News

Even as the government in Guyana continues its efforts to have a robust Natural Resource Fund (NRF) legislation in place that insulates the oil revenues from political abuse, the administration is also working on having a simplified formula for...

As more local companies enter joint ventures (JV) in Guyana to pursue growing opportunities in the country’s emerging oil and gas sector, one expert in the industry says finding the right balance in JV agreements is crucial if locals...

(Reuters) - The recent declines in oil prices were "excessive" given that the oil market remains in a deficit, Goldman Sachs said, adding that it reiterates its $85-per-barrel forecast for the fourth quarter. Oil prices came off seven-week lows on...

Almost all the major oil producing countries in the world are doing the same thing – moving to increase output significantly in coming years as the world races towards the 2050 climate goals and braces for a potential shortfall...

Analysis from Westwood Global Energy Group has revealed that ~55% of global oil and gas production and ~45% of consumption (as of 2020) is driven by just a handful of countries, including some of the world’s richest. With the exception of...

Guyana’s Private Sector Commission (PSC) on Saturday called on local audit firms to acquire sufficient capabilities to conduct cost-recovery audits for the government, through joint ventures and partnerships with local and international counterparts. The PSC’s statement follows assurances from President...

Guyanese economist, Winston Brassington, says that as the country’s oil and gas sector continues to develop and expand, so will the assets in the local banks. Brassington shared this perspective on Thursday when he addressed an American Chamber of...

(S&P Global Platts) Crude oil futures moved sharply lower Nov. 19 as the market weighed the impacts of new pandemic lockdowns in Europe and a stronger US dollar. NYMEX December WTI settled down $2.91 at $76.10/b and ICE January Brent...

The Guyana Shore Base Inc. (GYSBI) is rapidly expanding its capabilities to better serve the growing needs of the South American nation’s budding petroleum sector. Back in April, GYSBI—which is the main facility servicing the country’s deepwater operations—commenced construction of...

ExxonMobil Guyana says its budgets for operations in the South American country which include expenditure for approved projects and wells drilled are routinely reviewed by the natural resources ministry and that it employs robust systems to ensure Guyana gets...