Wednesday, February 1, 2023

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No final decision yet on second FPSO for Guyana – ExxonMobil

US super-major ExxonMobil says it has not yet made a final decision on a second Floating Production Storage and Offloading (FPSO) vessel for development and production operations offshore Guyana.With gross recoverable resources for the Stabroek block now estimated to...

Become “oil smart” urges US Ambassador

US Ambassador to Guyana, Perry Holloway, is calling on all Guyanese to become oil smart. The Ambassador's call came just days before yet another discovery was announced by US super-major, ExxonMobil, off the Guyana coast. “This is a tremendously,...

ExxonMobil, Guyana officials “excited” about new discovery

The announcement on Tuesday by ExxonMobil of a new oil discovery at the Payara-2 well has reinforced a widely held belief that significantly more oil than what has so far been detected may lie beneath the Atlantic Ocean offshore...

BREAKING: Exxon discovers more oil at Payara; pushing total to 500 million barrels

ExxonMobil Corporation today announced it has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels. The company said these positive well results increase the estimated gross recoverable resource for...

“Government wants to do what is right for the industry” – Trotman

The Guyana government says it remains committed to doing what is best for the country's emerging oil and gas industry and will continue to pursue measures that allow for transparency in the sector. Speaking at a public meeting of the...

EITI requires comprehensive tax, revenue disclosures

The Extractive Industry Transparency Initiative (EITI) requires that all implementing countries, one of which Guyana hopes to soon become, provide a comprehensive reconciliation of company payments and government revenues from the extractive industries. EITI believes an understanding of company...

US Ambassador urges widespread consultations for Guyana’s SWF

Widespread consultations on the creation of a Sovereign Wealth Fund (SWF) and ensuring that the fund is insulated from political interference are two areas that US Ambassador to Guyana, Perry Holloway, pointed to when creating a fund that works...

Guyana Shore Base Inc. aiming for 100% Guyanese workforce

On Friday Guyana's Minister of Natural Resources, Raphael Trotman and members of the media were given a tour of the Muneshwer onshore facility; Guyana Shore Base Inc. (GYBSI) located at Houston, Georgetown, Guyana. GYBSI is a consortium of companies which...

IMF team in Guyana advising on Fiscal Responsibility Framework

Guyana is continuing to receive support from international organizations in the development of policies to successfully manage the emerging Oil and Gas sector, with the recent assistance coming from the International Monetary Fund. The IMF has been in the South...

Guyana will be expected to publicly disclose contracts under EITI requirements

As Guyana seems well on its way to becoming the 53rd country in the world to attain Extractive Industry Transparency Initiative (EITI) candidacy, a leading adviser supporting this process says implementing countries are now required to do much more in...

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Guyana First Lady says new oil production vessel creates link to brighter future

Singapore, February 1, 2023: First Lady of Guyana, Arya Ali, says the name of the Prosperity floating production, storage...