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Guyana hikes royalty to 10% in major overhaul of PSA fiscal terms

OilNOW -
Guyana’s Vice President, Dr. Bharrat Jagdeo on Thursday announced new fiscal terms as part of an updated model production sharing agreement being introduced in the new oil producing South American country. The government has said over the months that new...
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Exxon gearing up for major Supplier Forum in Guyana next week

OilNOW -
Major stakeholders leading the development of the oil and gas sector in Guyana are gearing up to host the second in-person Guyana Supplier Forum. ExxonMobil Guyana and the Centre for Local Business Development are at the helm of the organisation...
News

CGX, Frontera kickstart relinquishment process for Berbice, Demerara blocks

OilNOW -
CGX Energy, its subsidiary ON Energy, and Frontera Energy have begun the relinquishment process for two oil blocks they control in Guyana – Demerara and Berbice. CGX said on September 20, 2022, the government provided a Deed of Surrender to...
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No mention of FID for Suriname’s Block 58 during TotalEnergies earnings conference

Shikema Dey -
TotalEnergies – operator of Suriname’s offshore Block 58 held its Q3 Earnings Conference last Thursday to appraise shareholders of its massive US$6.6 billion haul for the quarter. But its Chief Financial Officer (CFO), Jean-Pierre Sbraire, made no mention of any intended final...
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Deakin expects Lula to freeze Petrobras divestments, sell domestic fuels below world market price

OilNOW -
Luiz Inácio Lula da Silva has won Brazil’s presidential election. Following the transfer of power in Brazil, Latin America’s largest democracy, myriad reforms are expected in the energy sector. Arthur Deakin, analyst and Director for Americas Market Intelligence (AMI) Energy Practice,...
Exploration

Yet another delay for spudding of CGX’s highly anticipated Wei-1 well

OilNOW -
Owing to another delay, this time at no fault of its own, CGX Energy has revised the spud window for its Wei-1 prospect in the Corentyne Block to between December 2022 and late January 2023. In its operational update on...
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Local content earnings top GY$129 billion, over 350 certificates issued to suppliers

OilNOW -
Guyana’s Local Content Secretariat said Tuesday that it has granted Local Content certificates to 354 Guyanese suppliers, listed on its website. The coveted certification allows those suppliers to be treated with legally mandated preference by international oil companies (IOCs) and...
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Guyana’s oil gives it competitive edge over Trinidad and Tobago, Suriname – AMI analyst

OilNOW -
Stacked against each other, international investors will tell you that they favour Guyana’s oil prospects over Suriname’s, and even those of legacy producer, Trinidad and Tobago, says energy analyst, Arthur Deakin. The Director for Americas Market Intelligence (AMI) Energy Practice made this statement as part...
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Hess’ pumps US$701M into Guyana, other assets in Q3; returns US$265M to stockholders

OilNOW -
Hess Corporation says its exploration and production expenditure hit US$701 million in the third quarter of 2022 compared with US$498 million in the prior-year quarter. This was primarily due to higher drilling and development activities in the Bakken, the Malaysia-Thailand...
News

Muneshwers’ Limited in US$4 million deal with IDB for Guyana’s first mobile crane

OilNOW -
Towards the modernisation of its massive wharf facility in Guyana, Muneshwers’ Limited – a household name in the South American nation – has inked a US$4 million deal with the Inter-American Development Bank (IDB) to procure the country’s first...
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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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