News

Guyana’s third oil production vessel - Prosperity - has achieved background flare in a record 39 days, according to an announcement by ExxonMobil Guyana Limited (EMGL) on Wednesday.  EMGL said the accomplishment marks a significant milestone in the company’s commitment...

The World Bank's Global Economic Prospects Report, published in January 2024, has projected that Guyana's economy is set to grow 38.2% in 2024. This figure not only surpasses the International Monetary Fund's (IMF) December projection of 26.6% but also...

ExxonMobil says that growth in Guyana’s Stabroek Block and the Permian basin is expected to propel daily production to 3.8 million oil-equivalent barrels. By 2027, the company predicts daily production to hit 4.2 million oil-equivalent barrels. This is according to...

Daniel P. Erikson, the U.S. Deputy Assistant Secretary of Defense (DASD) for the Western Hemisphere at the U.S. Department of Defense, is in Guyana from January 8 to 9, 2024. This visit, according to the U.S. Embassy in Guyana,...

According to a recent article by S&P Global Commodity Insights, the upstream oil and gas activity in Mexico is anticipated to experience a slowdown in 2024. This situation has emerged as companies foresee limited new opportunities following the election...

GAICO Construction and General Services is set to commission a US$30 million marine facility in Guyana, located at Nismes Foreshore, West Bank Demerara, housing a wharf, dry dock laydown, and storage yard.  In its project summary to the Environmental Protection...

The Libra Consortium, a Petrobras-led group, has officially greenlit a natural gas and CO2 separation and reinjection initiative in the Mero field, located in the Brazilian deep offshore pre-salt region. The move, marking the final investment decision, aims to...

Guyana is still considering a refinery, according to Vice President Bharrat Jagdeo, with five prospective investors already identified.  “We have been having discussions with a number of people who have expressed interest. That group was narrowed down to about five,”...

The International Monetary Fund's (IMF) Article IV Consultation Report from December 2023 forecasts 26.6% growth in Guyana's economy for 2024, following a 38.4% projected expansion in 2023.  While the IMF’s report was positive, it warned the economy could become overheated,...

The oil majors ExxonMobil, TotalEnergies, Chevron, and Shell are gradually expanding their presence in the Guyana-Suriname Basin. With some contracts expected to be finalized in 2024, these four companies will have stakes in 15 offshore blocks, amounting to more...