Production

Yellowtail cash flow amounts to almost US$10B over productive life – IHS Markit

Due to the significant recoverable resources discovered at the Yellowtail field, IHS Markit estimates that total cash flow will amount to almost US$10B when ExxonMobil and co-venturers Hess and CNOCC move to develop the area. IHS, a global leader in information,...

Understanding the FPSO

The FPSO (Floating Production Storage and Offloading) system is used extensively by oil companies for the purpose of storing oil from the oil rigs in the middle of the ocean and in the high seas. It is one of...

Average discovery size at Stabroek block is 500 million boe with a record 90% success rate

Since 2015, ExxonMobil has made 18 discoveries at the Stabroek block offshore Guyana with just two non-commercial encounters – Skipjack-1 and Sorubim-1 – which demonstrate a 90% exploration success rate in the prolific Guyana-Suriname basin. The 18 discoveries so far...

ExxonMobil to prioritize spending on “advantaged assets” in Guyana, USA and Brazil

Following a review of its future business plans, ExxonMobil announced on Monday that it intends to prioritize near-term capital spending on advantaged assets with the highest potential future value. It said that these will include developments in Guyana and...

Production-Sharing Agreements

Discussions have been ongoing about the nature of the Production Sharing Agreement (PSA) Guyana has entered with ExxonMobil for the Stabroek block since oil was discovered back in 2015 and production got underway in December 2019. But what exactly are PSAs?...

IEA cuts 2020 demand estimates, says vaccine may not salvage oil market until H2 2021

The International Energy Agency trimmed its oil demand estimate for 2020 on the resurgence of the coronavirus in the West and said it does not expect vaccines "to ride to the rescue" of the market for "some time", S&P...

Liza Destiny, drillships rack up over 11 million hours without lost time injury offshore Guyana

Safety continues to be a top priority in the exploration and production activities offshore Guyana where ExxonMobil is operator at the prolific 6.6 million acres Stabroek Block. The Liza Destiny FPSO, built and operated by SBM Offshore, arrived in...

Guyana oil production will grow tenfold, contribute to uptick in S/America’s output – GlobalData

Rapid development of oil fields offshore Guyana will result in production increasing tenfold in the coming years, and along with Brazil, will see South America’s output surpassing volumes coming from North America by 2024. While several projects in Brazil and...

Staatsolie CEO sees big benefits for Guyana and Suriname from natural gas

Large volumes of associated natural gas discovered with oil off the coast of both Guyana and Suriname can play a major role in the transformation of these neighbouring countries which are now moving to develop their deepwater hydrocarbon resources....

Liza Phase 1 production now averaging 105,000 bpd, peak output expected by December – Hess

Gross production from the Liza Phase 1 Development at the Stabroek Block offshore Guyana has been averaging 105,000 barrels of oil per day in the last few weeks with a full ramp up in output expected by December. This is...

Latest News

Guyana to engage U.S. partners on tariffs as gold, oil exports remain exempt

If Guyana has its way in talks with the United States, recently announced tariffs on Guyanese exports would be...