News

Trinidad and Tobago last Monday denied entry for two containers of dairy products exported from Guyana. This has resulted in a whirlwind of condemnation from Guyanese business groups and the Guyana government. It has also reopened old tensions between...

Petronas has added to Suriname’s oil bounty with a new discovery in Block 52 at the Fusaea-1 exploration well.  The prospect is located about 170 kilometers offshore and nine kilometers east of Roystonea-1, the company said today.  “The favorable results attained...

ExxonMobil is expected to accumulate approximately 516 million barrels of oil production offshore Guyana since first oil in December 2019. The US oil major has already produced more than 370 million barrels so far, according to production data published...

MODEC reported US$71 million profit in the first quarter of 2024, a 657.1% increase from the US$9.4 million profit from the prior year quarter.  Its revenue amounted to approximately US$823 million, up from US$745 million in the corresponding quarter of...

Brazilian state-controlled oil giant Petrobras announced a decline in its quarterly earnings, attributing the slump to decreased revenue from diesel sales in the domestic market and exports. According to the latest financial report, Petrobras recorded a net profit of 23.7...

Guyana Minister of Public Works, Bishop Juan Edghill, said the Demerara River bridge is 43.4% completed, according to the Department of Public Information (DPI). Work began last year and is expected to conclude by the end of 2024.  “It is...

Guyana’s Ministry of Finance on May 13 announced a write-off of GY$11 billion (approximately US$53 million) in loans taken by students to attend the University of Guyana.  Vice President Bharrat Jagdeo had said the government would clear student debt before...

More capacity is being added to Guyana’s Environmental Protection Agency (EPA) so it can effectively monitor the South American nation’s expanding oil sector. Vice President Bharrat Jagdeo addressed the topic last week at a press conference.  Jagdeo made it known...

Brazil’s state-owned Petrobras said it will need a “broad and qualified supply chain” to meet the demand for new production systems it aims to install by 2028. This point was made by its Director of Engineering, Technology and Innovation,...

(Yahoo News, May 13, 2024): Russia has found huge oil and gas reserves in British Antarctic territory, potentially leading to drilling in the protected region. The reserves uncovered contain around 511bn barrels worth of oil, equating to around 10 times...