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Oil producer, Guyana, removes excise tax on fuel in response to global disruptions

OilNOW -
Vice President of Guyana, Dr. Bharrat Jagdeo announced on Wednesday that the government has reduced the excise tax on fuel to 0%, in response to growing anxiety about rising commodity prices. The reduction applies to diesel and gasoline, and represents...
News

Date for elective nomination of second well at Kaieteur Block extended

OilNOW -
The date for elective nomination, by ExxonMobil, of the prospect target for the second well on the Kaieteur Block has been extended to October 2, 2023, according to Ratio Petroleum Energy Limited a 25% stakeholder in the block. With reference...
News

Veteran business executive, former mining chief nominated to board managing Guyana’s oil fund

OilNOW -
The process is underway for the establishment of Guyana’s first board of directors for its Natural Resource Fund. Of the three to five Directors to sit on the Board, as per the stipulations of the new Natural Resource Fund...
News

CARICOM has largely been a failure; opting out Treaty to protect oil sector a matter of national interest – Datadin maintains

OilNOW -
Attorney-at-Law and Member of Parliament Sanjeev Datadin insists that his suggestion that Guyana can enter a reservation to opt-out of certain obligations under CARICOM's Revised Treaty of Chaguaramas (RTC), is sound, irrespective of arguments that resist such an approach. Datadin’s comments...
News

Guyana respects ‘sanctity of treaties’, pulling out of CARICOM pact would be unwise, says Advisor on Borders

OilNOW -
Some stakeholders in Guyana have argued that the new oil producing South American country has at its disposal, the choice to opt-out of obligations under the Caribbean Community's (CARICOM) Revised Treaty of Chaguaramas (RTC) so as to ensure the...
Exploration

Exxon resuming drill campaign at Barreleye-1

OilNOW -
ExxonMobil is set to continue drilling activities at the Barreleye-1 prospect at the Stabroek Block offshore Guyana, following ongoing drilling activities at Kiru Kiru which commenced earlier in March. The drill campaign at Barreleye-1 had started in January but was not...
News

New report estimates Orinduik Block holds over 8 billion barrels of oil

OilNOW -
The latest Competent Person’s Resource (CPR) Report, compiled by Letha C. Lencioni of WSP USA Inc., shows that in terms of oil, the Orinduik Block holds a best estimate of 8.1 billion barrels of Unrisked Prospective Resources. It also holds a...
News

Guyana to spend 60% of oil revenues on development projects in four years

OilNOW -
As ExxonMobil positions itself to ramp up production in Guyana’s Stabroek block by adding projects nearly every year, the government plans to spend a majority of its early windfall for development projects. Guyana projects that the total inflows to its...
News

Burgeoning real estate industry attracts US giant, Keller Williams, to Guyana’s shores

OilNOW -
Said to be the largest real estate franchise in the world, the US franchise Keller Williams (KW) has announced its decision to expand into Guyana. Already serving more than 50 countries outside of its main operations in the United States...
News

Guyana on track to become second largest deepwater producer in the world, says Rystad Energy

OilNOW -
Authorities in Guyana say the country is committed to supporting an aggressive exploration and production programme off of its coast since it sees revenues coming in from the oil and gas sector as playing a key role in the...
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Suriname’s GranMorgu offshore oil project is 23% complete 

PARAMARIBO, SURINAME – On Tuesday, October 21, representatives from TotalEnergies and Staatsolie met with President Jennifer Geerlings-Simons to report...

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