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Guyana to cycle its signing bonus through national coffers

OilNOW -
Guyanese Minister of State, Joseph Harmon has assured stakeholders that funds to be used from the US$18M signing bonus will first be placed in the country’s Consolidated Fund before being disbursed. The US$18 signing bonus paid by US Oil Major...
News

No guarantee unprecedented rate of oil discoveries will continue – ExxonMobil Country Manager

OilNOW -
Despite the discovery of more than 3.2 billion barrels of oil off the Guyana coast, the South American country’s offshore basin still remains risky with no guarantee that the unprecedented rate of discoveries – seven to date – will...
News

Business Ministry to take lead on development of local content policy framework

OilNOW -
Guyana’s Ministry of Business has been tasked with spearheading the development of the country’s local content policy framework, now slated to be finalized and completed by the end of April. This was disclosed by the South American country’s Minister of...
News

Guyanese authorities meet to finalize national oil-spill response plan

OilNOW -
Guyanese authorities today began—through a one day stakeholder workshop—a review of its National Draft Oil Spill Contingency Plan, for finalizing and implementation within the next 24 months, ahead of first-oil in March 2020. Spearheaded by the South American country’s Civil...
News

Guyana’s windfall from oil production is not fake news – US Ambassador

OilNOW -
United States Ambassador to Guyana Perry Holloway on Tuesday told an oil and gas forum that Guyana is set to receive significant revenue  when oil production begins in 2020 and this “is not fake news.” The US Ambassador vigorously outlined...
News

Guyana moving towards compilation of first EITI report

OilNOW -
An independent administrator will soon be hired, as part of the requirement by the international body of the Guyana Extractive Industries Transparency Initiative (GYEITI), to support the South American country with the compilation of its first report. This was disclosed...
News

Nabi Oil & Gas PSA outlines ‘sliding’ 70% cost recovery pegged on oil price of US$100 per barrel

OilNOW -
The Government of Guyana is to release another Petroleum Agreement shortly; this time for Nabi Oil and Gas Inc., signed in 2012. This is according to sources close to Cabinet. OilNOW understands that the Nabi contract could be released to...
Regional

S/America’s O&G output flat until 2023; Guyana seen as new supply source

OilNOW -
Crude oil and natural gas production in South America is likely to remain fairly flat over the next five years, slightly increasing to roughly 11.7 million barrels of oil-equivalent per day (MMBOE/d) by 2025, Rystad said Tuesday. The lone English speaking...
News

Giant oil trader with no women in top jobs says change must come

OilNOW -
Commodity houses must do more to get women into top jobs, according to Vitol Group, the biggest independent oil trader, and a firm that like others in the industry staffs its leadership committee entirely with men. “We accept that it’s...
News

Gov’t maintained ExxonMobil 600-block acreage for strategic reasons – Trotman

OilNOW -
The new coalition government that came to office in Guyana in 2015 felt it was in the country’s best interest for ExxonMobil – the only company with a willingness at the time to explore in territory threatened by Venezuela...
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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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