News

U.S. oil major, ExxonMobil on Tuesday reported an estimated fourth quarter (Q4) 2020 loss of $20.1 billion, or $4.70 per share assuming dilution. The company said Q4 capital and exploration expenditures were $4.8 billion, bringing full-year spending to $21.4...

The plans by the Guyana government to land a natural gas pipeline at Wales, on the West Bank of Demerara (WBD) is expected to have a transformational effect on manufacturing, and result in the sector becoming more competitive regionally....

Guyana’s local content policy, which is currently being revised, will require oil industry operators to adopt Sustainable Supply Chain Management (SSCM) practices, and a planned Local Content Secretariat will coordinate all related activities at a national level. Giving the background...

On Monday, Royston Souvenir, a worker attached to Gaico Construction and General Services Inc. was killed in an accident while on duty at the Guyana Shore Base Inc. (GYSBI). Reports indicate that the accident occurred around 12:30 pm when Souvenir...

Average crude output by Venezuela's state-owned PDVSA and its foreign partners in January rose to 520,000 b/d, or 100,000 b/d more than December, according to daily production reports reviewed by S&P Global Platts. Also, the preliminary average of Venezuelan crude...

The Centre for Local Business Development on Monday opened its Virtual Guyana Supplier Forum which is geared towards increasing the participation of local companies in the oil and gas supply chain. Addressing the opening of the Forum, which was held...

Within less than five years of joining the ranks of service providers for ExxonMobil which is leading development and exploration operations in the Stabroek Block offshore Guyana, Gaico Construction Inc. has matured into one of the company’s key Guyanese...

(S&P Global Platts) Crude oil futures were buoyed as Saudi Arabia's voluntary 1 million b/d production cuts, announced in January, took effect, even as concerns of flailing energy demand amid the coronavirus pandemic persisted. At 11:52 am Singapore time (0352...

Even though Guyana enjoys an advantaged position as a world-class exploration hotspot with its light, sweet crude, and low breakeven costs for deepwater projects, it must remain focused on ensuring industry players comply with its rules and upkeep contract...

ExxonMobil, Shell and CNOOC are expected to be the most active explorers by the end of 2021 with a significant portion of the offshore activity taking place in Guyana where multiple prospects remain on the prolific Stabroek block and...