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Aker Solutions, SLB, Subsea7 get greenlight for tech venture, eye Q4 2023 closure

OilNOW -
A highly anticipated joint venture between Aker Solutions, SLB (Schlumberger), and Subsea7 has cleared the regulatory hurdles, marking a significant step forward towards its targeted fourth-quarter 2023 closing. The proposed collaboration, which aims to revolutionise subsea production economics, has...
News

Petroleum Commission among proposed oil law amendments by opposition party

OilNOW -
The Alliance for Change (AFC), a key party in the APNU+AFC Parliamentary opposition, has published its proposed amendments to the Petroleum Activities Bill 2023, the document that’s meant to overhaul Guyana’s decades-old oil and gas regulatory framework. Key to...
News

Ramps Logistics, N&S Algoo in customs brokerage joint venture

OilNOW -
Ramps Logistics Guyana Inc. (RLG) has entered into a contractual partnership with N&S Algoo Customs Brokerage Service, Ramps said in an August 8 press release.  N&S Algoo, in the sector since 2012, offers bespoke customs brokerage solutions to a range...
Exploration

Staatsolie boss confident of FID for Suriname’s Block 58 next year; says more resources accumulating

Shikema Dey -
2024 has been confirmed as the timeline for Suriname’s Block 58 Final Investment Decision (FID) signaling a potential start to offshore oil production in the South American country.  That timeline was confirmed to OilNOW by Managing Director of Staatsolie -...
News

US$128 million more in royalties, profit oil revenues deposited into Guyana oil fund in July

Kemol King -
Guyana’s Natural Resource Fund (NRF) received US$128.21 million (GY$26.73 billion) in royalties and profit oil revenues in July. The NRF closed July with US$1.86 billion. The revenues are being generated from oil production at the ExxonMobil-operated Stabroek Block.  Payment for...
News

Guyana gov’t asks House to approve GY$5 billion for Gas-to-Energy transmission, distribution work

OilNOW -
The Guyana government has submitted a supplementary provision to Parliament, proposing an additional GY$61 billion in funds for various government initiatives set for this year. Significantly, GY$5 billion (approximately US$24 million) of this has been earmarked for the Gas-to-Energy...
Discoveries

Trinity Exploration hits “virgin oil” in super-mature basin in TT 

OilNOW -
UK-based energy company Trinity Exploration & Production has made a groundbreaking discovery of what it refers to as "virgin oil" in an exceptionally mature basin onshore Trinidad and Tobago.  Trinity Exploration & Production announced on August 7 that it had...
News

Guyana has spent over GY$70B in oil revenues on social welfare initiatives

OilNOW -
As revenues from oil production continue to support extensive infrastructural development projects in Guyana, it is also providing authorities with the capacity to direct over GY$70 billion (approximately US$335.5 million) toward citizens’ welfare. This has been done within a...
News

Six big oil companies to dole out US$7B on exploration in 2023, 14% of total global spend

OilNOW -
Six major oil companies - ExxonMobil, bp, Shell, TotalEnergies, Eni, and Chevron - are poised to play a significant role in global exploration activities this year. According to industry forecasts by Rystad Energy, these major players are expected to...
News

Next steps at Baja-1 discovery in Suriname’s Block 53 being assessed for potential development – APA Corp.

OilNOW -
The Baja-1 find in Suriname’s Block 53 is being assessed for development, APA Corporation stated in its Q2 earnings report.  It was the first ever for Block 53, made back in August last year.  Baja-1 was drilled to a depth of...
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Exxon gives back portion of Stabroek Block to Guyana government

ExxonMobil and its partners in Guyana have relinquished 2,534 square kilometers of the Stabroek offshore oil block to the...

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