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In principle, oil or mineral revenues could be handled like any tax or other receipts, placed in Treasury accounts, and allocated in accordance with normal budgetary process. However, in a resource-dependent economy, the magnitude of the receipts and the...

With just over 750,000 people, Guyana – South America’s newest petroleum hotspot – will begin producing oil within months and with over 6 billion barrels already discovered, revenue from production could profoundly transform the small nation. But the country...

Interest from companies continue to grow as the staging of the second largest petroleum conference in South America's newest oil and gas hotspot nears. At a press conference held on Friday, October 25 to announce the upcoming event, Managing Director...

Brazil’s oil production has seemingly found its groove, with Rystad Energy expecting the country to be a sizable contributor to non-OPEC, non-US growth throughout the 2020s. Rystad Energy said seven new FPSO projects have come under the spotlight, beginning at...

(Reuters) - Germany’s Siemens expects revenue from its oil and gas division in Brazil in 2020 to double compared to 2018 levels, an executive said on Thursday, citing upcoming oil auctions that could total around $26 billion. The company does...

Eco Atlantic, together with its JV Partners on the Orinduik Block, Tullow Guyana B.V. (Operator, 60% Working Interest) and Total E&P Guyana B.V. (25% WI) are currently reviewing a post discovery drilling strategy and supplemental budget, for which Eco...

CNOOC Ltd, the listed arm of China’s largest offshore oil and gas producer, on Thursday reported a 27.9% jump in capital spending in the third quarter amid Beijing’s push to boost oil and gas exploration and production. Reuters reported that...

As Guyana prepares for oil production in a matter of months, focus is continuing to be placed on the attractive Guyana-Suriname Basin, with the convening of the One Basin Three Countries Energy Conference for the Guianas which gets underway...

With oil production slated to begin within months, Guyana’s former Minister of Natural Resources and the Environment, Robert Persaud, says there is need for a ten-year cohesive, comprehensive plan to efficiently utilise the new-found wealth for the nation of...

New Zealand technology company DataTorque has won a contract to improve revenue mobilisation and tax administration for the Guyana Revenue Authority (GRA) following a competitive tendering process. GRA’s Head of Information Technology (IT), Sese Jones, told OilNOW on Tuesday the...