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Guyana plans to revise PSA model to ensure nation gets fair share of resource wealth – Finance Minister

OilNOW -
The Guyana Government has announced a revision of the way it conducts business with Oil and Gas Exploration Companies, through its use of Production Sharing Agreements (PSA). The announcement was made on Monday as Minister of Finance, Winston Jordan, presented...
News

Oil & gas to lead Guyana foreign investments in 2018

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Still in its infancy, Guyana’s Oil and Gas Industry is poised to lead Foreign Direct Investment (FDI) in the South American country come next year - a projection made by Finance Minister Winston Jordan, when he today presented the...
News

Gov’t minister supports signing bonus, advance borrowing

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While not confirming whether or not a signature bonus was paid to the Guyana government when a new Production Sharing Agreement (PSA) was signed in 2016 with US oil major ExxonMobil, Minister of Public Security, Khemraj Ramjattan, says he would...
News

Using supply base in Guyana would be ExxonMobil’s first preference – CLDB head

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ExxonMobil, its contractors and sub-contractors would be looking as a first preference, to have materials and services needed for exploration and production activities sourced from a supply base in Guyana since this is a more economical option. Project Director at...
News

Foreign companies bidding for contracts in Guyana with no local content input – GCCI

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President of the Georgetown Chamber of Commerce and Industry (GCCI), Deodat Indar, says a number of foreign companies have been registering in Guyana and bidding for contracts with no input from the local business community. He told reporters at a...
News

Petroleum Act, scientific institute and offshore logistics base among top priorities for 2018 – Trotman

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Guyana will be looking to ramp up its preparation for first oil in 2018 with a number of key initiatives being placed on the front burner according to the country’s Minister of Natural Resources, Raphael Trotman. Speaking at a symposium...
Industry Insight

“Elephant Man” says Guyana-Suriname Basin has big potential

OilNOW -
Canadian oil and gas consultant Rob Strong is adamant that much more oil will be found in the Guyana-Suriname Basin, in keeping with his view that the world class Liza discovery is like an elephant; and “elephants don’t travel...
Discoveries

Partners fast-tracking second Liza FPSO

OilNOW -
ExxonMobil is fast-tracking a second floater project for Guyana’s Liza area development amid suggestions that the next unit will be significantly larger than the 120,000-barrels-per-day Liza-1 unit. According to an Upstream report, plans for a second floating production, storage and...
Exploration

Exxon hit early jackpot by drilling “biggest, best prospects first” – Mc Gehee

OilNOW -
ExxonMobil made the decision to begin drilling for oil in Guyana at the Liza field since this prospect was the biggest and best, based on data analysed by the company. By the time the oil major acquired rights to explore...
News

Repsol wins Petroleum Economist Award

OilNOW -
Repsol’s issue of certified green bonds, the first of its kind in the global oil and gas sector, has won the recognition of Petroleum Economist magazine. The company has a Production Sharing Contract (PSC) with the Guyana Government to explore...
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Offshore EPC contract awards projected to reach US$54 billion in 2025 amid challenges

The offshore oil and gas industry is expected to see a slight 1% year-on-year growth in engineering, procurement, and...

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