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Frontera says it already sunk US$400M into two Guyana wells, US$40M on CGX port facility

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Frontera Energy Corporation recently revealed to its investors that it has sunk approximately US$440 million into Guyana. During its 2023 second-quarter earnings update, executives told shareholders that US$400 million pertains to two wells in the Corentyne Block while the...
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Urgent overhaul needed: Trinidad & Tobago’s energy sector calls for swift decision-making

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Things cannot be business as usual in Trinidad and Tobago if the country wants its energy sector to mend, according to head of its Energy Chamber, Dr. Dax Driver.  In an August 21 column, Dr. Driver lamented that TT would...
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MODEC FPSO hits first oil in Brazil on one of the longest charter contracts in company’s history

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MODEC, Inc. announced a significant milestone in its ongoing partnership with Petróleo Brasileiro S.A. (Petrobras) as the FPSO Anita Garibaldi MV33 successfully achieved first oil production on August 16, 2023. The vessel, now operational at the Marlim field in...
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ExxonMobil’s Whiptail project sets sights on 72 wells to propel oil output surge

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ExxonMobil’s Whiptail project is slated to target up to 72 wells to develop the fields. This was outlined in the Whiptail Environmental Impact Assessment (EIA) submitted to Guyana’s Environmental Protection Agency (EPA) for review and approval, on August 20.  “...EEPGL has...
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Guyanese contractors needed to help expand country’s largest shorebase operation

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Guyana Shorebase Inc. (GYSBI) is set to expand its capacity with the construction of a new operations center at its Houston/McDoom location along the East Bank Corridor. To bring this vision to life, the company is actively searching for...
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Guyana leads global economic growth chart with 27.14% average GDP expansion

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Guyana has catapulted to the forefront of nations with the most robust economic growth rate over a span of five years, driven by its oil industry. This revelation comes from a recent assessment conducted by the hedge fund data...
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Guyana will have Petroleum Commission at appropriate time – VP Jagdeo

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While Guyana’s Petroleum Activities Bill 2023 vests significant powers of administration for the oil sector in its Natural Resources Minister, those duties would migrate to a Petroleum Commission at the appropriate time. This was recently underscored by the country’s...
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CGX warns of financing risk for Guyana port facility 

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Canadian oil explorer, CGX Energy Inc., has put its shareholders on notice that there is no guarantee its efforts to secure financing for a port facility in Guyana would be successful. Even if it is, the company warned that...
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Guyana’s debt-to-GDP ratio to plummet to 8.9% in five years – Report 

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With Guyana poised to benefit from an astounding oil windfall from the ExxonMobil-operated Stabroek Block, the country finds itself well positioned on the pathway for a balanced budget by 2025, the Inter-American Development Bank (IDB) said in a recent...
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Guyana government to test interest of market in 17 trillion cubic feet gas reserves

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With Guyana’s Petroleum Activities Bill 2023 now awaiting presidential assent to formally become the nation’s new oil law, regulators have set their eyes on conquering a new mission—the completion of a National Gas Strategy. This was recently confirmed by...
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French firm gets five-year tech support contract from ExxonMobil Guyana

French geophysical technology company Sercel announced on Tuesday that it has been awarded a five-year contract for technical support...

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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