Industry Insight

Distilling Guyana’s Oil and Gas Regulatory Framework: The Introduction

By Chevy Devonish ExxonMobil Guyana Limited (ExxonMobil), and its partners Hess and CNOOC started oil and gas exploration in Guyana in 2008, and the first significant discovery, Liza-1, was made in 2015. In his 2024 budget speech, Dr. Ashni Singh, Senior...

Five major implications of the Chevron-Hess US$53 billion acquisition

By Arthur Deakin - OilNOW The recent merging of oil and gas companies in the U.S. indicates that energy majors see a long-term future for specific hydrocarbons in the energy transition. Chevron’s announcement of their US$53 billion all-stock acquisition...

Increased activity on Guyana FPSOs, rising variation orders counterbalance H1 revenue dip – SBM Offshore 

SBM Offshore reported a 15% drop in directional revenue for the first half of 2023 amounting to US$1.4 billion.  The company said the decline in revenue was largely driven by a decrease in directional turnkey revenue, which dropped to US$558...

2023 to be a boon year for project approvals with 30 expected to reach FID – WoodMac

Wood Mackenzie predicts a positive outlook for project development with 30 out of the viable 40+ expected to reach final investment decisions (FIDs) in 2023.  But it does not come easy.  WoodMac’s Vice President, Head of Upstream Analysis Frank McKay and...

Guyana oil revenues to break US$1 billion mark this year; exceed US$7.5 billion by 2030 – Rystad Energy

Bolstered by ExxonMobil’s industry leading production and development pace in the Stabroek Block, Guyana’s oil and gas revenues are on track to break the US$1 billion mark this year and accelerate to US$7.5 billion annually in 2030, research by Rystad Energy shows. The independent...

What comes after high oil prices for Guyana?

By Scott B. MacDonald - OilNOW The Russo-Ukrainian War came as a surprise blow to the global economy, with the shock waves rippling outwards from Eastern Europe and the Black Sea and reaching as far as the Caribbean. It has...

Policy issues to consider for a Guyanese oil fund

Economic theory suggests that there are a number of advantages arising from the establishment of an oil fund. These include the opportunity to create sustainable wealth, facilitate economic development over the long-term, enhance economic stability and ensure that the...

Inter-generational equity and the rationale for Guyana’s “Sovereign Wealth Fund”

The policy of investing resource revenues in reproducible capital suggests irresistibly that some appropriately defined stock is being maintained intact, and that consumption can be regarded as the "interest" on that stock (Solow 1986). Since the discovery of oil and...

An oil fund for Guyana – the role of fiscal institutions

Guyana has been blessed with an abundance of energy resources. For the next 40 years our economy will become a major producer of oil and gas. Hydrocarbons development is at the heart of Guyana’s future prosperity and a cornerstone...

Ramblings from an oil and gas conference and trade show junkie

My recent attendance at GIPEX 2018 prompts my column today and what a conference it was!  But more on that conference later. Oil and Gas Conferences and Trade Shows First, let’s talk about the benefits of oil and gas conferences and...

Latest News

First pipe for Uaru development delivered to VEHSI base – Exxon official 

Exxon’s fifth Guyana development - Uaru - continues to progress with the first pipe being delivered to the Vreed-en-Hoop...