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Two years later, Guyana oil discoveries soar, prosperity on the horizon

OilNOW -
Exactly two years ago today, Guyana produced its first barrel of oil, marking a historic moment that will forever change the face of this South American country. Now, the nation of just over 750,000 people is poised to become...
News

Chevron, Exxon focusing on offshore Americas, from US Gulf to Guyana

OilNOW -
(S&P Global Platts) The largest integrated US producers remain focused on deepwater production in the Americas, from the tried-and-true US Gulf of Mexico to the expanding pioneer fields offshore of Guyana, Suriname, and potentially other South American nations. Chevron and...
Exploration

“The numbers are incredible” – Exxon says of Guyana mega discoveries

OilNOW -
With an average volume of 300 million barrels of oil equivalent per discovery and a record 80 percent success rate, the pioneering oil fields offshore Guyana, particularly at the prolific Stabroek Block, continue to deliver big pay with low...
News

Analyst says Guyana remains on path to massive growth but all efforts must be made to ensure rural communities aren’t left behind

OilNOW -
The economic activity in the new oil producing country of Guyana is expected to continue on an upward trajectory and one analyst says the pace of this growth will really be determined by the infrastructure, incentives and framework the...
News

Exxon awarded for efforts to build economic capacity, protect environment in Guyana

OilNOW -
ExxonMobil has been recognised for its efforts to build local economic capacity, protect the environment and support communities in the new oil producing South American country of Guyana. The company received the World Petroleum Council Excellence Award (WPCEA) for...
News

New oil more competitive, significantly cheaper to produce – Rystad Energy

OilNOW -
Following its latest analysis of supply costs within the upstream sector, Rystad Energy, a research and business intelligence company based in Norway, has found that new oil discoveries are now more competitive and cheaper to produce. Expounding in this regard,...
News

Guyana remains top priority in Exxon’s portfolio, company says in new update

OilNOW -
ExxonMobil said in an update on Wednesday that it plans to prioritize its investment in Guyana as well as Brazil, and the Permian Basin in the United States. The company’s corporate plans through 2027 will support its strategy of...
News

Addition of 220,000 bpd next year puts Guyana on OPEC’s radar for global oil supply growth

OilNOW -
The latest monthly report of the Organization of Petroleum Exporting Countries (OPEC) states that Russia and the USA are expected to be the main drivers of next year’s oil supply growth, contributing increments of 1.0 mb/d and 0.9 mb/d,...
News

Norway group says Yellowtail subsea contract among biggest this century

OilNOW -
Subsea giant TechnipFMC landed a major subsea equipment deal this month for ExxonMobil’s next phase of the Stabroek development offshore Guyana. According to Norway-based energy research and business intelligence company, Rystad Energy, it is among the top 10 contracts...
News

Oil pushing Guyana banking assets to GY$3 trillion; lower interest rates, more loans should follow – Economist

OilNOW -
Guyanese economist, Winston Brassington, says that as the country’s oil and gas sector continues to develop and expand, so will the assets in the local banks. Brassington shared this perspective on Thursday when he addressed an American Chamber of...
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SBM Offshore’s Blue Ammonia FPSO design wins ABS approval

SBM Offshore has received approval in principle from the American Bureau of Shipping (ABS) for a new floating production,...

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