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MODEC to supply fully electrified FPSO to Brazil for Equinor’s Campos basin cluster

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MODEC has signed a Sales and Purchase Agreement (SPA) with Equinor Brasil Energia Ltd, a subsidiary of Equinor ASA, to provide a fully electrified Floating Production, Storage and Offloading (FPSO) vessel for the Pao de Acucar, Seat & Gavea...
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EPA consulted multiple established jurisdictions to determine guarantee from Exxon

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Guyana’s Environmental Protection Agency (EPA) has come out in defense of its decision to appeal a Supreme Court ruling related to the provision of financial assurance from ExxonMobil in the unlikely event of an oil spill due to Stabroek...
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Prospector won against CGX Energy in Demerara Block seismic arbitration case

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CGX Energy had to relinquish the Demerara Block because it couldn’t find the funds to do its work. It turns out that CGX Energy was taken to arbitration for funds owed to Prospector PTE Ltd., a company it had...
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Guyana not a backwater country, must not engage in economic nationalism – Jagdeo

Kemol King -
The Guyana government is facing criticisms of its management of the oil sector, including accusations of anti-nationalism, hot on the heels of an upset judgment by the Supreme Court. Justice Sandil Kissoon said ExxonMobil affiliate, Esso Exploration and Production...
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Local logistics company supporting Guyana’s GtE project

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Demerara Integrated Logistics Inc. has delivered a second vessel to support ExxonMobil’s operations offshore Guyana - this time, for the Gas-to-Energy (GtE) project.  The latest vessel to be delivered - Knockout P - a DP2 platform supply vessel (PSV) will...
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Despite 19% drop in profits, Saudi Aramco remains world’s second-largest company after displacing Microsoft

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Saudi Aramco, the world’s largest oil exporter, has announced its first-quarter 2023 net profit of US$31.88 billion, beating analysts’ expectations. Although the figures represent a 19% drop from the corresponding period in 2022, the company has exceeded market expectations...
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ExxonMobil to provide Guyana with “real-time” access to Uaru production data/reports

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ExxonMobil affiliate and Stabroek Block operator, Esso Exploration and Production Guyana Limited (EEPGL) has agreed to provide Guyana with real-time access to data pertaining to the Uaru Development Project. The level of compliance expected by Guyanese regulators is explicitly...
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Guyana’s oil fund valued GY$348.6 billion at end of April

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After opening the month of April with a balance of GY$305,363,388,000 (approximately 1.46 billion), Guyana's Natural Resource Fund received royalties and two payments of profit oil revenues. This moved the balance of the fund to GY$348.6 billion (US$1.67 billion),...
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Exxon’s Guyana projects challenging MODEC, SBM Offshore to break new ground

Kemol King -
With expanding crude production offshore Guyana at an unrivaled pace, builders of floating production, storage and offloading (FPSO) units are being pushed to add higher capacity vessels to their portfolios.  MODEC and SBM Offshore have both been entrusted by ExxonMobil...
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Suriname LNG developers kickstart process for environmental authorisation

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Phoenix Development and Havenbeheer Suriname have submitted a scoping report to Suriname’s National Institute for Environment and Development (NIMOS) seeking environmental authorisation for the planned liquid natural gas and mega port project - Firebird LNG.  In a May 8 announcement,...
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Jennifer Geerlings-Simons makes history as Suriname’s first female President amid offshore oil plans 

PARAMARIBO-SURINAME: Suriname’s National Assembly convened on Sunday to elect the country’s next president in an important parliamentary session. In...

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