News

President of Guyana Dr. Mohamed Irfaan Ali said Tuesday that some of the country’s offshore oil blocks have been set aside for state partnerships. “We’re going to move to the auctioning of some blocks, and we have some blocks that...

El Dorado Offshore (EDO), a subsidiary of Ramps Logistics Guyana Inc, proudly informed industry stakeholders in a press release that it has created more than 400 job opportunities for citizens. The affiliate company sees this as a noteworthy feat considering that it...

When it comes to answering the question of a final investment decision on the TotalEnergies-operated Block 58, Suriname’s wait has been long. And the country will have to wait at least a few months more, until 2023, for the decision. This...

“It’s probably the best package we have ever seen in Trinidad.” Those were the comments from the Chief Executive Officer (CEO) and President of Trinidad’s Touchstone Exploration, Paul Baay as he signalled the company’s interest in grabbing up at least...

British High Commissioner to Guyana, Jane Miller, announced in Georgetown on Tuesday that the visa requirement for Guyanese to visit the United Kingdom has been lifted indefinitely. It allows a Guyanese visitor to stay in the UK for six months,...

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...