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ExxonMobil begins oil production at Hebron Field

Exxon Mobil Corporation (NYSE:XOM) today announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day. Discovered in 1980, the Hebron field is estimated to...

Norway’s Statoil to establish onshore integrated operations centre

Statoil will in 2018 establish a new onshore integrated operations centre (IOC) that will help increase safety, add value and reduce emissions from our installations on the Norwegian continental shelf (NCS). An integrated operations centre (IOC) is an important step...

High expectations of jobs created riots in African territories – Anthony Paul

Author of Guyana’s draft local content policy framework, Anthony Paul, is warning that expectations of large-scale job creation in the South American country’s emerging oil and gas sector could lead to serious challenges down the road. Mr. Paul, a UNDP...

Guyana plans to revise PSA model to ensure nation gets fair share of resource wealth – Finance Minister

The Guyana Government has announced a revision of the way it conducts business with Oil and Gas Exploration Companies, through its use of Production Sharing Agreements (PSA). The announcement was made on Monday as Minister of Finance, Winston Jordan, presented...

Oil & gas to lead Guyana foreign investments in 2018

Still in its infancy, Guyana’s Oil and Gas Industry is poised to lead Foreign Direct Investment (FDI) in the South American country come next year - a projection made by Finance Minister Winston Jordan, when he today presented the...

Gov’t minister supports signing bonus, advance borrowing

While not confirming whether or not a signature bonus was paid to the Guyana government when a new Production Sharing Agreement (PSA) was signed in 2016 with US oil major ExxonMobil, Minister of Public Security, Khemraj Ramjattan, says he would...

Using supply base in Guyana would be ExxonMobil’s first preference – CLDB head

ExxonMobil, its contractors and sub-contractors would be looking as a first preference, to have materials and services needed for exploration and production activities sourced from a supply base in Guyana since this is a more economical option. Project Director at...

Offshore Rigs: The Basics

Offshore exploration and development wells are often drilled from mobile offshore drilling units (MODUs, pronounced "moe-dooz"). Depending on the water depth and remoteness of the location, these "rigs" may be jack-ups (up to 400 feet of water), or semisubmersibles,...

Foreign companies bidding for contracts in Guyana with no local content input – GCCI

President of the Georgetown Chamber of Commerce and Industry (GCCI), Deodat Indar, says a number of foreign companies have been registering in Guyana and bidding for contracts with no input from the local business community. He told reporters at a...

Petroleum Act, scientific institute and offshore logistics base among top priorities for 2018 – Trotman

Guyana will be looking to ramp up its preparation for first oil in 2018 with a number of key initiatives being placed on the front burner according to the country’s Minister of Natural Resources, Raphael Trotman. Speaking at a symposium...

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Fiscal terms in Guyana, Namibia, Angola ‘striking the right balance’ – WoodMac

Global provider of data and analytics, Wood Mackenzie, said host governments, such as those in Guyana, Namibia, and Angola,...