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Venezuela slashes daily oil production target to 1 million barrels

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(Bloomberg) Venezuela’s state oil company slashed its output target by one-third as years of corruption, brain drain, and inadequate investment crippled the nation’s energy infrastructure. PDVSA cut its daily production target to 1 million barrels from a 1.5-million-barrel goal announced in...
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Oil settles higher fuelled by renewed supply concerns

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(Reuters) - Crude prices settled higher on Friday fuelled by renewed supply concerns after OPEC+ producers rebuffed a U.S. call to accelerate output increases even as demand nears pre-pandemic levels. Brent crude rose $2.20 to settle at $82.74 per barrel,...
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No major U.S. oil sanctions relief for Venezuela expected from its elections

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(S&P Global Platts) Any major easing of US oil sanctions against Venezuela remains off the table, but the country's Nov. 21 elections could provide a chance for relief around the edges like a restart to crude-for-diesel swaps. Candidates backed by...
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Suriname to deliver over 500,000 bpd, says Rystad Energy

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Suriname is expected to follow Guyana with rapid development of its offshore oil fields. Norway independent energy research and business intelligence company Rystad Energy sees output from the South American country hitting the half million barrels per day mark...
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Oil moves back up after OPEC+ producers rebuff call to hike supply

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(Reuters) - Oil prices rose on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus...
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UK investor still upbeat about Canje block prospects despite third non-commercial discovery

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Westmount Energy Limited, the UK investment company that is focused on giving international investors exposure to prime blocks in the Guyana-Suriname Basin said it remains upbeat about the highly prospective Canje block despite explorers hitting a third non-commercial discovery...
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Ghana team begins analysis of Guyana’s draft Local Content Bill

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Guyana’s Attorney General and Minister of Legal Affairs, Mohabir Anil Nandlall S.C on Tuesday met with the Ghanaian delegation to share expertise and critically analyze Guyana’s draft Local Content Bill. At the meeting which took place at the AG’s Chambers...
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Survival of small states on the line, says Ali at COP26

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“For us, it is a question of survival,” Guyana’s President, Dr. Mohamed Irfaan Ali said, of small, climate-vulnerable countries, in his address to the 26th Conference of Parties (COP26) on Climate Change in Glasgow, Scotland on Tuesday morning. The Head...
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CGX raises US$59 million for Guyana operations, remains hopeful of hitting pay at Kawa-1

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CGX Energy Inc. completed its rights offering on October 28, raising around US$59 million in support of its operations in Guyana where it is currently pursuing multiple projects, including a major exploration campaign on the Corentyne Block. “CGX intends to use...
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Saudi net-zero emissions target may go beyond 2060

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(S&P Global Platts) Saudi Arabia's 2060 net-zero emission target may be derailed by "unforeseen circumstances" because achieving the target depends on a number of factors, including evolution of technology, the country's energy minister said Nov. 3. "Depending on what happens,...
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Guyana launches Global Student Exchange with EU & UG on health, oil and gas, engineering sectors

The European Chamber of Commerce Guyana (ECCG), in partnership with the European Union and the University of Guyana (UG),...

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