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SBM Offshore’s new build FPSO receives $1.615 billion project financing for Mero Field in Brazil

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SBM Offshore has announced the successful signing of a project financing agreement for the FPSO Alexandre de Gusmão, totaling a significant amount of US$1.615 billion. The financing has been secured through a consortium of 12 international banks, with insurance...
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Guyana moves to expand oil regulation with new proposed law

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Guyana’s Ministry of Natural Resources has announced the release of a draft Petroleum Activities Bill for public consultation, proposing a major overhaul of its oil and gas regulatory framework. The bill aims to replace the outdated Petroleum (Exploration and...
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Parliamentary Mace “nothing more than a relic” – High Court Judge as case challenging oil fund law thrown out

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Guyana High Court Judge Navindra Singh on June 19 dismissed the case challenging the legality of the country’s oil fund law.  The case, filed by opposition Chief Whip Christopher Jones and Trade Unionist Norris Witter, stood on the claim that...
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FPSO Sepetiba embarks on journey to boost Brazil’s offshore oil production

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China's BOMESC shipyard bid farewell to the FPSO Sepetiba on June 16 marking a significant milestone for SBM Offshore, one of the world's leading providers of floating production, storage, and offloading (FPSO) units.  The vessel embarked on its journey to...
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Exxon has invested in Guyana, the equivalent to the Central Bank’s total assets

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Top officials at ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL) have confirmed that its asset base as of December 2022 stood at GY$2.3 trillion (almost US$11 billion).  EEPGL’s Vice President and Business Service Manager, Phillip Rietema was keen...
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Latin America’s oil and gas production set for 25% surge by 2028

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New projections by the International Energy Agency (IEA) see Latin America’s oil production increasing by 25% by 2028. Guyana and Brazil are among those leading this growth.  “Oil-producing countries outside the OPEC+ alliance dominate plans for increasing global supply capacity...
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Premature to say whether Guyana will need to take Venezuela controversy to UN Security Council – Jagdeo 

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Career diplomat, Dr. Riyad Insanally, sees Guyana’s recent election to sit on the United Nations Security Council, for the period 2024-2025, as a helpful addition to the repertoire of avenues that can be tapped by the government in its...
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The energy transition era still in full swing or waning?

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The energy transition talks came in hot but there appears to be a shift; majors are backpedaling on prior commitments to cut back on oil production.  bp was the first, and now Shell Corporation is moving in the same direction.  The...
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Post-drilling analysis advances prospectivity evaluation in Canje, Kaieteur blocks offshore Guyana

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Exploration efforts in the Canje and Kaieteur Blocks offshore are continuing, according to ExxonMobil Guyana, which said that experts are diligently examining the post-drill results to gain deeper insights into the oil and gas potential outside of the Stabroek...
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Eni hires Baker Hughes for Ivory Coast subsea project

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Baker Hughes has been awarded a major contract by Eni and its partner Petroci for the Baleine Phase 2 project in Ivory Coast, Africa’s first Scope 1 and 2 net-zero emissions development. This award includes eight deep water trees, three...
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Wales Gas-to-Energy project accelerates with 120 day foundation plan

Guyana’s Gas-to-Energy project at Wales is entering a crucial phase as contractor Lindsayca Guyana pushes to complete all foundation...

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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