Production

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

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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...
Exploration

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

OilNOW -
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....
News

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

OilNOW -
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...
News

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

OilNOW -
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%...
Exploration

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

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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...
Exploration

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

OilNOW -
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...
News

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

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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...
Exploration

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

OilNOW -
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...
Discoveries

Guyana’s history with oil dates back centuries

OilNOW -
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...
News

Saudi Arabia denounces OPEC+ members trying to cheat oil quota

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(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...
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Latest News

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Guyana will become one of top five LatAm oil producers this year with startup of Yellowtail FPSO – Wood Mackenzie

Guyana is on track to become one of the top five liquid-producing countries in Latin America (LatAm) in 2025,...

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