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Woodside Energy abandons Trinidad block

OilNOW -
Australian-based Woodside Energy Group has handed back a deepwater block to the government of Trinidad and Tobago, following an appraisal that deemed its development financially unsound, according to a company representative on Wednesday. Reuters broke the story of the...
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Exxon set to buy out largest carbon capture and storage company in U.S in $4.9 billion all-stock deal

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ExxonMobil Corporation announced that it has reached a definitive agreement to acquire Denbury Inc., a renowned developer of carbon capture and storage (CCS) solutions and enhanced oil recovery. The all-stock transaction is valued at US$4.9 billion.  The acquisition aligns with...
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African Chamber says Stabilization Clause in Stabroek PSA delivering major benefits, wants Namibia to follow suit

Shikema Dey -
Having significant hydrocarbon reserves certainly will get energy companies’ attention, but holding the companies’ interest — and convincing them to continue investing billions of dollars in exploration and production activities — requires deliberate, strategic measures on the part of...
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Suriname’s Staatsolie exploring higher upstream funding for incoming offshore development

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To develop Suriname’s offshore oil potential, a higher level of financing is required and its state-owned company Staatsolie is readying itself to ensure it is prepared. Outlined in its updated 2022 Annual Report, Staatsolie said it has amended and extended...
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Uptick in local small- to medium-scale logistics, transportation businesses seen in second year of Local Content law

OilNOW -
Guyana’s Local Content Act - implemented in 2021 - has enabled significant investment in small and medium-scale logistics and transportation enterprises to service the expanding oil sector.  During a virtual discussion on investment opportunities in Guyana and Ghana, Senior Petroleum...
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Ali expects US$10 billion in annual inflows to Guyana oil fund by 2030

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Guyana’s President Dr. Mohamed Irfaan Ali said the government projects revenues from oil will amount to US$10 billion annually by the end of the decade.  “Our Natural Resource Fund is growing and we are looking to the modernisation of our...
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Over 1,000 job seekers flock to Career Fair for Guyana’s largest shore base; some hired on the spot

OilNOW -
Over 1,000 eager Guyanese turned out to the Guyana Shore Base Inc. (GYSBI) Career Fair at the West Demerara Secondary School on July 9, with the company managing to hire several on the spot.  Vacant positions ranged from Excavator Operators,...
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Guyana’s ‘highly competitive, low carbon oil’ will catapult country to world’s 4th largest offshore producer by 2035

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Ahead of veterans like Norway and Mexico, Guyana is projected to become the world’s fourth-largest oil producer by 2035, according to a new United Nations Economic Commission for Latin America and the Caribbean (ECLAC) report.  “The dynamic performance of the...
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Guyana mega oil project pushes country to third place for highest value foreign investment in 2022 – new report

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Guyana trailed behind only Mexico and Brazil, holding the third slot as the country with the highest total value of foreign direct investment (FDI) project announcements for 2022 in Latin America and the Caribbean.  Outlined in the new United Nations...
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Historic dismantling of FPSO in Brazil marks dawn of a new era for South America’s biggest oil producer 

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Brazil’s state-owned oil entity Petrobras is building out its green recycling market with the sale of the first floating production, storage and offloading (FPSO) vessel closed on July 7. Now, the company will spend US$9.8 billion to retire at...
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Guyana Electric boosts grid reliability with specialized high-voltage training

Guyana Electric has launched specialized training courses in medium and high-voltage cable terminations and joints, aimed at improving installation...

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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