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Where to refine Guyana oil still under active discussion – Trotman

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A decision has not yet been made by the Guyana government as to where the South American country will refine its share of oil when production begins in 2020. Responding to questions on Friday from the media about where Guyana...
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Exxon open to selling petroleum to domestic buyers – Country Manager

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ExxonMobil Guyana says it is open to examining the viability of selling petroleum to buyers in the South American country, outside of its obligation to supply same if government’s share is insufficient for domestic use. Under Article 17 of the...
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US$18M signing bonus not cost recoverable – Trotman

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The US$18M signing bonus that ExxonMobil paid the Government of Guyana upon the signing of an updated Production Sharing Agreement (PSA) in 2016 will not be cost recoverable by the US oil major. This means that in computing costs when...
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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...
News

Hess completes sale of Norway assets to fund Guyana production, reduce debt

OilNOW -
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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Eco Atlantic announces passing of Co-Founder and Chief Operating Officer Colin Kinley

Eco (Atlantic) Oil & Gas Ltd. has announced the sudden passing of its co-Founder and Chief Operating Officer, Colin...

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