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Renewables to surpass coal as biggest electricity generation source in 2025 – IEA

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Renewables constitute the only category of electricity generation sources expected to grow in the next five years, a new report from the International Energy Agency (IEA) said. This projection sees the category gaining 10 percentage points over the forecast...
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Exxon after another win at Guyana block that keeps delivering

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ExxonMobil has moved to a new well offshore the South American country of Guyana, where it has found over 11 billion barrels of oil equivalent since 2015, spread across more than 30 prolific discoveries. The new well is called Lancetfish-1,...
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Saipem buying US$230M advanced drill ship to capitalise on high offshore demand

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Saipem said Monday that it has strengthened its offshore drilling fleet with the new Santorini drillship. The company exercised a purchase option with Samsung Heavy Industries for the vessel with US$230 million available cash to be paid by the...
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Guyana oil sector on track for over 100% growth, 100 million barrels output in 2022

Kemol King -
Guyana’s oil economy is expected to grow in 2022, by far more than 100% over the prior year. First oil at the Liza Unity floating production, storage, and offloading (FPSO) unit and optimisation of the Liza Destiny FPSO resulted...
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Hess’ carbon credits could ‘offset’ Stabroek Block emissions for a decade

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Texas-based Welligence Energy Analytics has projected that Hess’ forest credits deal with the Guyana government, will buy up more carbon dioxide equivalents (CO2e) than is estimated to be emitted from the Stabroek Block in the same period (2022-2032). The planned purchase by Hess...
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Brazil mature asset reserves could jump by 1 billion boe

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With Petrobras divesting in many of its mature assets, new mid-cap upstream operators entering the Brazilian market will invest US$10 billion in capital investments during the next decade, boosting the production from these assets through 2027 and increasing remaining...
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Issuance of ART credits to Guyana a breakthrough for global carbon market, says Norway

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Norway’s Minister for Climate and Environment, Espen Barth-Eide, said the validation and issuance of certified carbon credits on the register of Architecture for REDD+ Transactions (ART) is a breakthrough for the emergence of a high-quality global carbon market to...
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New US$3 million dry-dock yard to support Guyana’s booming marine sector

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A venture by Pritipaul Singh Jr. will see some US$3 million being invested into Dock Yard – a drydocking facility and shipyard located at Supply, on Guyana’s East Bank corridor. Dry Dock will be housed on a 30,000 square feet...
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Petrobras to plug US$78 billion into CAPEX for 2023-2027

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Brazil’s state-owned Petrobras plans to invest over US$78 billion into capital expenditures (CAPEX) to achieve goals outlined in its new 2023-2027 Strategic Plan. Petrobras said that the amount is higher than the average of its last six strategic plans, signaling that investments have returned...
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More Guyanese trained to service electric vehicles

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The Department of Public Information has said that thirteen persons received certificates for their successful completion of a Level Three Hybrid and Electric Vehicle training programme in Georgetown. The five-day programme taught participants how to identify, repair, and maintain various...
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Here’s everything you need to know about ExxonMobil’s proposed Longtail development 

ExxonMobil’s proposed Longtail project will mark Guyana’s entry into gas development, setting the stage for the country’s first non-associated...

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