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Opposition Leader wants more oil benefits for Guyana; says this must be balanced against investor returns

OilNOW -
Guyana's Opposition Leader Bharrat Jagdeo believes the South American country needs to alter the terms of future Production Sharing Agreements (PSAs) to maximize benefits for all Guyanese, but says this must be balanced against investor returns. “They will be...
Exploration

UK Analyst and Guyanese Economist say high royalty rate could make Guyana less competitive

OilNOW -
UK-based data analytics and consulting company GlobalData and a Guyanese Economist both say the scope for an upward adjustment in the royalty rate under Guyana’s current model Production Sharing Agreement is limited and warns that increasing this beyond a...
News

Ratio Petroleum inks deal with Philippine National Oil Company

OilNOW -
The Philippine National Oil Company (PNOC) on July 12 inked a deal with Israeli firm ration Petroleum to “establish cooperation” for the exploration and development of oil and gas resources in the country, the Energy Department said. According to a...
News

Guyana, TT American Chambers stage 1st HSSE conference in Georgetown

OilNOW -
As Guyana prepares for first oil, the need for Health, Safety, Security and the Environment (HSSE) standards was further highlighted on Wednesday when the American Chamber of Commerce Guyana (AMCHAM), in collaboration with its sister organisation in Trinidad and...
News

One oil major walked away, 20 companies said no to Guyana exploration

OilNOW -
The financial risk was high and the prospects of finding oil off the Guyana coast was low in the lead-up to the 2015 drill campaign that saw the largest discovery for that year being made at the Liza field....
News

Orinduik explorers targeting 220 million barrels of oil at Jethro-Lobe

OilNOW -
Explorers in the 1800km2 Orinduik Block, situated in shallow water (70 – 1,400m), 170 km offshore Guyana, are targeting around 220 million barrels of oil at the first wildcat well currently being drilled – Jethro-Lobe. Orinduik is located adjacent to...
Exploration

SBM signs letter of intent to lease and operate FPSO Mero 2 in Brazil

OilNOW -
SBM Offshore has signed a Letter of Intent (LOI) together with Petróleo Brasileiro S.A. (Petrobras) for a 22.5 years lease and operate of FPSO Mero 2, to be deployed at the Mero field in the Santos Basin offshore Brazil, 180...
News

Two years on: Exxon business centre on a mission to make access to training easier

OilNOW -
The Centre for Local Business Development (CLBD), which was established back in July 2017 to help build the capacity of Guyanese businesses to better position themselves for the oil and gas industry, is on a mission to make training...
News

Caracas threatens to seize Chevron oil assets

OilNOW -
Venezuela is threatening to nationalize Chevron's oil assets if Washington declines to extend a sanctions waiver that expires on 27 July, reports independent media organization, Argus. The waiver issued as a general license by the US Treasury Department on 28 January allowed...
News

Discoveries up 35% – Guyana oil strikes propelling uptick

OilNOW -
Global discoveries of conventional oil and gas continue to show promising growth, with new finds totaling 6.7 billion barrels of oil equivalent (boe) in the first half of 2019, according to the mid-year assessment of upstream data by Rystad...
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MODEC’s Guyana contract drives 1,327% surge in orders for 2025

Japan-based floating production specialist MODEC Inc. has reported strong results for the first nine months of 2025, driven by...

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