News

Guyana’s Vice President, Dr. Bharrat Jagdeo, announced Thursday that the government settled the main fiscal terms for the new model production sharing agreement, including 10% royalty and a 65% cost recovery cap. These terms, he explained, will apply for blocks awarded at...

For October 2022, Guyana’s Natural Resource Fund (NRF) account received almost GY$33 billion (US$155.943 million) in deposits. This was noted by the Central Bank in its monthly summary of the Fund’s financial position and performance. Central Bank said royalties received for that period...

ExxonMobil affiliate, Esso Exploration and Production Limited Guyana (EEPGL) has signed the subsea support vessel – the Maersk Nomad – to support its field development activities in Guyana’s offshore Stabroek Block. According to Maersk, the contract has a minimum one-year...

Guyana’s Vice President, Dr. Bharrat Jagdeo on Thursday announced new fiscal terms as part of an updated model production sharing agreement being introduced in the new oil producing South American country. The government has said over the months that new...

Major stakeholders leading the development of the oil and gas sector in Guyana are gearing up to host the second in-person Guyana Supplier Forum. ExxonMobil Guyana and the Centre for Local Business Development are at the helm of the organisation...

CGX Energy, its subsidiary ON Energy, and Frontera Energy have begun the relinquishment process for two oil blocks they control in Guyana – Demerara and Berbice. CGX said on September 20, 2022, the government provided a Deed of Surrender to...

TotalEnergies – operator of Suriname’s offshore Block 58 held its Q3 Earnings Conference last Thursday to appraise shareholders of its massive US$6.6 billion haul for the quarter. But its Chief Financial Officer (CFO), Jean-Pierre Sbraire, made no mention of any intended final...

Luiz Inácio Lula da Silva has won Brazil’s presidential election. Following the transfer of power in Brazil, Latin America’s largest democracy, myriad reforms are expected in the energy sector. Arthur Deakin, analyst and Director for Americas Market Intelligence (AMI) Energy Practice,...

Owing to another delay, this time at no fault of its own, CGX Energy has revised the spud window for its Wei-1 prospect in the Corentyne Block to between December 2022 and late January 2023. In its operational update on...

Guyana’s Local Content Secretariat said Tuesday that it has granted Local Content certificates to 354 Guyanese suppliers, listed on its website. The coveted certification allows those suppliers to be treated with legally mandated preference by international oil companies (IOCs) and...