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First withdrawal from Guyana oil fund approved

OilNOW -
The National Assembly of Guyana approved the first withdrawal from the country’s Natural Resource Fund on Thursday afternoon, clearing US$607 million for spending. The withdrawal clears the fund of all revenue, as per the provisions of the new law, the...
News

TotalEnergies pulls out of US Gulf of Mexico; cites better options elsewhere

OilNOW -
TotalEnergies, through its affiliate TotalEnergies E&P USA, Inc., on Thursday announced its decision to withdraw from the North Platte deepwater project in the US Gulf of Mexico. “The decision not to continue with the project was taken as the Company...
News

SBM Offshore project portfolio at record level with multiple Guyana FPSOs in play

OilNOW -
Dutch floater specialist SBM Offshore reported on Thursday an Underlying Directional revenue of US$2,317 million for 2021, an increase of 1% compared with 2020, mainly resulting from ramp-up of activities with five FPSOs under construction in 2021, the awarded...
News

Guyana oil production to peak in 2035, continue up until 2050

OilNOW -
Guyana has not yet scratched the surface when it comes to output at its vast offshore oilfields now under development by U.S. oil major ExxonMobil. In fact, of the more than 10 billion barrels of oil equivalent discovered so...
News

Spending structure for Guyana’s oil fund not unusual, says AMI expert

OilNOW -
The spending structure for Guyana’s Natural Resource Fund (NRF) which currently holds over US$600 million in oil revenue is not unusual says Co-Director of Americas Market Intelligence energy practice, Arthur Deakin. The government passed the NRF bill on December 29,...
News

GY$20M set aside for establishment of Local Content Secretariat

OilNOW -
The Government of Guyana through the Ministry of Natural Resources has allocated and approved the sum of GY$20 million (US$100,000) to kick start the establishment of a Local Content Secretariat. This was announced by Minister of Natural Resources, Vickram...
News

Explorers hoping to deliver pay at Kanuku Block this year

OilNOW -
The year started with two more discoveries at Stabroek Block by ExxonMobil and a significant announcement by CGX Energy at its Kawa-1 well on the Corentyne Block, marking a potential major discovery outside of the prolific Stabroek license. Following...
News

2022 is critical year for Brazil to consolidate New Gas Market

OilNOW -
(S&P Global Platts) Brazil's natural gas industry received a significant push forward with approval of the country's New Gas Market, but it faces a critical year in 2022 to consolidate implementation of the regulatory regime and create the foundation...
Exploration

Kawa-1 elevates hope for shelf explorers in Guyana basin – Wood Mackenzie

OilNOW -
The recent announcement by CGX Energy Inc. and Frontera Energy Corporation of a discovery at the Kawa-1 well in the Corentyne Block elevates hope for shelf explorers in the Guyana basin says leading UK consultancy group, Wood Mackenzie. In an...
News

Bayphase Ltd. wins contract to review FDP for Exxon’s US$9 billion Yellowtail project

OilNOW -
With the second-lowest bid totalling US$423,360, Bayphase Ltd. which is headquartered in the United Kingdom has successfully beaten more than 10 companies for the contract to review the Field Development Plan (FDP) for ExxonMobil's fourth project in Guyana, Yellowtail. This...
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Suriname’s National Debt Chief resigns amid enhanced financial scrutiny of NDP government 

PARAMARIBO, SURINAME - Malty Dwarkasing has resigned as Suriname’s Administrator-General of the National Debt Office. Dwarkasing submitted her resignation...

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