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Guyana’s revenue from oil production expected to significantly increase in a few years as Exxon, COVs recoup costs

Kemol King -
Guyana can expect a significant spike in its oil revenues as early as 2026/2027 after the ExxonMobil-led Stabroek Block consortium (Exxon 45%, Hess 30% and CNOOC 25%) substantially recovers the tens of billions invested in exploration and development of...
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Guyana’s oil production hits 645,000 barrels per day

Shikema Dey -
The total output from Guyana’s Stabroek Block developments sits above 600,000 barrels per day (b/d) currently, surpassing projections set by the operator, ExxonMobil Guyana Limited (EMGL).  “Overall, our production capacity across all three facilities is now at 645,000 barrels per...
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Venezuela accredits Guyana Ambassador as countries move to cooperate 

OilNOW -
Minister for People’s Power for Foreign Affairs of Venezuela, Yvan Gil received letters of credence from Dr. Richard Van West Charles, Guyana’s Ambassador to Venezuela, recently.  The two engaged cordially. A Guyana government release said Ambassador Van West-Charles affirmed the...
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Venezuela to pocket “no less than 45%” of Dragon Gas gross income 

OilNOW -
Venezuela is set to receive almost half of the income from the Dragon Gas deal with Trinidad and Tobago.  According to a Feb. 3 Reuters article, the terms were outlined in a license, published by Venezuela’s official gazette. “In no...
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Guyana advances clean energy electrification in hinterland communities

OilNOW -
The Guyana Energy Agency (GEA) has announced its achievements in clean energy electrification projects across hinterland communities in 2023.  These include:  - Electrification with solar home energy systems: GEA spearheaded a project to supply, deliver, and distribute 30,000 solar home energy...
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NSTA awards 24 licenses in second tranche of UK’s 33rd oil and gas licensing round

OilNOW -
The North Sea Transition Authority (NSTA) has announced the allocation of 24 licenses in the second tranche of the U.K.'s 33rd oil and gas licensing round, involving 17 different companies, including industry giants such as Shell, Equinor, BP, and...
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Stabroek Block production ramp-up expected to move faster – Darren Woods

Shikema Dey -
The optimization of production at the ExxonMobil-operated Stabroek Block offshore Guyana has been unprecedented and this can be increased even further.  ExxonMobil's Chief Executive Officer (CEO), Darren Woods says the company’s “design one, build many” concept is a huge factor...
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MODEC marks start of construction for ‘one of the most sustainable FPSOs in the world’

OilNOW -
MODEC hosted a reception at the Guyana Marriott Hotel on Friday to celebrate the start of construction for its first project in the South American country – the Floating Production Storage and Offloading (FPSO) vessel Errea Wittu, for ExxonMobil...
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Noble to cut emissions from Guyana operations by 12%

OilNOW -
Noble Corporation said it is implementing new energy efficiency upgrades to enhance sustainability on drillships operating offshore Guyana.  “CO2 emissions will be slashed by over 5,700 tons/year for each rig, amounting to a 12% reduction. This initiative includes advanced technologies...
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Chevron reports 64.4% decrease in Q423 earnings amid record production, increased investments

OilNOW -
Chevron announced total earnings of US$2.25 billion in the fourth quarter (Q4) of 2023, reflecting a 64.4% drop from the US$6.35 billion reported in the same period in 2022. Chevron in its Feb. 1 financial report said the decline was...
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Guyana's Oil LedgerKemol King -

Guyana gets another US$191 million from oil sales in June

Guyana earned just over US$191 million (GY$40 billion) from the sale of three oil cargoes (each about a million...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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