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“Bluffing didn’t work” – Seeking Alpha Analyst on CGX, Frontera losing Guyana’s Corentyne Block 

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Guyana has taken control of the Corentyne Block from Frontera Energy and its partner, CGX Resources. This move follows a series of unmet contract obligations. Frontera and CGX had been working on this block for some time, with CGX...
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Guyana and Brazil drive US$189 billion offshore investment surge

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Guyana and Brazil are leading a massive investment wave in South America’s offshore oil sector, accounting for a significant portion of the region’s US$189 billion in conventional greenfield capital expenditure between 2020 and 2030, according to Rystad Energy.  Rystad said...
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ExxonMobil expects Q3 2024 earnings to drop, impacted by lower commodity prices and industry margins

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ExxonMobil forecasts a dip in Q3 2024 earnings due to market factors, with estimated total earnings at US$9.2 billion.  ExxonMobil’s advantaged assets in Guyana, Permian Basin pushing it well ahead of competition | OilNOW A key factor is declining liquid prices,...
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Norwegian, British firms among bidders to conduct 3D seismic study offshore Guyana

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Guyana's National Procurement and Center Administration Board published a list of four bidders for a contract to conduct a 3D Multi-Client Seismic Survey offshore Guyana:  The four bidders are PSS-GEO from Norway, CGG Veritas Services UK Ltd. from the United...
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2024 withdrawals from oil fund now at US$1.150 billion – Guyana’s Finance Ministry 

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To date, a total of US$1.150 billion (GY$239.176 billion) has been withdrawn from Guyana’s Natural Resource Fund (NRF), the Ministry of Finance said in a recent update.  Guyana transferred US$300 million (GY$62.394 billion) to the Consolidated Fund on Oct. 1,...
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Guyana congratulates Suriname as interest in gas monetization grows

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Guyana’s Vice President, Bharrat Jagdeo, said he looks forward to the potential “shared infrastructure” Guyana and Suriname can have as contiguous states with significant petroleum resources.  TotalEnergies recently announced its final investment decision (FID) for the Block 58 Gran Morgu...
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2,000 direct jobs to be created in Suriname as TotalEnergies set to spend US$1.5 billion in-country

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TotalEnergies' Gran Morgu project is set to create thousands of jobs, including 2,000 direct jobs over its lifetime. Meanwhile, the Total-led group plans to spend US$1-1.5 billion in Suriname as part of its development program for the Gran Morgu...
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Local security company to hire over 70 Guyanese as operations expand  

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Secure Innovations and Concepts Inc. (SI&C) plans to hire 75 locals as its operations expand in Guyana.  Its Chief Executive Officer (CEO), Harold Hopkinson, told OilNOW that SI&C's services encompass everything from managed security services for public and private clients...
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Exxon, Chevron and BP among 27 bidders for Guyana crude marketing deal

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ExxonMobil, Chevron, Shell, BP, and Eni are among 27 companies that have submitted bids for Guyana's crude marketing contract. ExxonMobil is the operator of the Stabroek Block where all crude production offshore Guyana is currently being executed. This includes the...
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Largest investment in Suriname history to usher in ‘new dawn’

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The GranMorgu Development is being seen as a historic milestone in Suriname’s oil and gas sector. “What seemed like a distant dream is becoming a reality,” said Annand Jagesar, Managing Director of state oil company Staatsolie.  According to Staatsolie, the name...
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Oil nation set to make approx. US$288 million payout to households

Every household in South America’s newest oil producing nation, Guyana, will receive close to US$1,000 (GY$200,000) its President, Dr....

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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