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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...
News

Guyana among strategic global assets that helped CNOOC achieve “better-than-expected” half-year results

OilNOW -
Though the international market was hard hit by unforeseen challenges in recent months, CNOOC Limited said it was still able to achieve “better-than-expected” results at half year. It credited this performance to management’s strategic investments in key assets based...
News

Delay in Suriname FID shows TotalEnergies hesitant to fully commit to country – AMI analyst

Shikema Dey -
When it comes to answering the question of a final investment decision on the TotalEnergies-operated Block 58, Suriname’s wait has been long. And the country will have to wait at least a few months more, until 2023, for the decision. This...
News

Veolia to supply seawater treatment module for Exxon’s fourth Guyana FPSO

OilNOW -
SBM Offshore has awarded a multi-million-dollar contract to Veolia Water Technologies, through its subsidiary VWS Westgarth Ltd. to supply a seawater treatment process module for the massive ‘One Guyana’ floating production storage and offloading vessel. The vessel will be used...
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Q1 withdrawal from Guyana’s oil fund up 60% from last year’s

The Guyana government ramped up withdrawals from the country’s oil fund in the first quarter of 2025, taking out...

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