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ExxonMobil, Guyana officials “excited” about new discovery

OilNOW -
The announcement on Tuesday by ExxonMobil of a new oil discovery at the Payara-2 well has reinforced a widely held belief that significantly more oil than what has so far been detected may lie beneath the Atlantic Ocean offshore...
Discoveries

BREAKING: Exxon discovers more oil at Payara; pushing total to 500 million barrels

OilNOW -
ExxonMobil Corporation today announced it has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels. The company said these positive well results increase the estimated gross recoverable resource for...
News

Saudi Aramco calls in defense firms for offshore security

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(Reuters) State oil giant Saudi Aramco plans to increase security around its offshore facilities and has received bids for the work from defense firms, industry sources told Reuters. Bidders include Raytheon Co of the United States, Germany's Rheinmetall AG, Leonardo's...
News

“Government wants to do what is right for the industry” – Trotman

OilNOW -
The Guyana government says it remains committed to doing what is best for the country's emerging oil and gas industry and will continue to pursue measures that allow for transparency in the sector. Speaking at a public meeting of the...
News

Ban on Venezuelan oil imports to US could unify the chavistas – US Senator

OilNOW -
As US officials remain divided on the exact measures that should be taken against Venezuela should a July 30 vote that could strip lawmakers of their constitutional power, goes through, one Senator is warning that a ban on Venezuelan...
News

EITI requires comprehensive tax, revenue disclosures

OilNOW -
The Extractive Industry Transparency Initiative (EITI) requires that all implementing countries, one of which Guyana hopes to soon become, provide a comprehensive reconciliation of company payments and government revenues from the extractive industries. EITI believes an understanding of company...
News

US Ambassador urges widespread consultations for Guyana’s SWF

OilNOW -
Widespread consultations on the creation of a Sovereign Wealth Fund (SWF) and ensuring that the fund is insulated from political interference are two areas that US Ambassador to Guyana, Perry Holloway, pointed to when creating a fund that works...
News

Guyana Shore Base Inc. aiming for 100% Guyanese workforce

OilNOW -
On Friday Guyana's Minister of Natural Resources, Raphael Trotman and members of the media were given a tour of the Muneshwer onshore facility; Guyana Shore Base Inc. (GYBSI) located at Houston, Georgetown, Guyana. GYBSI is a consortium of companies which...
News

IMF team in Guyana advising on Fiscal Responsibility Framework

OilNOW -
Guyana is continuing to receive support from international organizations in the development of policies to successfully manage the emerging Oil and Gas sector, with the recent assistance coming from the International Monetary Fund. The IMF has been in the South...
News

Guyana will be expected to publicly disclose contracts under EITI requirements

OilNOW -
As Guyana seems well on its way to becoming the 53rd country in the world to attain Extractive Industry Transparency Initiative (EITI) candidacy, a leading adviser supporting this process says implementing countries are now required to do much more in...
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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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