News

Tullow Oil has written off US$97.7 million in costs related to the Kanuku and Orinduik blocks.  Kanuku block write-offs amount to US$75.3 million, related to unsuccessful well costs, as well as license relinquishments. Repsol, the operator, drilled the Beebei-Potaro well...

Since the commencement of operations in 2015 to support ExxonMobil Guyana’s two offshore production vessels, the nation has earned in excess of GY$720 billion (US$3.45 billion). Should the Environmental Protection Agency (EPA) grant approval for the oil major’s 35-well...

Noble Corporation said its 2022 revenues for the year ended December 31, 2022 amounted to US$1.4 billion, with the King of the pile being its Guyana operations at US$469 million. Guyana, therefore, accounts for a third of Noble’s 2022...

Jean Paul Prates and Wael Sawan - the Chief Executive Officers (CEO) of Petrobras and Shell respectively inked a five-year deal that will see both oil companies joining forces to identify potential upstream opportunities.  The deal - signed on the...

Hess Corporation’s Chief Executive Officer (CEO), John Hess has assured shareholders that the Guyana government will not be swayed by calls for a change of terms in the Stabroek Block Production Sharing Agreement (PSA). During a recent energy conference, Hess...

Hess Corporation, a 30% stakeholder in Guyana's Stabroek Block, has assured the market that the co-venturers stand ready to comply with the relinquishment provisions in the 2016 Production Sharing Agreement (PSA). The company also told shareholders that the 20%...

Development drilling at ExxonMobil Guyana’s Payara field continues in preparation of the Prosperity floating production, storage and offloading (FPSO) vessel’s arrival from Singapore. MarineTraffic estimates the vessel will arrive in mid-April. According to Guyana’s Maritime Administration (MARAD), the development activities...

A recent report for one of ExxonMobil’s proposed well-campaigns for the Stabroek Block has placed the spotlight on the key reason behind the nation’s dwindling fish stock. Though there are concerns that the oil industry is a contributing factor,...

Guyana intends to open public consultations to afford oil companies a chance to review and make inputs in the new model Production Sharing Agreement (PSA) it is currently drafting.  Vice President, Dr. Bharrat Jagdeo made the disclosure during his presentation...

When it comes to the question of energy security with the Caribbean Community (CARICOM), Former Science Adviser with the Caribbean Climate Change Centre, Dr. Ulric Trotz, believes it would be better to pursue a ‘PetroCARICOM’ agreement rather than a...