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

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

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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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Liza SURF contractor Saipem loses arbitration in Algerian LNG plant dispute

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The ICC International Court of Arbitration, following an arbitral tribunal, has ruled against The ICC International Court of Arbitration, following an arbitral tribunal, has ruled against Saipem and awarded Sonatrach the sum of approximately $135 million on the basis of...
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‘Unreasonable to compare Guyana’s PSA to those of more mature countries’ – Exxon Country Manager

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Country Manager of ExxonMobil in Guyana Rod Henson said it is unreasonable to compare the agreement signed between his company and the Government of Guyana to those of other jurisdictions like Brazil, countries in West Africa, the United States...
Discoveries

Guyana Government releases ExxonMobil contract

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The Production Sharing Agreement (PSA) between the Government of Guyana and ExxonMobil affiliate Esso Exploration and Production Guyana Limited was released today at a special meeting held at the Ministry of the Presidency in Georgetown, Guyana. The agreement has...
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Decision on contract disclosure should apply to all companies equally – British High Commissioner

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British High Commissioner to Guyana, Greg Quinn, says the Guyana government and oil companies will ultimately have to decide what aspects of their agreements would be disclosed but this should apply to all companies equally. Multiple calls have been made...
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Hess completes sale of Norway assets to fund Guyana production, reduce debt

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Hess Corporation on December 22, 2017 announced that it had completed the previously announced sale of its subsidiary Hess Norge, which owns interests in the Valhall and Hod fields in Norway, to Aker BP ASA for total proceeds of...
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World’s largest-ever vessel is all set to go in 2018

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(CNBC) Displacing as much water as five aircraft carriers is just one eye-popping statistic that attempts to explain the sheer size of the world's largest vessel. Construction on ShellRDSA-GB's huge floating liquefied natural gas (FLNG) structure began in 2012 and...
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Liza JV partner China’s CNOOC in tender for Liuhua subsea facilities

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Chinese operator CNOOC Ltd, a joint venture partner together with ExxonMobil and Hess in the Liza field offshore Guyana, has launched tenders for the installation of subsea facilities for its Liuhua oil complex in the Pearl River Mouth basin...
News

Year in review: 2017’s Top 10 discoveries

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(Offshore Engineer) While exploration hasn’t been as hot as it used to be, the finds this year have been big and plentiful. Wood Mackenzie has provided the year’s 10 biggest finds by volume. #1 – Yakaar, Senegal In May this year,...
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Guyana to engage U.S. partners on tariffs as gold, oil exports remain exempt

If Guyana has its way in talks with the United States, recently announced tariffs on Guyanese exports would be...

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