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Economic diversification must continue in order to avert oil dependence – Finance Minister

OilNOW -
Guyana’s Finance Minister, Winston Jordan has underscored the importance of continuing to diversify the economy as Guyana becomes an oil producing state to ensure that the nation does not develop a dependency on the oil sector. Noting that oil should...
News

Stakeholders call for more public involvement in plan to manage oil revenue

OilNOW -
Stakeholders in Guyana want the Government to do more to educate the populace on the benefits and operationalization of the Sovereign Wealth fund, also known as the Natural Resource Fund. This was one of the main highlights at a panel...
News

Total farms into Guyana’s Orinduik block; Tullow to remain operator

OilNOW -
French super-major Total has exercised its option to purchase a 25% working interest in the Orinduik block offshore Guyana for USD 12.5 million. This comes on the heels of partner Eco Atlantic Oil & Gas’ announcement that the block has...
News

Manufacturing body staging SWF discussion in Guyana

OilNOW -
A discussion is set to get underway today – Thursday, September 13, to examine the management of future petroleum revenues and the establishment of a fiscal rule and a Sovereign Wealth Fund (SWF) in Guyana. The event is being...
Exploration

Guyana paying close attention to technical capacity as ExxonMobil 3rd drill ship set to arrive October

OilNOW -
ExxonMobil Guyana's third drillship - the Noble Tom Madden - is set to arrive in the South American country in October. This vessel will focus primarily on exploration of high potential areas and will commence drilling at the ‘Pluma’ prospect approximately...
News

Erdogan appoints himself chairman of Turkey’s sovereign wealth fund

OilNOW -
(Reuters) - Turkish President Tayyip Erdogan has appointed himself chairman of the country’s sovereign wealth fund and completely changed its board, naming Finance Minister Berat Albayrak as his deputy, the country’s Official Gazette said on Wednesday. The revamp was the...
Exploration

Guyana’s 9th oil discovery opens way for new 10-billion-barrel province – Westwood

OilNOW -
On August 30th Exxon announced the ninth discovery offshore Guyana at the Hammerhead-1 well, adding to the resource base of 4 billion barrels of oil equivalent found since the Liza discovery in 2015.  Liza is expected to be onstream in...
Exploration

Eco Atlantic says Guyana prospect contains approximately 3 billion barrels of oil and gas

OilNOW -
(Reuters) - A prospect operated by Tullow Oil off Guyana contains an estimated 3 billion barrels of oil and gas, its partner Eco Atlantic said on Tuesday, as the two firms prepare to drill in the Latin American oil...
News

GCCI says foreign investors welcomed ‘in spirit of fairness’

OilNOW -
A week after calling for close scrutiny of a Memorandum of Understanding Guyana is set to sign with Trinidad and Tobago, the Georgetown Chamber of Commerce and Industry is making it clear that it is not anti-investment. The Chamber expressed...
News

Guyana on track to meet ICJ deadline

OilNOW -
Guyana is in the process of completing its’ memorial on the Guyana/Venezuela border controversy, which is expected to be submitted to the International Court of Justice (ICJ) by November 19, 2018. A memorial is a petition or representation made by...
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Hess reports Q3 gains with Guyana leading production growth

Hess Corporation revealed a strong third quarter driven by expanded production in Guyana’s offshore Stabroek Block. The company reported...

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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