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Guyana gov’t can withdraw up to 96% of last year’s oil earnings in 2025 budget

Kemol King -
The Guyana government can withdraw 96% of its 2024 earnings from the oil sector, based on the withdrawal rule in the Natural Resource Fund Act.  The rule allows the government to withdraw US$2.46 billion of the US$2.57 billion deposited into...
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Regulators, ExxonMobil near completion of Stabroek Block relinquishment process

OilNOW -
Minister of Natural Resources Vickram Bharrat announced that the process for ExxonMobil Guyana to relinquish 20% of the Stabroek Block is in its final stages.  The Petroleum Sharing Agreement (PSA) governing the Stabroek Block requires Exxon to relinquish 20% of...
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Guyana must seek strong, capable partners for oil development – Greenidge

OilNOW -
Guyana’s former Foreign Minister, Carl Greenidge, has stressed the need for the nation to partner with financially strong and technically capable companies to ensure the sustainable development of its oil and gas sector.  Speaking during a webinar hosted by the...
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Authorities say CGX has been treated fairly, insist no dispute exists with company

Kemol King -
There is no dispute between CGX Energy and the Guyana government, the country's Minister of Natural Resources, Vickram Bharrat, said Tuesday. The Minister’s comment comes a month after CGX and Frontera Energy - joint venture partners in the Petroleum Prospecting...
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Consultant report key to gov’t decision on Liza Unity’s optimization plans  

Shikema Dey -
The Guyanese government is awaiting a report from independent consultant IKM Acona AS before deciding on ExxonMobil’s plans to optimize the Liza Unity floating production, storage, and offloading (FPSO) vessel.  IKM Acona provides comprehensive consultancy and project management services to...
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Guyana exported 225 crude lifts in 2024 – Minister 

OilNOW -
Guyana exported 225 crude lifts in 2024, as announced by Minister of Natural Resources Vickram Bharrat during a press conference on Tuesday.   Bharrat revealed that Guyana’s share was 28 lifts: seven from the Liza Destiny floating production, storage and offloading...
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Guyana pushing for oil companies to further reduce waiting period for payment to local contractors

OilNOW -
The 45-day timeline for Guyanese contractors to be paid by oil companies is still seen as too lengthy, so the government is looking to reduce this.  The payment timeline was initially 90 days; then it was reduced to 45 days...
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Six FPSOs targeting over five billion barrels of oil at Stabroek Block – Hess

OilNOW -
Hess Corporation has revealed that nearly half of the Stabroek Block’s massive 11.6-billion-barrel reserve will be tapped with six production vessels.  “With the six ships that we have already sanctioned, we're going to be developing over five billion barrels of...
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Over 1000 young people to benefit from GGI-funded projects – Agri Minister

OilNOW -
As part of its commitment to fostering capacity development across Guyana, the Greater Guyana Initiative (GGI) has partnered with the Ministry of Agriculture to develop sustainable and climate-resilient farming models. These models aim to accelerate food production while fortifying...
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ICJ ruling on Guyana/Venezuela border controversy expected by 2026 – Greenidge

OilNOW -
Former Foreign Minister of Guyana, Carl Greenidge, has expressed optimism that the International Court of Justice (ICJ) ruling on the longstanding border controversy between Guyana and Venezuela could be delivered by 2026. Greenidge, who is also an agent for Guyana...
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Ali names 25-member cabinet; Vickram Bharrat back at oil ministry

President Irfaan Ali of Guyana unveiled 25 ministerial Cabinet appointees on Saturday evening, as the government embarks on its...

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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