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Opposition Leader wants more oil benefits for Guyana; says this must be balanced against investor returns

OilNOW -
Guyana's Opposition Leader Bharrat Jagdeo believes the South American country needs to alter the terms of future Production Sharing Agreements (PSAs) to maximize benefits for all Guyanese, but says this must be balanced against investor returns. “They will be...
News

Permian water woes pose risk to production

OilNOW -
Rising produced water volumes and expanding costs pose a significant risk to production growth in the Permian basin, Ryan Duman, Senior Analyst at Wood Mackenzie, told delegates at the Unconventional Resources Technology Conference (URTeC) in Denver. Amid low breakevens and...
Exploration

Tullow aiming to drill Suriname wildcat in 2020

OilNOW -
UK-based Tullow Oil and its joint venture partners are gunning for a drill campaign at a Suriname wildcat in 2020. The company said this week that is has interests in three blocks in Suriname; Blocks 54, 62 and 47. “Following...
Featured

UK supporting Guyana with development of Maritime Economy Plan

OilNOW -
Guyana and the United Kingdom (UK) have been working towards the development of the South American country’s Maritime Economy Plan since 2016, and the mechanism being used to push the Plan is the Commonwealth Marine Economies Programme (CMEP). CMEP, in...
Exploration

UK Analyst and Guyanese Economist say high royalty rate could make Guyana less competitive

OilNOW -
UK-based data analytics and consulting company GlobalData and a Guyanese Economist both say the scope for an upward adjustment in the royalty rate under Guyana’s current model Production Sharing Agreement is limited and warns that increasing this beyond a...
Exploration

Offshore project sanctioning in 2019 stands at $56 billion

OilNOW -
To survive in the lower oil price environment of the past five years, E&Ps and service companies alike have sharpened their pencils and delivered significant cost reductions for the offshore industry. Rystad Energy says the resulting cost savings is...
Exploration

Whatever happens the oil will flow

OilNOW -
The sheer magnitude of Guyana’s oil producing potential has been recognised by many international publications and industry experts. With ExxonMobil Guyana expecting to produce over 750,000 barrels of oil per day by 2025, Guyana will soon become one of...
News

Liza Destiny was completed in record 20+ months – SBM Offshore

OilNOW -
The Liza Destiny FPSO which is currently sailing to Guyana, recently departed from Keppel shipyard in Singapore. This key milestone follows a record turnaround time of just over 20 months for its construction phase by SBM Offshore – including...
Opinions

Energy-on-energy pricing for a Guyanese spot market

Bobby Gossai, Jr. -
If the oil companies could have fought harder against the subversions of their markets by spot pricing, assume that they would have. Nonetheless, despite their principled objections and huge power, there was nothing they could have done to halt...
News

Safety comes first: ExxonMobil Guyana talks up HSSE policy

OilNOW -
With the emergence of the oil and gas industry in Guyana, there are a number of concerns such as management of the industry and its resources, local content, limiting the environmental impact and safety. Among these concerns, the issue...
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Jennifer Geerlings-Simons makes history as Suriname’s first female President amid offshore oil plans 

PARAMARIBO-SURINAME: Suriname’s National Assembly convened on Sunday to elect the country’s next president in an important parliamentary session. In...

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