News

Saipem secures over US$160M in new contracts

Saipem has been awarded new contracts in offshore drilling in Romania and Abu Dhabi worth over 160 million USD. According to one contract, the company will drill a well in Romania’s Black Sea waters, expectedly in the fourth quarter of...

Opposition Leader wants more oil benefits for Guyana; says this must be balanced against investor returns

Guyana's Opposition Leader Bharrat Jagdeo believes the South American country needs to alter the terms of future Production Sharing Agreements (PSAs) to maximize benefits for all Guyanese, but says this must be balanced against investor returns. “They will be...

Permian water woes pose risk to production

Rising produced water volumes and expanding costs pose a significant risk to production growth in the Permian basin, Ryan Duman, Senior Analyst at Wood Mackenzie, told delegates at the Unconventional Resources Technology Conference (URTeC) in Denver. Amid low breakevens and...

Tullow aiming to drill Suriname wildcat in 2020

UK-based Tullow Oil and its joint venture partners are gunning for a drill campaign at a Suriname wildcat in 2020. The company said this week that is has interests in three blocks in Suriname; Blocks 54, 62 and 47. “Following...

UK Analyst and Guyanese Economist say high royalty rate could make Guyana less competitive

UK-based data analytics and consulting company GlobalData and a Guyanese Economist both say the scope for an upward adjustment in the royalty rate under Guyana’s current model Production Sharing Agreement is limited and warns that increasing this beyond a...

Offshore project sanctioning in 2019 stands at $56 billion

To survive in the lower oil price environment of the past five years, E&Ps and service companies alike have sharpened their pencils and delivered significant cost reductions for the offshore industry. Rystad Energy says the resulting cost savings is...

Whatever happens the oil will flow

The sheer magnitude of Guyana’s oil producing potential has been recognised by many international publications and industry experts. With ExxonMobil Guyana expecting to produce over 750,000 barrels of oil per day by 2025, Guyana will soon become one of...

Liza Destiny was completed in record 20+ months – SBM Offshore

The Liza Destiny FPSO which is currently sailing to Guyana, recently departed from Keppel shipyard in Singapore. This key milestone follows a record turnaround time of just over 20 months for its construction phase by SBM Offshore – including...

Safety comes first: ExxonMobil Guyana talks up HSSE policy

With the emergence of the oil and gas industry in Guyana, there are a number of concerns such as management of the industry and its resources, local content, limiting the environmental impact and safety. Among these concerns, the issue...

Investors not attracted to risky basins; Guyana will seek larger share going forward – Bynoe

While the terms of the Production Sharing Agreement (PSA) Guyana has with ExxonMobil for its Stabroek acreage remain in the spotlight, the head of the country’s Department of Energy (DE) says that government’s take in basins that are not...

Latest News

Guyana hits record three-quarter million barrels of oil per day

Total offshore production from Guyana’s Stabroek Block has hit over 700,000 barrels of oil per day, President of ExxonMobil...