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IEA warns of higher oil prices as Iran, Venezuela losses deepen

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The International Energy Agency warned that oil prices could break out above $80 a barrel unless other producers act to offset deepening supply losses in Iran and Venezuela, Bloomberg reports. Iranian crude exports have fallen significantly before U.S. sanctions even...
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Hurricane Florence affects oil and gas projects, facilities

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Hurricane Florence is churning over the Carolinas, knocking out power and threatening coastal flooding in a torrent that could have implications for energy trade and oil and gas construction projects in the area. S&P Global Platts on Friday noted that...
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Guyana gov’t says no illegalities or nefarious objectives guided approval of Liza Phase-1 billion-plus barrel development

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Guyana’s Ministry of Natural Resources MNR said on Friday afternoon that the decision to move ahead with the Liza Phase 1 development project – set to rake in an estimated 7 billion US dollars over its lifetime – was...
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Economic diversification must continue in order to avert oil dependence – Finance Minister

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Guyana’s Finance Minister, Winston Jordan has underscored the importance of continuing to diversify the economy as Guyana becomes an oil producing state to ensure that the nation does not develop a dependency on the oil sector. Noting that oil should...
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Stakeholders call for more public involvement in plan to manage oil revenue

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Stakeholders in Guyana want the Government to do more to educate the populace on the benefits and operationalization of the Sovereign Wealth fund, also known as the Natural Resource Fund. This was one of the main highlights at a panel...
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Total farms into Guyana’s Orinduik block; Tullow to remain operator

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French super-major Total has exercised its option to purchase a 25% working interest in the Orinduik block offshore Guyana for USD 12.5 million. This comes on the heels of partner Eco Atlantic Oil & Gas’ announcement that the block has...
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Manufacturing body staging SWF discussion in Guyana

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A discussion is set to get underway today – Thursday, September 13, to examine the management of future petroleum revenues and the establishment of a fiscal rule and a Sovereign Wealth Fund (SWF) in Guyana. The event is being...
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Erdogan appoints himself chairman of Turkey’s sovereign wealth fund

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(Reuters) - Turkish President Tayyip Erdogan has appointed himself chairman of the country’s sovereign wealth fund and completely changed its board, naming Finance Minister Berat Albayrak as his deputy, the country’s Official Gazette said on Wednesday. The revamp was the...
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GCCI says foreign investors welcomed ‘in spirit of fairness’

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A week after calling for close scrutiny of a Memorandum of Understanding Guyana is set to sign with Trinidad and Tobago, the Georgetown Chamber of Commerce and Industry is making it clear that it is not anti-investment. The Chamber expressed...
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Guyana on track to meet ICJ deadline

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Guyana is in the process of completing its’ memorial on the Guyana/Venezuela border controversy, which is expected to be submitted to the International Court of Justice (ICJ) by November 19, 2018. A memorial is a petition or representation made by...
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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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