News

Stena DrillMax deployed for development drilling at Yellowtail site 

The MODU Stena DrillMax will be used to continue development drilling activities at ExxonMobil Guyana’s Yellowtail well site in the offshore Stabroek Block.  An April 27 Notice to Mariners by the Maritime Administration Department (MARAD) said the exercise will conclude...

All roads lead to Fangtooth as next Stabroek Block development

The Fangtooth reservoir is shaping up nicely to become ExxonMobil’s 7th Stabroek Block development.  This fact is supported by its latest discovery - Lancetfish-1, according to Greg Hill, Chief Operations Officer (COO) at Hess Corporation. Hess holds a 30% stake...

Ex-PDVSA VP with close links to El Assami charged in $$b oil scandal

Ysmel Serrano, ex-Vice President of Venezuela’s state-run PDVSA is the latest top-ranking official to be slapped with charges as investigations progress into the billion-dollar oil scandal. He served in the post and acted as trade chief between 2017 and...

Liza Unity to produce 250,000 bpd by year-end – Hess COO

Guyana’s Liza Phase 2 Project and its accompanying Liza Unity production vessel are expected to undergo a series of maintenance and debottlenecking activities that will push production from 220,000 barrels of oil per day (bopd) to 250,000 bopd by...

OPEC, IEA trade words as oil price jumps again

Oil price jumps have led to a recent public spat between the International Energy Agency (IEA) and oil group Organisation of Petroleum Exporting Countries (OPEC).  OPEC lashed out at IEA after its Executive Director Fatih Birol in a Bloomberg interview...

Guyana issues Uaru production license; Hess follows Exxon with FID

Guyana’s Ministry of Natural Resources (MNR) announced approval of the Uaru Field Development Plan and the issuance of the Uaru Petroleum Production License, on April 28.  Hess Corporation, a 30% stakeholder in the project, said it made a final investment...

Exxon nets highest Q1 earnings in history – Woods

ExxonMobil Corporation announced first-quarter 2023 earnings of US$11.4 billion, or US$2.79 per share assuming dilution - a drop from US$12.8 billion in the last quarter. The result aligned with its Securities and Exchange Commission (SEC) 8-K filings, triggered by...

Clear line of sight for Stabroek Block to hit 1.3 million bpd by 2027

With regulatory approvals granted for Exxon’s fifth Guyana development - Uaru, next up on the list is number six - Whiptail.   This development is expected to tap Exxon’s Whiptail, Pinktail and Tilapia discoveries, taking production offshore the South American country...

Exxon hits dry hole at Stabroek Block’s Kokwari-1 well

Hess Corporation said on April 26 that the Kokwari-1 exploration well in the Stabroek Block offshore Guyana did not encounter commercial quantities of hydrocarbons. Hess’ Chief Operating Officer (COO), Greg Hill noted that Kokwari was a higher-risk carbonate play that...

Stabroek Block investments in Guyana now above US$40 billion as partners FID Uaru project

ExxonMobil Guyana announced on Thursday that it has made a final investment decision (FID) on the Uaru development, its fifth such project offshore the South American country. Exxon is the operator of the Stabroek Block, where the project will...

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Guyana Electric boosts grid reliability with specialized high-voltage training

Guyana Electric has launched specialized training courses in medium and high-voltage cable terminations and joints, aimed at improving installation...