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Major FPSO contract lifts Drydocks World

OilNOW -
(Maritime Standard) The Dubai-based shipyard, Drydocks World, has secured a significant piece of new business. The company has announced that it has signed a contract with SBM Offshore to carry out the construction of the turret mooring system for...
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What could 2018 hold for oil, gas exploration? Guyana high on agenda

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(Hart Energy) Although unfavorable market conditions with lower but slowly improving oil prices left E&P companies’ exploration budgets battered in 2017, the year still managed to bring a few notable gems that put exploration into the positive spotlight. ExxonMobil Corp....
Exploration

Oil firms to step up exploration off Norway this year after poor 2017

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(Reuters) - Efforts to find new oil off Norway are expected to double in 2018, preliminary company plans show, with activity rising in more mature areas after this year’s disappointing Arctic campaign. The pressure to deliver is growing as 2017’s...
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Trump administration proposes rollbacks to offshore oil drilling safety measures

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(Market Watch) Regulators in the Trump administration are proposing to roll back safety measures put in place after the 2010 Deepwater Horizon oil spill, a revision that would reduce the role of government in offshore oil production and return...
News

Nigerian Ports Authority moves against debtors; considers stopping Total vessel from entering waterways

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(Nigerian Tribune) The Federal Government on Friday gave indications that the $3.8bn Egina Floating Production Storage and Offloading (FPSO) project being handled by the Lagos Deep Offshore Logistics Base (LADOL) at the LADOL’s Free Zone in conjunction with Samsung Heavy Industry...
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Where to refine Guyana oil still under active discussion – Trotman

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A decision has not yet been made by the Guyana government as to where the South American country will refine its share of oil when production begins in 2020. Responding to questions on Friday from the media about where Guyana...
News

Exxon open to selling petroleum to domestic buyers – Country Manager

OilNOW -
ExxonMobil Guyana says it is open to examining the viability of selling petroleum to buyers in the South American country, outside of its obligation to supply same if government’s share is insufficient for domestic use. Under Article 17 of the...
News

US$18M signing bonus not cost recoverable – Trotman

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The US$18M signing bonus that ExxonMobil paid the Government of Guyana upon the signing of an updated Production Sharing Agreement (PSA) in 2016 will not be cost recoverable by the US oil major. This means that in computing costs when...
News

Trotman confirms US$1M per day earnings from oil production; says contract provides “best of both worlds”

OilNOW -
Guyana’s Minister of Natural Resources, Raphael Trotman, said Thursday that the updated petroleum agreement arrived at between US oil major ExxonMobil and the South American Country in 2016 represents a ‘hybrid model’ that combines a production share and royalty...
News

‘Sorry for those expecting scandal bombshells’ – Fmr Natural Resources Minister

OilNOW -
Following the much anticipated public disclosure of the petroleum agreement between Guyana and ExxonMobil, a former government minister who headed the natural resources ministry in the lead-up to the world-class Liza discovery said the agreement with the US oil...
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US$500M+ United States loan for Guyana gas project clears key hurdle

Guyana's Vice President, Bharrat Jagdeo, announced during a November 28 press conference that the United States Export-Import Bank (EXIM...

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