News

Senegal hails never-before opportunity as offshore oil flows for the first time

Woodside Energy announced first oil production on June 11 at the Sangomar oilfield offshore Senegal. This is the first such project for the West African nation.  Officials are hailing the project as a godsend for the country. PETROSEN, Senegal's state...

Guyana receives US$267 million in oil revenue from sales in May

Guyana’s Natural Resource Fund (NRF) received inflows of US$267 million (approximately GY$56 billion) from oil sales in May, the Bank of Guyana revealed. The Guyana government expects US$2.08 billion in revenues from oil sales this year, with over US$974 million...

Guyana banking on gas project to boost value-added wood products

Guyana’s Ministry of Natural Resources expects the operationalization of the Gas-to-Energy project to facilitate a boost in value-added wood products.   The Gas-to-Energy project is a collaboration between Exxon and the government, to transport offshore natural gas to shore, primarily for...

Guyana says Venezuela suggested excessive timeline for submission in ICJ border case 

Guyana said Venezuela made an excessive timeline suggestion in a meeting to determine the way forward on the countries’ border controversy case at the International Court of Justice (ICJ).  Agents of the two countries met on June 11 with Judge...

Trinidad and Tobago experiences first sustained economic recovery in a decade

For the first time in a decade, Trinidad and Tobago is undergoing a gradual and sustained economic recovery, according to the International Monetary Fund (IMF). On May 8, 2024, the IMF Executive Board concluded its Article IV consultation with...

Guyana sends gov’t official sanctioned by US on leave 

The Guyana government said it sent Mae Thomas, an official sanctioned by the United States Treasury Department, on leave with immediate effect. The government statement came hours after an official release from the US announcing sanctions on Thomas; two...

U.S. sanctions Mohameds, Guyana gov’t official for bribery, corruption in gold sector

The Mohameds, Nazar and his son, Azruddin; their companies and a Guyanese government official, Mae Thomas, have been sanctioned by the U.S. Treasury Department for their roles in public corruption in Guyana, a release said. Just last year, the...

Guyana remains one of the world’s lowest-cost oil producers with competitive breakeven price of US$36/bbl

A new report from the International Energy Forum (IEF) and S&P Commodity Insights revealed that despite rising production costs, most new oil supplies can be produced at under US$60/bbl Brent. The “Upstream Oil and Gas Investment Outlook” report highlighted...

Amid oil bonanza, Guyana makes ‘great improvements’ to strengthen anti-money laundering effort – AG

With Guyana being among the fastest growing global economies, backed by its oil and gas sector, the nation has made “great improvements” in combatting money laundering, terrorism financing, and proliferation financing.  This is according to the Attorney General and Minister...

Push local content, don’t forget about Suriname’s other sectors – Business Development CEO 

Paramaribo, Suriname - In an interview at the recent Suriname Energy Oil & Gas Summit, Ileana Ferber, Chief Executive Officer and founder of Colibri Business Development urged the South American nation to balance local content development alongside the growth...

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CGX says Guyana government open to talks over cancelled Corentyne oil license

CGX Energy said on Friday that the Government of Guyana has indicated it may be open to talks in...