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%...
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...
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...
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...
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...
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...
(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...
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...
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...
(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,...