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CNOOC inks cooperation agreements with 9 international oil companies

CNOOC Limited on December 18, 2018 announced that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, ConocoPhillips, Equinor, Husky, KUFPEC, Roc Oil, Shell, SK Innovation and TOTAL. As...

PricewaterhouseCoopers submitted EOI for ExxonMobil cost recovery audit

PricewaterhouseCoopers Advisory Services Limited submitted an Expression of Interest (EOI) to the Government of Guyana (GoG) for a cost recovery audit consultancy in relation to ExxonMobil’s exploration activities in the Stabroek Block offshore Guyana. “We have the right experience, the...

Guyanese business group calls for swift implementation of local content framework

The Private Sector Commission of Guyana (PSC) is calling for the swift implementation of a local content framework within which local businesses can operate and meaningfully benefit from opportunities in the emerging oil and gas industry. Speaking at the Liza...

Inter-generational equity and the rationale for Guyana’s “Sovereign Wealth Fund”

The policy of investing resource revenues in reproducible capital suggests irresistibly that some appropriately defined stock is being maintained intact, and that consumption can be regarded as the "interest" on that stock (Solow 1986). Since the discovery of oil and...

Tullow eyeing potential 4 billion barrel ‘game changer’ off Guyana coast

United Kingdom based oil and gas exploration company Tullow is confident that it will strike oil off the Guyana coast where it has a 60% equity in the Orinduik Block and 37.5% equity in the Kanuku Block. Tullow’s Executive Vice...

Guyana ratifies conventions to protect against oil spills – Greenidge

Guyana’s ratification of several international conventions has been approved by Cabinet. These are aimed at, among other things, strengthening the country’s legal framework for the emerging Oil and Gas industry. This was announced by the country’s Foreign Affairs Minister Carl...

Hess to plug hundreds of millions into Guyana operations in 2019

Hess Corporation (NYSE:HES) said on Monday it intends to plug several hundred million dollars into exploration and development operations offshore Guyana in 2019 as part of what the company describes as its ‘peak spend year’ for the Liza Phase 1...

ExxonMobil says efforts to develop local capabilities will continue

ExxonMobil Guyana says it will continue to play a major role in the development of local content in the South American country as first oil approaches. The company reiterated this at a time when multiple potential developments are expected...

Guyana could become first-world destination in under 12 yrs – Hughes

Director of the Guyana Oil and Gas Association (GOGA), Nigel Hughes, believes that the approach to local content in the South American country must be refocused with emphasis on local industry becoming more competitive and efficient. He was at the...

An oil fund for Guyana – the role of fiscal institutions

Guyana has been blessed with an abundance of energy resources. For the next 40 years our economy will become a major producer of oil and gas. Hydrocarbons development is at the heart of Guyana’s future prosperity and a cornerstone...

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Guyana oil production could edge closer to one million barrels per day by year-end

ExxonMobil Guyana expects production from the Stabroek Block to climb sharply before the end of 2025, driven by the...