News

Yellowtail cash flow amounts to almost US$10B over productive life – IHS Markit

Due to the significant recoverable resources discovered at the Yellowtail field, IHS Markit estimates that total cash flow will amount to almost US$10B when ExxonMobil and co-venturers Hess and CNOCC move to develop the area. IHS, a global leader in information,...

Guyana barrels will be welcomed as oil supply squeeze expected by year-end

Guyana’s first offshore development reached peak output last December with production hitting 120,000 barrels of oil per day. These barrels, albeit modest at this early stage of Guyana’s offshore development, will nevertheless add to the global supply this year....

Guyana offshore driller getting ready to deploy automated reporting, analytics technology

Independent Data Services (IDS) has been awarded a six-figure fleet-wide deal with Stena Drilling, operator of the Stena Carron drillship, which has been on contract with ExxonMobil exploring for oil offshore Guyana. Following successful six-month operational trials on the Stena...

Guyana tax agency introducing upgraded revenue management system

The Guyana Revenue Authority (GRA) said it will be replacing the current tax administration software - TRIPS II with a new tax software Optimal Revenue Management System (RMS) In February 2021, to improve taxpayer convenience and internal operational efficiencies. In...

Onshore producers have higher carbon intensity says Rystad Energy in new analysis

The carbon footprint of exploration and production companies (E&Ps) is having an increasing impact on investment levels, access to capital and – in some regions – the social license to operate. Rystad Energy has conducted a comprehensive company-level analysis...

High impact drilling for Guyana this year, Wood Mackenzie says

With limited budgets and rich inventories after a few years of active acreage loading, explorers will drill only the prospects that really matter this year. In its new report on global exploration, UK-based consultancy group Wood Mackenzie said companies...

Pandemic brings new oil reality; some governments will offer better terms – Wood Mackenzie

Governments, particularly those in economies dependent on the oil industry are looking to do their part by ensuring exploration and production activities remain economically feasible in an era where fiscal stress continues to be high, brought on by the...

Crude oil futures rise, ICE Brent March contract settles above $57/b

(S&P Global Platts) Crude oil futures rose in mid-morning trade in Asia Jan. 13 on a larger-than-expected draw in US crude inventories and a weakening US dollar. At 10:29 am Singapore time (0229 GMT), the ICE Brent March contract was...

Venezuela increasingly isolated in bid to grab territory from Guyana through ‘illegal decree’

The Caribbean Community on Tuesday joined with Guyana and the international community in condemning the move by President of Venezuela, Nicolas Maduro, to claim sovereignty in the waters and seabed adjacent to Guyana’s coast, west of the Essequibo River,...

Ford puts brakes on operations in South America’s largest oil producing nation

(AP) — Ford Motor Co. said Monday it will close three plants in Brazil and stop producing automobiles in the South American country where it has been operating since 1919. The company said in a statement it will cease production...

Latest News

U.S. Senator presents bill to strengthen security cooperation with Guyana amid Venezuela threats

United States Senator Michael Bennet (Democrat, Colorado) has proposed new legislation aimed at enhancing security cooperation with Guyana, deterring...