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SBM adopts new approach to lower deepwater FPSO project costs

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(Offshore) MONACO – SBM Offshore is progressing its Fast4Ward program for FPSOs, designed to make deepwater project returns more attractive at current oil prices. Oilfield developments in deeper water, with harsher conditions, require heavier installations on deck, despite space and...
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“Very stiff penalties” for US oil companies involved in corruption – Ambassador

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US oil companies operating around the world face stiff penalties if they are found to be involved in bribery and other corrupt practices, and according to US Ambassador to Guyana, Perry Holloway, this serves as a disincentive for them...
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Major oil companies begin pulling workers out of Venezuela

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(Bloomberg) Repsol SA pulled all foreign workers from its oil fields in Venezuela amid a deepening political crisis, while Chevron Corp. and Total SA have removed a small number of employees, said people with knowledge of the companies. Norway’s...
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“It’s harder to earn money when prices are low and margins are tight” – ExxonMobil CEO

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The oil supply boon fueled by hydraulic fracturing has served to push petroleum prices down. This has triggered increased competitive pressures for resource-developing companies, like ExxonMobil, and increased revenue pressures for resource-owning governments, like Guyana. Speaking at the World Petroleum...
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Kosmos tightens loss, triples oil revenues

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(Offshore Energy Today) U.S. oil company Kosmos Energy tightened its net loss and tripled oil revenues during the second quarter 2017. The company has decided to once again reduce its capex for the year by $50 million. According to its...
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16 youths embark on inaugural natural resources apprenticeship programme

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Sixteen youths will have an opportunity during the month of August to learn more about the operations of the agencies and industries in Guyana’s natural resources sector, as part of a Youth in Natural Resources Apprenticeship Programme, launched today...
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Use oil revenue to develop agriculture sector; urges Guyanese engineer

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A Guyanese engineer is urging authorities to ensure some of the revenue the country is set to receive from oil production is used to develop the agriculture sector. Dr. Vincent Adams told dozens of persons gathered on Thursday for a presentation...
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Saipem awarded offshore contract variations worth $900M

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Saipem and Petrobel have finalized offshore contract variations worth 900 million USD for Engineering, Procurement, Construction and Installation (EPCI) activities in relation to the “Optimised Ramp Up” phase of the “supergiant” Zohr Field Development Project situated in the Mediterranean...
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MSG members call for responsible media reporting on oil & gas in Guyana

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As the conversation on Guyana’s emerging oil and gas industry begins to take center-stage, stakeholders, while recognizing the critical role of the media in keeping the public informed, are calling for more responsible reporting. Members of the Guyana Extractive Industries...
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As Venezuela spirals US oil confronts a $10b threat

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From New Jersey down to Texas, oil companies have come to depend on crude-soaked Venezuela to feed their massive refineries The tanker Paramount Helsinki docked in Pascagoula, Mississippi, last week bearing the lifeblood of Chevron Corp’s refinery there: 532,000 barrels...
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CNOOC’s record production in Guyana boosts strong Q3 results

CNOOC Limited announced its highest-ever net production and net profit for the third quarter of 2024, crediting increased output...

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