited clarity on OPEC+'s production plans for August onwards, after the producer group failed to reach consensus at a fractious July...
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Guyana welcomes US congressmen’s calls for inclusive economic growth

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Guyana’s Minister of Parliamentary Affairs and Governance, Gail Teixeira recently asserted that the government is committed to ensuring all citizens benefit from the proceeds of oil. She made the comment in a video address following statements made by two...
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Guyana set to receive biggest pay yet for export of Liza Crude this week

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Guyana is lifting another tanker load of oil this week, representing the country’s share of production from the Liza Phase 1 Development. This comes at a time when Brent is trading around $75 a barrel, the highest it has...
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Ali: Fighting transnational crime vital, protecting sovereignty is Guyana’s business

Guyana's President, Dr. Irfaan Ali made it clear today that protecting his country's sovereignty remains a top priority. The...

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