News

While a United Nations report, released last month, lobbies for countries to invest in renewable energy sources over natural gas, Guyanese stakeholders insist that the government remain steadfast in realising its agenda for a gas-led energy mix. In fact, financial...

Verisk recently announced the signing of a definitive agreement under which an affiliate of Veritas Capital will be acquiring, Wood Mackenzie (WoodMac) – the world-renowned data analytics source. Veritas Capital describes itself as a private equity firm that invests in...

In a four-day span, Brazil’s state oil producer, Petrobras, announced that it discovered oil in two Santos Basin wells. The first discovery was made during a training test at the pioneer well 1-BRSA-1381-SPS (Curaçao) in the pre-salt of the southwestern...

For Guyana’s first oil blocks auction, the government has said successful bidders will have to pay a minimum of US$10 million for each of the 11 shallow water blocks in play. They would also have to pay a minimum of US$20...

Guyana’s Vice President, Dr. Bharrat Jagdeo, disclosed on Thursday that the government is engaging world-renowned engineering and consulting firms, Stantec and Worley, for its landmark Gas-to-Energy Project set to come online by 2024. The former Head of State said tenders were...

Saipem said it closed the sale of its onshore drilling business on Friday to KCA Deutag. The agreement was announced in June. Specifically, Saipem’s activities in Saudi Arabia, Congo, United Arab Emirates and Morocco have been transferred. The agreement provides for...

Hess Corporation, which holds a 30% stake in the Stabroek Block, reported on Wednesday that its net production in the offshore concession increased by 66,000 barrels of oil per day (bpd). In its operational update on Guyana, the company said...

When the 2022 United Nations Climate Change Conference, more commonly referred to as COP27, gets underway next week, global leaders must once and for all, outline a clear roadmap for providing vulnerable nations with vital financing for climate adaptation. This...

Guyana’s Vice President, Dr. Bharrat Jagdeo, announced Thursday that the government settled the main fiscal terms for the new model production sharing agreement, including 10% royalty and a 65% cost recovery cap. These terms, he explained, will apply for blocks awarded at...

For October 2022, Guyana’s Natural Resource Fund (NRF) account received almost GY$33 billion (US$155.943 million) in deposits. This was noted by the Central Bank in its monthly summary of the Fund’s financial position and performance. Central Bank said royalties received for that period...