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Exxon identifies 600 million barrels of additional reserves in sanctioned Guyana projects

Kemol King -
ExxonMobil Guyana has increased its estimate of reserves in its Stabroek Block development projects by 600 million barrels on top of the estimates announced when the projects were sanctioned. “We review the reserves of each project each year and make...
News

Petrobras CEO abruptly departs, Magda Chambriard named successor

OilNOW -
Petrobras, the Brazilian oil giant, made a sudden announcement on Tuesday evening, about the departure of Jean Paul Prates from his position as Chief Executive. The company disclosed in a statement that it had received a request from Prates...
News

Old wounds reopen as Trinidad refuses dairy export from Guyana

OilNOW -
Trinidad and Tobago last Monday denied entry for two containers of dairy products exported from Guyana. This has resulted in a whirlwind of condemnation from Guyanese business groups and the Guyana government. It has also reopened old tensions between...
Discoveries

Petronas, ExxonMobil make third Block 52 discovery offshore Suriname 

OilNOW -
Petronas has added to Suriname’s oil bounty with a new discovery in Block 52 at the Fusaea-1 exploration well.  The prospect is located about 170 kilometers offshore and nine kilometers east of Roystonea-1, the company said today.  “The favorable results attained...
News

Exxon to surpass half billion barrels of cumulative oil production in Guyana by yearend

OilNOW -
ExxonMobil is expected to accumulate approximately 516 million barrels of oil production offshore Guyana since first oil in December 2019. The US oil major has already produced more than 370 million barrels so far, according to production data published...
News

MODEC reports 657% year-on-year profit boost in first quarter

OilNOW -
MODEC reported US$71 million profit in the first quarter of 2024, a 657.1% increase from the US$9.4 million profit from the prior year quarter.  Its revenue amounted to approximately US$823 million, up from US$745 million in the corresponding quarter of...
News

Petrobras’ Q1 earnings dip 38% due to decreased diesel sales, currency depreciation

OilNOW -
Brazilian state-controlled oil giant Petrobras announced a decline in its quarterly earnings, attributing the slump to decreased revenue from diesel sales in the domestic market and exports. According to the latest financial report, Petrobras recorded a net profit of 23.7...
News

Guyana’s new Demerara bridge nearly halfway complete

OilNOW -
Guyana Minister of Public Works, Bishop Juan Edghill, said the Demerara River bridge is 43.4% completed, according to the Department of Public Information (DPI). Work began last year and is expected to conclude by the end of 2024.  “It is...
News

EPA can detect smallest amounts of oil sheen; monitoring capacity still being added – Jagdeo 

OilNOW -
More capacity is being added to Guyana’s Environmental Protection Agency (EPA) so it can effectively monitor the South American nation’s expanding oil sector. Vice President Bharrat Jagdeo addressed the topic last week at a press conference.  Jagdeo made it known...
News

Petrobras bets on strong supply chain to put 14 platforms into production 

OilNOW -
Brazil’s state-owned Petrobras said it will need a “broad and qualified supply chain” to meet the demand for new production systems it aims to install by 2028. This point was made by its Director of Engineering, Technology and Innovation,...
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Guyana records US$3 billion trade surplus in Q1 2025, driven by oil exports

Guyana posted a trade surplus of US$3.01 billion in the first quarter of 2025, driven by crude oil exports,...

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