News

Guyanese will soon have an opportunity to scrutinize draft legislation being formulated for the establishment of a Sovereign Wealth Fund (SWF) that will play a major role in the management of significant revenues expected from oil production in the...

The International Monetary Fund (IMF) said that Guyana’s external outlook remains favourable and is expected to improve with the start of oil production. The IMF Staff Country Report for Guyana, released on June 28, says the commencement of oil production...

The Inter-American Development Bank (IDB) is open to providing technical and financial assistance to Guyana for the creation of institutions needed to support the country’s emerging oil and gas sector. A team of officials from the Extractive Industries Transparency Initiative...

(Offshore) Westwood Energy’s updated World Oilfield Equipment Market Forecast projects higher offshore expenditure between now and 2021. The analyst now predicts total investments of $254 billion compared with $224 billion in its previous forecast. It cautions, however, that the market will...

(Reuters) A joint venture between Royal Dutch Shell and Exxon Mobil said on Wednesday it would appeal against a Dutch government plan to lower a production cap at the Groningen natural gas field by a further 10 percent. The Dutch...

Construction has begun on a new HM Coastguard search and rescue (SAR) helicopter base at Lydd Airport in the UK which will be operated by Bristow Helicopters. The £7.8 million project will create a new focal point for the region’s...

Suriname state oil company Staatsolie and the consortium consisting of ExxonMobil, Hess and Statoil have reached an agreement regarding a PSC for Block 59 offshore Suriname. At the same time, an agreement was reached with Statoil for Block 60. The...

An Alaska lawmaker is making one last legal push to put about $1,000 back in the hands of nearly every state resident for their share of Alaska’s oil wealth. Sen. Bill Wielechowski is scheduled to argue Tuesday to the Alaska...

ExxonMobil announced today the establishment of the Centre for Local Business Development in Georgetown, Guyana, and signaled its commitment to work with the country’s business community. The centre will assist small and medium-sized Guyanese businesses with building their capacity and...

The BP-operated Prudhoe Bay oil field in Alaska has reached 40 years of production, a milestone highlighting its historic contribution to US energy security and ongoing role as a key economic engine for the region. BP said in a press...