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President Ali assures wealth fund operations will face House scrutiny in new law

OilNOW -
Guyana’s President Dr. Mohamed Irfaan Ali said that a new Natural Resource Fund Bill tabled last Thursday would allow full parliamentary scrutiny of the operations of the sovereign wealth fund. The President gave this assurance during an event in Palmyra...
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Libya wants oil companies that boost production to get bonuses

OilNOW -
(Bloomberg) Libya may introduce contracts with private oil companies that would give bonuses to those that meet targets and penalize those that don’t, as the OPEC member tries to raise output to 1.4 million barrels a day by mid-2022. Reaching...
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Benefits to Guyana will go beyond oil revenues if country plays active role in developing resources

OilNOW -
Since 2015, the year ExxonMobil made its first world class discovery offshore Guyana, the company has spent more than half a billion U.S. dollars with local suppliers supporting the emerging oil and gas industry. The South American country has...
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Local content bill realistic, achievable and dynamic – Gossai Jr.

OilNOW -
Senior Petroleum Coordinator at Guyana’s Ministry of Natural Resources, Bobby Gossai Jr., says the Local Content Bill 2021 laid in Parliament last week is a dynamic document that will be continuously updated as the oil and gas industry evolves in...
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Dutch floater specialist secures US$620 million loan for Brazil FPSO

OilNOW -
SBM Offshore announced Friday that it has secured a US$620 million bridge loan facility for the financing of the construction of FPSO Alexandre de Gusmão. The FPSO Alexandre de Gusmão will be deployed at the Mero field in the Santos Basin offshore Brazil. Mero is...
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CGX’s deep-water port to create more than 1,000 jobs

OilNOW -
Guyana’s President, Dr Mohamed Irfaan Ali, on Friday paid a visit to CGX’s Deep Water Port site at Palmyra, Berbice where it was highlighted that the construction and operational phase of this US$80 million investment will create more than...
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Public Relations company, Sagacity Inc. among 25 firms to complete HSSE programme

OilNOW -
On Wednesday, December 15, 25 Guyanese businesses graduated from the Health, Safety, Security and the Environment (HSSE) Management System Mentorship Programme which was facilitated by the Centre for Local Business Development. Sagacity Inc., a public relations agency located in...
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Business groups applaud Guyana government for landmark local content bill

OilNOW -
The Georgetown Chamber of Commerce and Industry (GCCI) and the Guyana Oil and Gas Energy Chamber (GOGEC) have welcomed Guyana’s hallmark Local Content Bill which was tabled in the National Assembly on Thursday. The GCCI, in a statement, reinforced that...
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Maersk Invincible sets new speed record for development well drilled by a jack-up

OilNOW -
On 2 December 2021, Maersk Invincible completed a record-breaking operation for Aker BP on the Hod B field as the rig set a new speed record for development wells drilled by a jack-up on the Norwegian Continental Shelf. Maersk...
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Local Content Bill proposes GY$50 million penalty for companies’ failure to meet minimum targets

OilNOW -
Guyana’s historic Local Content Bill 2021 has outlined several penalties for persons who are found to be in breach of its provisions. The Bill notes that a person who carries out petroleum operations without the minimum local content requirement...
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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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