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Exxon open to selling petroleum to domestic buyers – Country Manager

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ExxonMobil Guyana says it is open to examining the viability of selling petroleum to buyers in the South American country, outside of its obligation to supply same if government’s share is insufficient for domestic use. Under Article 17 of the...
News

US$18M signing bonus not cost recoverable – Trotman

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The US$18M signing bonus that ExxonMobil paid the Government of Guyana upon the signing of an updated Production Sharing Agreement (PSA) in 2016 will not be cost recoverable by the US oil major. This means that in computing costs when...
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Trotman confirms US$1M per day earnings from oil production; says contract provides “best of both worlds”

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Guyana’s Minister of Natural Resources, Raphael Trotman, said Thursday that the updated petroleum agreement arrived at between US oil major ExxonMobil and the South American Country in 2016 represents a ‘hybrid model’ that combines a production share and royalty...
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‘Sorry for those expecting scandal bombshells’ – Fmr Natural Resources Minister

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Following the much anticipated public disclosure of the petroleum agreement between Guyana and ExxonMobil, a former government minister who headed the natural resources ministry in the lead-up to the world-class Liza discovery said the agreement with the US oil...
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‘Unreasonable to compare Guyana’s PSA to those of more mature countries’ – Exxon Country Manager

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Country Manager of ExxonMobil in Guyana Rod Henson said it is unreasonable to compare the agreement signed between his company and the Government of Guyana to those of other jurisdictions like Brazil, countries in West Africa, the United States...
Discoveries

Guyana Government releases ExxonMobil contract

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The Production Sharing Agreement (PSA) between the Government of Guyana and ExxonMobil affiliate Esso Exploration and Production Guyana Limited was released today at a special meeting held at the Ministry of the Presidency in Georgetown, Guyana. The agreement has...
News

Decision on contract disclosure should apply to all companies equally – British High Commissioner

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British High Commissioner to Guyana, Greg Quinn, says the Guyana government and oil companies will ultimately have to decide what aspects of their agreements would be disclosed but this should apply to all companies equally. Multiple calls have been made...
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World’s largest-ever vessel is all set to go in 2018

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(CNBC) Displacing as much water as five aircraft carriers is just one eye-popping statistic that attempts to explain the sheer size of the world's largest vessel. Construction on ShellRDSA-GB's huge floating liquefied natural gas (FLNG) structure began in 2012 and...
News

Liza JV partner China’s CNOOC in tender for Liuhua subsea facilities

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Chinese operator CNOOC Ltd, a joint venture partner together with ExxonMobil and Hess in the Liza field offshore Guyana, has launched tenders for the installation of subsea facilities for its Liuhua oil complex in the Pearl River Mouth basin...
News

Year in review: 2017’s Top 10 discoveries

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(Offshore Engineer) While exploration hasn’t been as hot as it used to be, the finds this year have been big and plentiful. Wood Mackenzie has provided the year’s 10 biggest finds by volume. #1 – Yakaar, Senegal In May this year,...
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Trinidad commences 12-18 months of wind power assessment

Trinidad and Tobago's Ministry of Energy and Energy Industries (MEEI) has announced the successful deployment of Light Detection and...

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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