News

Petrobras, the Brazilian state oil producer, has acquired significant stakes in three offshore blocks in Sao Tome & Principe through a deal with Shell, marking its re-entry into African exploration. Under this agreement, Petrobras secured a 45% interest in blocks...

S&P Global's Richard Swann has identified Guyana’s oil as a potential replacement for Russia's Ural oil in the global market. The opportunity came about after Russia invaded Ukraine and faced sanctions from Western nations. “... perhaps it's a replacement for...

TGS, a provider of data and intelligence for the energy industry, announced the completion of a groundbreaking series of marine ocean bottom node (OBN) surveys offshore Guyana. According to TGS, the final node recovery on December 1, 2023, marked...

Vice President Bharrat Jagdeo has asserted that a visit by the United Kingdom Royal Navy patrol vessel HMS Trent to Guyana is part of a routine operation and not intended for aggression against Venezuela. During a press conference today,...

Following the recent oil blocks auction in Guyana, the government is set to receive more than US$100 million in signature bonuses, with contracts expected to be signed in the first quarter of 2024. The oil auction, the country's first...

Guyana's economic growth continues to outpace global trends, with projections soaring beyond expectations, according to the Economic Commission for Latin America and the Caribbean (ECLAC). ECLAC estimated a growth rate of 39.2% for Guyana this year, a figure in the...

Despite calls in some sections of the society for the rapid scaling up of public servants’ salaries using oil revenues, the Guyana government says it will not yield to such temptations. It warned that steep increases can lead to...

Brazil's state-run oil giant, Petrobras, has finalized contracts with Enauta for the sale of its entire stake in the Uruguá and Tambaú fields, nestled within the Santos basin. The deal, amounting to US$35 million, signifies Petrobras' strategic maneuver to...

According to the latest report of Guyana’s Audit Office, GY$108 billion (approximately US$518 million) in tax concessions were granted in 2022 to support booming activities in the oil and gas industry. While this is a significant sum, the nation’s...

Audun Martinsen, Head of Supply Chain Research at Rystad Energy, predicts heightened reliance on local content requirements within the oil and gas sector amidst mounting supply chain concerns for 2024. Martinsen highlighted the increasing focus on re-shoring services and...