Production

Deepwater projects are big winners as average breakeven price drops to US$50 per barrel – Rystad Energy

A comprehensive analysis by Norway-based Rystad Energy of oil production costs has revealed that the average breakeven price for all unsanctioned projects has dropped to around $50 per barrel, down around 10% over the last two years, and 35%...

Guyana has at least 10 years of intense exploration drilling, biggest window of opportunities – Ramnarine

New oil producer Guyana will see the highest level of exploration activities unfolding over the next ten years, which, according to one official with years of experience in the industry, presents the best window of opportunity for the people...

Guyana production set to hit 1.4 million b/d in mid-2030s with potential for even higher output

Oil production in Guyana is expected to rapidly increase in the coming years as more developments are sanctioned, and floating production storage and offloading units (FPSO) come online.  Norway-based Rystad Energy expects this output to hit peak in the...

Guyana set to become region’s ‘most exciting investment destination’ – President tells business group

With a burgeoning petroleum industry, where over 8 billion barrels of oil equivalent resources have been discovered so far by U.S. oil major ExxonMobil, Guyana is inviting foreign investors to play a major role in the country’s transformation. President of...

Guyana, Suriname entering high-stakes competition for development of deepwater resources

Five years after Guyana’s first oil discovery and just weeks after production started last December, Suriname experienced a game-changer with its first offshore discovery at Maka Central-1. This was closely followed by two other discoveries – Sapakara West-1 and...

Guyana’s history with oil dates back centuries

The possibility of Guyana having petroleum stemmed from observations of petroliferous occurrences recorded by Dutch explorers since the 1750s, but it was not until 1916 that the first significant effort to locate petroleum was undertaken. "In the 1700s several inconsequential...

Saudi Arabia denounces OPEC+ members trying to cheat oil quota

(Bloomberg) --Saudi Arabia showed its determination to stop OPEC+ members cheating on their production quotas, delivering a thinly veiled dressing-down to its closest ally in the region, the United Arab Emirates. Prince Abdulaziz bin Salman, the Saudi energy minister, forcefully...

ExxonMobil limiting oil production after encountering additional challenges with gas compressor

Additional challenges with the gas handling system on the Liza Destiny FPSO has resulted in ExxonMobil taking a decision to limit oil production in order to curb flaring. Despite the challenges, the company says it is continuing to safely...

Venezuela oil production plummets as Guyana output set to soar

The country with the largest oil reserves in the world could soon be producing none of it. Venezuela—one of the world’s earliest and (at one time) largest oil producers, as well as a founding member of OPEC—could soon be producing close to...

A tough summer for oil-dependent nations may foretell their new normal

(Bloomberg) --From Baghdad and Algiers to Caracas, many of the world’s oil capitals are experiencing a summer of discontent. It could be a glimpse of their future. Iraq has seen fatal protests as its electricity grid buckles amid searing heat,...

Latest News

Guyana continues to defy expectations, says U.S. market intelligence firm

Americas Market Intelligence (AMI) has once again placed Guyana in a category of its own, labeling it as “great”...