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US$2.5 billion in oil revenue to support Guyana’s 2025 budget

OilNOW -
The Guyana government will withdraw US$2.5 billion in oil revenue to support its US$6.628 billion (GY$1.382 trillion) budget for 2025, Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni Singh,...
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Suriname team tours Guyana’s FPSO simulator unit as oil development advances

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SBM Offshore Guyana hosted a Local Content taskforce from Staatsolie, Suriname’s national oil company, at the Facility Simulator (FacTor) Unit of the Guyana Technical Training College on January 21.  Representatives from the Natuur Technisch Instituut Suriname (NATIN) joined the visit. According...
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SLB to reduce spend in Guyana this year – CEO 

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SLB CEO Olivier Le Peuch reported a reduction in upstream spending in Guyana during his overview of the company’s 2024 performance and 2025 outlook. While acknowledging strong performances in various regions, he pointed out contrasting trends across international markets. “In...
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Trump reverses Biden’s LNG export and permitting restrictions in sweeping energy policy overhaul

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U.S. President Donald Trump reversed the pause on LNG export permitting applications and instructed expedited reviews of related projects as part of a broad energy policy overhaul.  In his ‘Unleashing American Energy’ executive order issued hours after his inauguration, Trump...
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Guyana gov’t allocates US$245 million to complete Gas-to-Energy project

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The Guyana government allocated US$245 million (GY$51 billion) for the Gas-to-Energy project in its 2025 budget. The landmark project will use offshore natural gas for power generation, reducing emissions and giving the government the fiscal space to slash consumer...
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Exploration licenses for new oil blocks to be issued in 2025 – Natural Resources Minister

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The Government of Guyana plans to issue exploration licenses for new offshore oil blocks this year, two years after launching a competitive bidding process for 14 blocks. The delay has prompted an apology from Natural Resources Minister Vickram Bharrat. “I...
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Guyana reaches 52 oil discoveries, Stabroek Block dominates with 46 by ExxonMobil

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Guyana has recorded 52 oil discoveries across its offshore blocks, with ExxonMobil leading the charge in the Stabroek Block, where 46 discoveries have been made. This was revealed by Guyana’s Finance Minister, Dr. Ashni Singh, during his 2025 budget...
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BOMESC secures contract for Suriname’s first deepwater FPSO topside modules

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BOMESC Offshore Engineering Company Limited has signed a contract with STS VOF to construct topside modules for Suriname’s first floating production, storage, and offloading (FPSO) vessel.  The deal, valued between RMB 750 million and 1 billion (approximately US$102 million to...
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US Energy Agency forecasts falling oil prices and slower production by 2026

OilNOW -
The U.S. Energy Information Agency (EIA) has released its latest Short-Term Energy Outlook (STEO), which now includes forecasts for 2026. The report assumes U.S. gross domestic product (GDP) will grow by 2% in both 2025 and 2026. Global oil prices...
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John Hess says political risk in Guyana “low” as elections approach

OilNOW -
John Hess, Chief Executive Officer of Hess Corp., is confident in Guyana’s stability ahead of the South American nation’s general and regional elections this year.  Hess holds 30% of the shares in Guyana’s Stabroek Block. CNOOC is a partner, and...
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Guyana’s oil fund earned US$141 million in interest in 2024 

Guyana’s Natural Resource Fund (NRF) earned US$141 million (GY$29.5 billion) in interest income in 2024, according to the government....

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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