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Saipem seeking local contractor for dredge works at Guyana facility

OilNOW -
Italian offshore contractor, Saipem, is looking for a local company to carry out dredge maintenance work on the quay wall of its Guyana facility located on the East Bank of Demerara. In an Expression of Interest (EOI), Saipem outlined that...
News

Stabroek Block PSA terms enable mega projects at industry-leading standard- stakeholder

OilNOW -
While Guyanese authorities are criticised for the "generous" fiscal terms in the Stabroek Block Production Sharing Agreement (PSA), those very terms are being recognised for unlocking what is now the most low-cost, high-return resource base of the decade. Speaking at the ...
News

Resource-dense Stabroek Block offers tremendous scope for tie-backs – Hess Chief

OilNOW -
With Guyana’s Stabroek Block being such a resource dense concession, ExxonMobil Guyana and its partners see great potential for tie-backs that could lengthen the lifespan of varying projects. This was noted by Chief Executive Officer (CEO), John Hess during the Bank of America...
News

As blockbuster profits rise in Guyana, ExxonMobil moves to close shop in Equatorial Guinea

OilNOW -
ExxonMobil Corporation is reportedly planning to wind down oil production in Equatorial Guinea and close shop after its licence expires in 2026. According to a Reuters report, Exxon has cut production in Equatorial Guinea to less than 15,000 barrels...
Energy Insights

Is Guyana’s economy self-adjusting or in the early stages of Dutch disease?

OilNOW -
Since the emergence of the oil industry in 2015, Guyana has experienced an almost cosmic shift in its revenue inflows. Today, the hydrocarbon sector accounts for more than 50% of Gross Domestic Product (GDP). Traditional sectors, like manufacturing, rice and...
News

Guyana to be lead productive asset for Hess by 2025

OilNOW -
With the Liza Destiny and Liza Unity FPSOs producing approximately 360,000 barrels of oil per day (bpd), Guyana is already the second leading productive asset for Hess Corporation, a 30% partner in the Stabroek Block. And once the Prosperity and...
News

Exxon gearing up for major Supplier Forum in Guyana next week

OilNOW -
Major stakeholders leading the development of the oil and gas sector in Guyana are gearing up to host the second in-person Guyana Supplier Forum. ExxonMobil Guyana and the Centre for Local Business Development are at the helm of the organisation...
News

Exxon awards contract to MODEC for fifth Guyana FPSO

OilNOW -
Global supplier and operator of offshore floating platforms, Mitsui Ocean Development & Engineering Company Inc. (MODEC) announced on Tuesday that it has signed a contract to perform Front End Engineering and Design (FEED) for a Floating Production, Storage and...
News

As major discoveries mount in Guyana, Exxon posts record-breaking Q3 profit

OilNOW -
American oil giant ExxonMobil Corporation posted yet another record-breaking profit with earnings for the third quarter of 2022 totalling US$19.7 billion. In the second quarter, the company recorded US$17.9 billion in earnings, its largest quarterly record ever at that time. This...
News

Exxon makes two more discoveries offshore Guyana

OilNOW -
ExxonMobil on Wednesday announced two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, adding to its extensive portfolio of development opportunities. ExxonMobil has made more than 30 discoveries on the block since 2015, and...
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Guyana and Suriname leaders advance talks on trade, energy, and connectivity at high-level meeting

Joint Statement - Meeting Between Jennifer Geerlings- Simons, President of the Republic of Suriname and Dr. Mohamed Irfaan Ali,...

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