News

Luiz Hayum, a principal analyst with Wood Mackenzie's Latin America upstream research team, sees Guyana’s oil bounty raking in huge sums for the ExxonMobil-led consortium and the government.  “Our valuation for Stabroek’s ten-FPSO development is over US$150 billion at US$65/barrel...

ExxonMobil has insured its eight-well Stabroek Block exploration campaign for the period February 2024 to February 2025, in conjunction with its Stabroek Block partners, Hess and CNOOC. The contract of insurance, published in Guyana’s Official Gazette, sets a limit of...

Guyana’s Ministry of Finance announced a withdrawal of US$300 million (approximately GY$63 billion) from the country’s Natural Resource Fund (NRF) in a May 20 release. Added to the US$250 million (approx. GY$52 million) withdrawn in March, withdrawals for the year...

Guyana’s Natural Resource Fund (NRF) closed April 2024 with a market value of US$2.634 billion (GY$549 billion), nearly equivalent to half of the country’s US$5.496 billion (GY$1.146 trillion) national budget this year.  Annual revenues to the government from oil production...

ExxonMobil Guyana is forging ahead with its Stabroek Block drilling program with two appraisal wells being targeted at the Haimara gas field, discovered five years ago. This is according to a document published in Guyana’s Official Gazette. The program includes the...

Saipem has been awarded a new offshore contract by Azule Energy Angola S.p.A., subsidiary of Azule Energy Holdings Limited, an incorporated joint venture between Eni and bp.  The award concerns the development of the Ndungu field as part of Agogo...

Consultancy Group, Wood Mackenzie puts Suriname’s oil resource count at more than 2.4 billion barrels and its natural gas resources at 12.5 trillion cubic feet (tcf).  Based on WoodMac’s numbers, assuming one trillion cubic feet of gas equals 176 million...

Petrobras estimates that the revitalization project of the Marlim field in the Campos Basin will produce an additional cumulative volume of 860 million barrels of oil equivalent.  Mariana Cavassin, Executive Manager of Production Development Projects at Petrobras, told participants at...

Upstream has reported that SBM Offshore could take the upper hand in competition with MODEC to build and deliver Suriname’s first floating production, storage and offloading (FPSO) vessel, as it was “pre-selected as the preferred bidder.” Fabio Palmigiani, the publication’s...

Petronas’ Roystonea-1 and Fusaea-1 discoveries in Block 52 offshore Suriname are estimated to hold recoverable resources approaching 400 million barrels, according to new numbers released by UK-based consultancy group Wood Mackenzie.  “This could be enough to support an FPSO ...