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Guyana stands out globally; will maintain cost competitiveness despite expected drop in future oil prices – Norway firm

OilNOW -
South America's newest oil producer, Guyana, continues to stand out as a highly competitive destination for deepwater projects around the world. U.S. oil major ExxonMobil is currently spending around 20% of its total exploration and production (E&P) investments in...
News

Exxon, co-venturers have recovered more than US$25 billion of their Guyana investments

OilNOW -
Cost recovery continues to be accelerated for Stabroek Block operator ExxonMobil and co-venturers Hess and CNOOC, surpassing US$25 billion at the halfway point of 2024. According to Mid-Year data from the Guyana government, oil exports from the block have...
News

Uaru, Whiptail surpass Yellowtail as largest investments in Guyana’s history

OilNOW -
ExxonMobil’s two latest developments offshore Guyana – Uaru and Whiptail, have surpassed Yellowtail as the largest investments in the country’s history. Each of these projects has an estimated development cost of US$12.7 billion. Yellowtail is estimated to cost US$10 billion....
Energy Insights

CCJ ruling confirms process by which Stabroek co-venturers apply for and are granted project approvals is lawful

OilNOW -
By Chevy Devonish In a previous article we examined how the Caribbean Court of Justice (“CCJ”) in Attorney General of Guyana v Environmental Protection Agency CCJ 16 (AJ) GY, to my mind, settled the important question of: Whether Guyana’s...
News

Just nine years after first discovery Guyana has seven projects in play with three already producing

OilNOW -
Guyana will be producing oil for decades to come. A series of deepwater development projects being executed by U.S. oil major ExxonMobil is rapidly transforming the South American country, catapulting it from a non-producer less than five years ago,...
News

TechnipFMC Q2 earnings surge on Whiptail contract boost

OilNOW -
TechnipFMC reported a significant earnings boost in the second quarter, driven by strong operational performance and key project awards, including the Whiptail project in Guyana. The company’s total revenue reached US$2,325.6 million, with net income at US$186.5 million, or...
Energy Insights

The key legal instruments governing Guyana’s oil and gas industry

OilNOW -
By Chevy Devonish In the first article of this column, I indicated the intention to map and distill the entirety of the legal framework directly (specifically governs oil and gas production and related activities) and indirectly (does not directly govern...
News

Guyana will go down as having some of the best deepwater projects in history

OilNOW -
The prolific Stabroek Block in Guyana is set to redefine the landscape of deepwater oil projects, marking a significant milestone in global energy production. Vice President and Business Service Manager of ExxonMobil Guyana, Phillip Rietema, during an appearance on...
News

As Global oil demand set to slow down Guyana aims to forge ahead with rapid production expansion

OilNOW -
A recent International Energy Agency (IEA) report revealed that global oil demand is set to decelerate as the energy transition gains momentum. However, Guyana’s oil and gas sector will continue its rapid expansion. Last year, President Irfaan Ali emphasized...
News

Guyana remains one of the world’s lowest-cost oil producers with competitive breakeven price of US$36/bbl

OilNOW -
A new report from the International Energy Forum (IEF) and S&P Commodity Insights revealed that despite rising production costs, most new oil supplies can be produced at under US$60/bbl Brent. The “Upstream Oil and Gas Investment Outlook” report highlighted...
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GranMorgu FPSO construction hits 27% as Suriname targets first oil by 2028

Construction of the floating production, storage and offloading (FPSO) platform for Suriname’s GranMorgu project has reached 27%, state oil...

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