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Oil sector to require $17.4 trillion investment by 2050 to meet rising demand – OPEC 

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The oil industry will need cumulative investments of $17.4 trillion by 2050 to meet growing global demand, the Organization of Petroleum Exporting Countries (OPEC) said in its annual long-term outlook. This translates to an average annual investment of around...
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Stena DrillMAX returns to continue exploration drilling at Haimara-3 

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Exploration drilling continues at ExxonMobil’s Haimara-3 well in Guyana’s Stabroek Block. The campaign is being undertaken by the Stena DrillMAX rig.  Guyana’s Maritime Administration Department (MARAD) said activities will conclude on November 1 at the site, situated approximately 123.3 nautical...
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Chevron targeting prospect in Suriname’s shallow Block 5 next year – Staatsolie Boss 

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Chevron is expected to drill a well in Suriname’s Block 5 next year, a shallow asset. Annand Jagesar, Head of state oil company Staatsolie, shared this with reporters in Brazil on the sidelines of the ROG.e 2024 conference, an Upstream...
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TechnipFMC’s Brazil team completes “largest ever loadout” of manifolds for Exxon’s Yellowtail development 

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Over 50 people from TechnipFMC’s Brazil team completed the load out of six manifolds for ExxonMobil’s fourth Stabroek Block development - Yellowtail.  According to TechnipFMC, it was the team’s largest ever, resulting from “teamwork, collaboration, and safety.”  The Yellowtail Development includes...
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TechnipFMC seeks small bore welding services for Guyana projects

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TechnipFMC, a global leader in oil and gas technology, has issued an Expression of Interest (EOI) for the provision of small bore welding services in Guyana.  This step demonstrates the company's ongoing commitment to the region as it backs ExxonMobil's...
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Suriname’s Sapakara South-Krabdagu field now named Gran Morgu 

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TotalEnergies has renamed Suriname’s Sapakara South - Krabdagu field to Gran Morgu.  According to Upstream Online, TotalEnergies’ Chief Executive Patrick Pouyanne revealed the name switch as part of a request from Suriname’s state oil company Staatsolie.  TotalEnergies and APA Corporation are...
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Non-OPEC producers like Guyana driving down crude prices with increased output – S&P

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Crude output is growing from some producers that are not part of the oil cartel, Organization of Petroleum Exporting Countries (OPEC). The rise in non-OPEC supply, from players like Guyana, is outpacing demand growth, contributing to a surplus in...
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Saipem secures US$2 billion offshore contract for Saudi Arabia’s Marjan field

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Saipem has been awarded a new offshore contract worth approximately US$2 billion under its Long-Term Agreement (LTA) with Saudi Aramco.  The contract involves the development of the Marjan field in Saudi Arabia and follows a competitive bidding process and the...
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Stena DrillMAX en route to Guyana to rejoin multi-billion barrel exploration campaign

OilNOW -
The Stena DrillMAX, under contract with ExxonMobil, is returning to Guyana after completing exploration drilling at the Persephone wildcat well in the Orphan Basin, located off the northeast coast of Newfoundland and Labrador, Canada. ExxonMobil said the Persephone well,...
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Guyana got US$80 million from oil sale in August

OilNOW -
Guyana’s Natural Resource Fund (NRF), which holds government revenue from offshore oil production, received approximately US$80 million in August 2024. This sum was for the sale of approximately one million barrels of crude oil. This marks the 16th lift of...
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OPITO takes lifting frameworks to new heights in the Caribbean

OPITO sets a new benchmark for lifting standards in the region, with dedicated training centers in Guyana, Suriname, and...

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