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Production-Sharing Agreements

OilNOW -
Discussions have been ongoing about the nature of the Production Sharing Agreement (PSA) Guyana has entered with ExxonMobil for the Stabroek block since oil was discovered back in 2015 and production got underway in December 2019. But what exactly are PSAs?...
News

Guyana government mulling overseas training in oil and gas for ‘hundreds of the brightest students’

OilNOW -
Authorities in Guyana are looking to build a local group of core professionals that would ultimately take over the management of the oil and gas sector. This could see hundreds of Guyanese students being sent overseas to acquire the...
Exploration

CGX Energy gets 1-year extension on deadline to drill Guyana well

OilNOW -
CGX Energy has been granted a one-year extension on its schedule to drill a well on its Corentyne block offshore Guyana. The company along with Joint Venture (JV) partner Frontera Energy Corporation said Friday discussions with the Guyana government were...
News

Oil Plus looking to bring North Sea experience to South America’s newest crude producer

OilNOW -
Rockway Oilfields Services (ROS) has entered a strategic alliance with global oil and gas support company, Oil Plus Ltd, to provide oilfield solutions in the areas of Production Chemistry and Microbiology, Maintenance and Asset integrity and Process Engineering solutions. Founded...
News

High costs of transitioning to renewables give Guyana more time to monetize oil – AMI Analyst

OilNOW -
Despite the economic attractiveness of Guyana’s oil sector, the Inter-American Development Bank (IDB) recently issued a warning that the nation’s window of opportunity to properly govern the industry as well as monetize its resources in an efficient manner is...
News

Brazil’s Petrobras targets oil output of 2.7 million b/d by 2025

OilNOW -
(S&P Global) Brazilian state-led oil company Petrobras plans to spend $55 billion over the next five years to develop subsalt fields that will boost the company's crude oil output nearly 20% to 2.7 million b/d by 2025, the company...
News

Energy, infrastructure take centre stage in high-level Guyana, Brazil meeting

OilNOW -
Guyana’s President, Dr Irfaan Ali on Thursday announced an amplification in bilateral relations between Guyana and Brazil after a meeting among high level government officials from both countries, the Office of the President said in a press statement. The Guyanese...
Exploration

Tullow says Suriname well campaign on schedule for Q1 2021

OilNOW -
Preparations are on schedule for the first well targeted for 2021 by Tullow Oil in the highly prospective Suriname basin where US multinational Apache has already made three discoveries. “In Suriname, the prospective Goliathberg-Voltzberg North-1 well is on schedule to...
News

Bulk of oil supply next 20 years will come from ‘advantaged barrels’ – Guyana now has over 9 billion

OilNOW -
Whatever the pace of the energy transition, the world will still rely on oil and gas for much of its energy needs until well beyond 2040. UK-based global energy group Wood Mackenzie says exploration will be critical in meeting this future...
News

Guyana is now the destination of choice for oil and gas companies, investment chief says

OilNOW -
Investors and governments from around the world have been discussing various opportunities with Guyanese authorities in recent months that could potentially see hundreds of billions of dollars being plugged into South America’s newest oil and gas hotspot. Chief Executive Officer...
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Latest News

NewsShikema Dey -

Guyana hits record three-quarter million barrels of oil per day

Total offshore production from Guyana’s Stabroek Block has hit over 700,000 barrels of oil per day, President of ExxonMobil...

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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