Production

Oil crashes to lowest since Guyana began production

When oil production began at the 120,000 bpd Liza Phase 1 Development offshore Guyana on December 20, Brent was trading at US$66.14 per barrel. Now, less than three months later, the price has collapsed to US$36.98. In one of the...

Oil prices on track for biggest weekly fall in four years

(Reuters) - Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in more than four years as the spread of the coronavirus stokes fears of slowing global...

Guyana seeking firm to market Liza Crude

Guyana’s Department of Energy (DE) has put out a request for Expressions of Interest (EOI) from companies looking to provide marketing services to the country for its share of crude from the Liza Phase 1 Development. The duration of services...

Not all discoveries are developed, success not guaranteed – Bernstein analyst

An analyst at private wealth management company, Bernstein, says offshore exploration and production activities, including campaigns in the Guyana-Suriname basin where US oil major ExxonMobil has made 16 discoveries since 2015, remain risky since many projects do not make...

Oil sinks on CDC warning of impending virus outbreak in US

(Bloomberg) -- Oil deepened a three-day rout as panic over a coronavirus outbreak in the U.S. gripped investors and sent shockwaves through commodity, equity and debt markets. Futures fell 3% in New York to the lowest level in more than two weeks....

Most competitive deepwater projects will be those with shortest development cycle times – IHS Markit

From discovery in 2015 to production in 2019, the Liza Phase 1 development offshore Guyana is considered to be one of the fastest deepwater project ramp-ups in the industry’s history. London–based IHS Markit said in a report this month...

Guyana’s share of Liza crude to be traded at around minus $1.50/b versus Dated Brent

Oil production at the Stabroek Block offshore Guyana will see the South American country cashing in on 5 million barrels of oil in 2020 plus 2 percent royalty on all crude produced at the Liza Phase 1 Development. “I am...

Systems in place to ensure Guyana gets fair share of oil – Energy Director

Officers from multiple state agencies in Guyana have been working closely with operators onboard the Liza Destiny FPSO to ensure all systems are monitored and output verified as oil production ramps up and the country prepares to export its...

Tanker set to depart with government’s first 1 million barrels of crude

Greece-registered crude oil tanker, Cap Philippe, is set to depart Guyana waters with the government’s first 1 million barrels entitlement after arriving at the Stabroek Block last Thursday. “These one million barrels is part of our profit oil allocation. It...

Guyana produced 427,282 barrels of oil from December 20-31

Guyana’s Ministry of Finance in a report on February 17 stated that petroleum production for December 2019 amounted to 427,282 barrels or 35,607 barrels per day and that there were no operational losses for the period. The Report on Petroleum...

Latest News

CGX signals move to arbitration or sole expert to resolve “disputes” with Guyana

CGX Energy said on December 12 that it sent the Guyana government a letter activating a 60-day period to...