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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...

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...

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...

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...

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...

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...

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...

While the third-stage Flash Gas Compressor (FGC) on the Liza Destiny FPSO continues to operate steadily, ExxonMobil Guyana said on Friday that upgrades on the new replacement equipment are still advancing, with the installation date now set for mid-year. The...

The Guyana government has allocated GY$420.5 million (US$2.1 million) this year to train Guyanese for jobs in the country’s rapidly expanding oil and gas sector. This was announced by Senior Minister in the Office of the President with responsibility...

In keeping with the objective of assessing oil spill-related events on Guyana’s coast, the United States Coast Guard (USCG) in collaboration with the U.S. State Department this week concluded a three-day workshop with members of Guyana’s National Oil Spill...