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Guyana’s oil deal and government share

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Guyana’s first and major oil deal, with ExxonMobil, produces results for the government which are outlier low, a financial model reveals. Over the life of the project the government should expect to see from 52% to 54% of profits,...
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BP to develop two new fields in North Sea

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BP is set to quickly develop two new oil fields in the UK North Sea which are expected to produce 30,000 barrels gross of oil equivalent a day at peak production. Alligin and Vorlich are satellite fields located near to...
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PSC wants clear framework for development of O&G sector

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Guyana’s Private Sector Commission (PSC) is pushing for the country’s government to outline a clear framework for the development of the emerging oil and gas sector. PSC presented its Action Plan for the Sustainable Development of Guyana to Minister of...
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MNR pushing for development of spatial data management system

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Guyana’s Ministry of Natural Resources (MNR) will be moving to establish an information portal on the development of natural resources in the South American country the Department of Public Information (DPI) stated in a report. Natural Resources Minister, Raphael Trotman...
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Indonesia braces for more environmental damage as oil slick widens

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Indonesia has launched a massive clean-up operation off the coast of Balikpapan, the provincial capital of East Kalimantan province, where an oil slick from a ruptured undersea pipeline has sprawled to 20,000 hectares, contaminating mangrove forests and marine life,...
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Exxon sparks IMF concern with weighty returns in tiny Guyana

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(Bloomberg) Exxon Mobil Corp. got such a “favorable” deal from Guyana, home to the biggest new deepwater oil play that the tiny South American country should rewrite its tax laws, the International Monetary Fund said. While Guyana should honor the existing deal, future...
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Noble Bob Douglas drilling at Sorubim before moving to develop Liza wells

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The Noble Bob Douglas – ExxonMobil Guyana’s second drillship – recently arrived in the South American country and is currently drilling its first exploration well at the Sorubim field some 83 nautical miles offshore. “We brought our second drillship into...
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Canada’s energy industry faces ‘extinction’ without M&A, BMO says

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(Bloomberg) Investors have bailed on the Canadian energy sector, although mergers & acquisitions north of the border could provide a much needed catalyst, barring pipeline and political developments. Raymond James recently called upon John Connor to help save the space, and BMO Capital...
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Tina VLCC in dry-dock for 60 days as work on Liza Destiny FPSO continues

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The Bahamas-flagged Tina Very Large Crude Carrier (VLCC) – the vessel being converted to the Liza Destiny FPSO – has successfully dry-docked for the first time at Keppel’s shipyard in Singapore. ExxonMobil Guyana says the vessel is expected to be...
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ExxonMobil ‘passionate’ about gas to shore project but no final decision yet – Brasington

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The prospect of bringing natural gas to shore in Guyana for the primary purpose of fueling power plants to produce low-cost electricity remains a project ExxonMobil is passionate about but the company says no final decision has yet been...
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