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US State Department says Guyana/Venezuela land boundary should be respected

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The United States Department of State says the 1899 Arbitral Award, which settled the land boundary between Guyana and Venezuela, should be respected. This was stated in a Tuesday tweet by Assistant Secretary for Western Hemisphere Affairs, Brian Nichols. He said...
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Guyana aims to be top tier investment destination for oil, other industries – GCCI President

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With Guyana’s oil and gas sector poised to usher in a new area of unprecedented Foreign Direct Investments (FDI), it is critical that the country has a well-crafted plan to improve the business environment so that maximum benefits and...
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Suriname to open auction for Demerara acreage in Q4

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Suriname’s state-oil entity Staatsolie plans to open an auction for nation’s Demerara acreage, during the fourth quarter of 2022. Staatsolie representatives revealed this at the Guyana Basins Summit (GBS) 2022 currently being held at the Pegasus Suites in Guyana. The...
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123 years after settlement of boundary, Venezuela’s land grab aspirations now being driven by oil

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Earlier this week, Guyana commemorated the 123rd anniversary of the 1899 Arbitral Award, which settled a land boundary dispute which had existed between British Guiana (now Guyana) and Venezuela. A week prior, Venezuela released a statement alleging that Guyana’s pursuit...
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Guyana considers entering downstream business with 30,000 bpd refinery

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An Expression of Interest (EOI) is expected to be issued by the Guyana government for the establishment of a 30,000-barrel refinery, President Dr. Mohamed Irfaan Ali relayed on Tuesday. Talk of building a refinery in Guyana had ramped up over the past few months due...
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Frontera gives CGX new extensions for US$19 million loan, Joint Operation Agreement

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CGX Energy has been given a further extension to finalise the Joint Operating Agreement (JOA) it has with Frontera Energy for the Corentyne Block and the US$19 million loan it also took to cover its Guyana projects. Both have been extended to...
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Fate of Petrobras hangs in the balance as Lula, Bolsonaro go head-to-head

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The tight electoral race for Brazil’s Presidency will end finally on October 30 when top candidates Jair Bolsonaro and leftist Luiz Inácio Lula da Silva go to a run-off after delivering unexpected poll numbers on October 2. After the votes...
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Guyana outranks Saudi Arabia, Norway, Qatar as country with world’s second highest oil reserves per capita

Shikema Dey -
New oil producer Guyana now ranks second only to Kuwait on the list of countries with the highest oil reserves per capita, placing it ahead of producers like Saudi Arabia, Norway, and Qatar, according to the International Monetary Fund...
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Guyana’s 2022 crude output valued at US$9.3 billion

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The International Monetary Fund (IMF) has projected the total value of crude produced in the Stabroek Block this year at US$9.33 billion. This accounts for 93.4 million barrels of expected production, at an average price of US$99.90 per barrel. Guyana’s profit...
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Guyana must perform delicate balancing act between present and future needs, says energy expert

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From the diverse landscape of Ghana to the ultramodern architecture of Qatar, one can find a plethora of lessons on what to do with oil revenues. But the one thing Guyana, an oil explorer’s paradise must not do, is find...
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High-tech seismic campaign offshore Guyana to wrap up in December

ExxonMobil Guyana will complete its latest seismic data acquisition campaign in December, marking the end of a months-long effort...

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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