News

Grand Canal Industrial Estates Inc. (GCIE), a wholly owned subsidiary of Canadian oil explorer CGX Energy Inc., said it has selected GAICO Construction and General Services Inc. to continue critical works on a portion of its Berbice Deep Water...

Guyana’s Central Bank disclosed on Monday that 65% of the US$607 million that was approved by the National Assembly to support the 2022 budget was transferred to the Consolidated Fund. The remainder – some US$207 million – is expected...

Equinor said first oil was produced at the Peregrino Phase 2 project on October 10 at 20:00 local time, using the Peregrino C platform. The project consists of the new platform with drilling facilities and living quarters tied into the...

Guyana’s Central Bank – the operational manager for the Natural Resource Fund (NRF) – disclosed on Monday that third-quarter inflows amounted to GY$102.82 billion (US$493.18 million). This comprised of profit oil totalling GY$92.18 billion (US$442.12 million) and royalties totalling GY$10.64 billion (US$51.06 million). The receipts of...

Guyana’s updated Natural Resource Fund Act outlines a clear and simple formula for the calculation of withdrawals allowable from the Fund each year. Based on this formula, using US$1.247 billion expected from oil in 2022, approximately US$998.5 million is projected...

By unlocking significant oil resources in the ExxonMobil-operated Stabroek Block, one consultant after another has often said Guyana is poised to become the next Qatar or Dubai of the region. But such a promising future cannot come to pass...

Malaysia's Petronas has signed a Production Sharing Contract (PSC) with TotalEnergies, Petronas Carigali, and Shell for Block 2K, an ultra-deepwater block off the coast of Sabah, Malaysia. Petronas said that Block SB 2K, with a depth of up to 3,000...

For Guyana to succeed with the implementation of its Local Content Legislation, its regulators must keep rapid skills development at the top of mind, says University of Guyana Professor, Dr. Leyland Lucas. The educator made this point during a virtual...

The first major step to kick-off Guyana’s automotive transition is drawing near. The Guyana Energy Agency (GEA) expects the first electric vehicle (EV) charging stations, part of a pilot project, to arrive in February 2023. The project includes the supply of...

Guyana’s Local Content legislation is designed to increase citizens’ participation in the oil and gas sector in at least 40 areas of work. These include rental of office space and equipment, catering services, janitorial and laundry services, and public...