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Brazil cuts oil royalties to boost recovery rates

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(Argus Media) Brazil's hydrocarbons regulator ANP reduced royalties to 5pc from around 10pc in an effort to boost recovery at qualifying mature fields. The royalty reduction is contingent on new investment commitments and only applies to those fields that have...
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Former head of Angola’s SWF charged in $500M fraud

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The former head of Angola’s $5 billion Sovereign Wealth Fund, José Filomeno dos Santos, has been charged with fraud relating to a $500 million transaction out of an account belonging to the central bank, the country’s prosecutor general’s office...
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‘No need to delay Liza Phase 2’ – Dr Mark Bynoe

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Head of Guyana’s Department of Energy (DOE) Dr Mark Bynoe says there is no need to delay the Liza Phase 2 development pending an audit of contract costs for Liza Phase 1. Over the last week, Dr Jan Mangal, former...
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Territorial controversy, oil & gas high on Guyana’s agenda for UN debate

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Guyana will be placing high priority on its ongoing territorial controversy with Venezuela, oil and gas related matters, and several other issues at the General Debate of the 73rd Session of the UN General Assembly Session currently taking place...
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Tullow Oil abandons Namibia well

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Reuters) - Africa-focused Tullow Oil will abandon its first well in Namibia, but data gathered in the project indicated it might strike lucky in another attempt, the company said on Monday. “The Cormorant-1 exploration well in the PEL-37 licence, offshore...
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Eni recognized as Global Compact LEAD by UN

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Italian multinational oil and gas company Eni announced on Monday that it has been recognized as Global Compact LEAD, demonstrating the company’s ongoing commitment to the United Nations’ corporate sustainability initiative. The decision was revealed at UN Headquarters in New...
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US depends on Venezuelan oil, unable to stop importing overnight – Ambassador

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(Sputnik) - Venezuela is not satisfied with its quota for oil production under the Vienna agreement of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers and is currently taking measures needed to restore its level of...
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Major traders are talking about $100 oil again

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(Bloomberg) Major oil trading houses are predicting the return of $100 crude for the first time since 2014 as OPEC and its allies struggle to compensate for U.S. sanctions on Iran’s exports. With Brent crude already jumping to an almost...
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Islamic finance institutions invited to Guyana next year

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 - Private sector could benefit significantly from investment facilities Representatives from several Islamic development and finance institutions could arrive in Guyana early next year at the invitation of the country’s Minister of Finance, Winston Jordan. The South American country became the...
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‘Make cost recovery audit public; amend Procurement Commission Act’ – Persaud

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On the heels of nine major discoveries offshore Guyana by ExxonMobil and its partners HESS and CNOOC Nexen and with the recent announcement of a major resource estimation by Eco-Atlantic, former Minister of Natural Resources and the Environment Robert...
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Stena Drilling invests over US$85M in Guyana, employs 157 locals

Since 2016, Stena Drilling has contributed significantly to Guyana’s economy through local investments and job creation. Stena DrillMAX en route...

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