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Head of Guyana regulatory body should be appointed through political consensus – IDB specialist

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As Guyana prepares to reap the benefits from oil production set to begin in 2020, a key Inter-American Development Bank (IDB) energy specialist working on the Extractive Industries Transparency Initiative (EITI) is warning the country to be mindful of expenditure...
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Crude rises for sixth straight session

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(Reuters) Crude oil rose for a sixth straight session on Thursday to its highest since June 19 on a decline in US output, but ongoing worries about global oversupply continued to drag. US West Texas Intermediate crude had risen 28...
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Guyana’s draft Sovereign Wealth Fund legislation to face public scrutiny – Finance Minister

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Guyanese will soon have an opportunity to scrutinize draft legislation being formulated for the establishment of a Sovereign Wealth Fund (SWF) that will play a major role in the management of significant revenues expected from oil production in the...
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Oil will convert Guyana’s deficit to surplus – IMF

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The International Monetary Fund (IMF) said that Guyana’s external outlook remains favourable and is expected to improve with the start of oil production. The IMF Staff Country Report for Guyana, released on June 28, says the commencement of oil production...
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IDB willing to fund creation of “proper institutions” in Guyana for oil & gas

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The Inter-American Development Bank (IDB) is open to providing technical and financial assistance to Guyana for the creation of institutions needed to support the country’s emerging oil and gas sector. A team of officials from the Extractive Industries Transparency Initiative...
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Report finds offshore recovery still held back by oil price

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(Offshore) Westwood Energy’s updated World Oilfield Equipment Market Forecast projects higher offshore expenditure between now and 2021. The analyst now predicts total investments of $254 billion compared with $224 billion in its previous forecast. It cautions, however, that the market will...
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Shell, Exxon to appeal latest Groningen gas production cap

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(Reuters) A joint venture between Royal Dutch Shell and Exxon Mobil said on Wednesday it would appeal against a Dutch government plan to lower a production cap at the Groningen natural gas field by a further 10 percent. The Dutch...
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New helicopter base under construction for Bristow in UK

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Construction has begun on a new HM Coastguard search and rescue (SAR) helicopter base at Lydd Airport in the UK which will be operated by Bristow Helicopters. The £7.8 million project will create a new focal point for the region’s...
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ExxonMobil, Hess and Statoil farm into Suriname blocks

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Suriname state oil company Staatsolie and the consortium consisting of ExxonMobil, Hess and Statoil have reached an agreement regarding a PSC for Block 59 offshore Suriname. At the same time, an agreement was reached with Statoil for Block 60. The...
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Alaska court to rule on oil wealth payments to state residents

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An Alaska lawmaker is making one last legal push to put about $1,000 back in the hands of nearly every state resident for their share of Alaska’s oil wealth. Sen. Bill Wielechowski is scheduled to argue Tuesday to the Alaska...
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SBM Offshore and Microsoft partner on AI-powered floating power solutions

SBM Offshore has announced a global collaboration with Microsoft to develop AI-powered floating power solutions. The partnership aims to...

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