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Credit Suisse sees 9 development phases at Stabroek Block with production ballooning to more than 1 million bpd

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Zürich-based investment bank Credit Suisse sees potential at Guyana’s Stabroek Block for 9 development phases that would push production well above 1 million barrels of oil per day and expects the resource estimate on the block to further increase...
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Noble books $1.1 billion in Q1 losses as Guyana offshore helps to offset decline in operating days

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Noble Corporation on Wednesday reported a net loss of $1.1 billion or $4.25 per diluted share for the first quarter of 2020, on total revenues of $281 million. Noble said the adjusted results for the first quarter compared to a net loss attributable to...
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Guyana’s 65-day election could be over in another 25

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South America’s newest oil producer Guyana could be moving to finally conclude its presidential election which took place on March 2. A recount of all the votes cast is set to get underway today on the outskirts of the...
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Plans to ramp up production to 340,000 bpd by 2022 on schedule – Energy Department

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The giant Liza Phase 2 Development Project offshore Guyana remains on course for production startup in 2022, the country’s Department of Energy (DE) has said. Liza Phase 2 will have a production rate of up to 220,000 barrels of oil...
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Oil prices fall as rising U.S. inventories reassert supply concerns

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Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. According to...
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Venezuela crude output keeps sliding, fields shut due to fire damage

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Venezuela’s oilfields produced 687,000 barrels of crude last Saturday, up from 653,000 barrels on Friday but below the 718,000 barrels per day (bpd) the country said it produced in March, according to documents seen by Reuters on Monday. The drop...
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Guyana much closer to selecting firm for 2D, 3D seismic survey of offshore blocks

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After receiving seven applications and completing a significant portion of the evaluation process, Director of the Energy Department, Dr. Mark Bynoe has disclosed that Guyana is just a few steps away from declaring the company that will be conducting...
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Equatorial Guinea grants two year extensions on oil & gas exploration

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(Reuters) - Equatorial Guinea has granted oil and gas companies two-year extensions on their exploration programmes, a statement from the hydrocarbons minister said. The move is an effort to keep investments flowing into the nation’s energy industry amid a historic...
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Production at Liza Phase 1 expected to hit 120,000 barrels per day by June – Dr. Bynoe

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Oil production from the Liza Phase 1 Development is expected to reach its full capacity of 120,000 barrels per day by early June according to the Director of the Department of Energy in Guyana, Dr. Mark Bynoe. He told reporters...
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Guyana should collaborate with industry stakeholders to consider oil storage alternatives – API’s Chief Economist

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As the COVID-19 pandemic continues to batter oil prices along with global demand, major exploration and production companies are growing concerned about storage space for all the oil that is not being consumed. It therefore means that along with making...
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Jennifer Geerlings-Simons makes history as Suriname’s first female President amid offshore oil plans 

PARAMARIBO-SURINAME: Suriname’s National Assembly convened on Sunday to elect the country’s next president in an important parliamentary session. In...

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