News

Exxon lucky-run in Guyana hits snag at Sorubim; dry hole a reminder of risk in E&P

US oil major ExxonMobil’s unprecedented string of oil discoveries off the Guyana coast has hit a snag with no oil being found at the Sorubim-1 well where the Noble Bob Douglas has been drilling in recent weeks. Vice President of...

‘Exxon told us to maximize use of Guyanese employees, contractors’ – Lockwood

Majority Guyanese-owned port facility – Guyana Shorebase Inc. (GYSB) says it has been maximizing the use of local content in its operations, which is in keeping with a request from ExxonMobil for the company to utilize as much services...

Guyana begins to cash in ExxonMobil signing bonus to cover legal fees at ICJ

Guyana has begun the preliminary process in order to cycle funds from an US$18M signing bonus received from ExxonMobil in 2016, to defend its border controversy case at the International Court of Justice (ICJ). The move is documented in a...

Hess to acquire 15% interest in Kaieteur Block offshore Guyana

Hess Corporation (NYSE: HES) said on Thursday that its subsidiary, Hess Guyana (Block B) Exploration Limited, had reached agreement with Esso Exploration and Production Guyana Limited (ExxonMobil) to acquire a 15 percent participating interest in the Kaieteur Block, offshore Guyana. The Cooperative...

Guyana trumpets O&G preparedness as ExxonMobil local content support gains steam

ExxonMobil Guyana's Centre for Local Business Development (CLBD) on Wednesday marked its one year milestone with a well-attended reception at its South Road, Georgetown headquarters. The country's Minister of Business, Dominic Gaskin and ExxonMobil Guyana Country Manager, Rod Henson were...

Record 800+ Guyanese companies register on Exxon supplier portal, over 1700 persons trained

In the short time span of around 12 months, a record number of Guyanese companies have registered on the ExxonMobil’s Centre for Local Business Development’s (CLBD) Supplier Registration Portal while more than 1700 persons have benefited from training and...

Guyana sees need to boost legal framework with arrival of O&G

Chief legal advisor to the Government of Guyana, Attorney General Basil Williams, on Wednesday highlighted the need for the South American country to strengthen its legal framework in anticipation of a spike in investments fueled by the emerging oil...

Hess reports US$106M net loss; Guyana remains shining light in company’s outlook

Hess Corporation (NYSE: HES) on Wednesday reported a net loss of $106 million, or $0.38 per common share, in the first quarter of 2018, compared to a net loss of $324 million, or $1.07 per common share, in the...

GRA head says no tax evasion by oil companies under his watch

Commissioner General of the Guyana Revenue Authority Godfrey Statia told reporters at a press conference on Tuesday that oil companies would not be allowed to evade paying taxes under his watch. The head of the South American country’s tax body...

Liza SURF contractor Saipem posts loss of $2.4M in Q1 2018

ExxonMobil Guyana Tier 1 contractor Saipem has narrowed its losses to $2.4m for the first quarter of 2018. The Italian oil and gas company's Q1 2018 loss marks an improved financial performance, following the $331m loss reported in Q4 2017. However, the Milan-based firm, operational in Saudi...

Latest News

Guyana continues to defy expectations, says U.S. market intelligence firm

Americas Market Intelligence (AMI) has once again placed Guyana in a category of its own, labeling it as “great”...