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Libya wants oil companies that boost production to get bonuses

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(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

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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.

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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

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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

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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

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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

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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

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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

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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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Proposed local content targets adjusted as landmark bill laid in Parliament

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The Government of Guyana is proposing to have local companies and citizens participate in no less than 40 critical areas in the oil sector as opposed to the previously recommended 153 categories. In the Local Content Bill 2021 that was...
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French firm gets five-year tech support contract from ExxonMobil Guyana

French geophysical technology company Sercel announced on Tuesday that it has been awarded a five-year contract for technical support...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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