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The Nigerian Production Sharing Contract: An Overview

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The Production Sharing Contract (PSC) was widely introduced in 1993 to address some of the issues faced by the Joint Operating Agreement (JOA) and also to provide a suitable agreement structure for encouraging foreign investment in offshore acreage. Under...
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ExxonMobil courts Guyanese companies for support contracts

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US oil major ExxonMobil has begun to up the ante in its push to sensitize the Guyanese business community of opportunities during its exploration and development phases in the coming decades and is in fact encouraging private companies from...
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Saipem awarded US$400M ECP contract by Saudi Aramco

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Saipem has been awarded a new E&C Offshore contract by Saudi Aramco for Engineering, Procurement, Construction (EPC) activities in Saudi Arabia, under the Long Term Agreement renewed in 2015 until 2021. The contract’s main scope of work includes the engineering,...
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Contract disclosure: Exxon, Natural Resources weigh in

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ExxonMobil Guyana said on Thursday it remains committed to transparency while the country’s Minister of Natural Resources signaled government’s intent to eventually release all contracts for oil exploration and production. The country’s Minister of State, Joseph Harmon, told reporters at...
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ExxonMobil contract to be released in December – Minister of State

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After several months of controversy surrounding the full disclosure of the contract between Guyana and US oil major ExxonMobil, the country’s Minister of State said Thursday the document will be made public in December. Speaking to reporters at his post-Cabinet briefing,...
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ExxonMobil begins oil production at Hebron Field

OilNOW -
Exxon Mobil Corporation (NYSE:XOM) today announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day. Discovered in 1980, the Hebron field is estimated to...
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Foreign companies bidding for contracts in Guyana with no local content input – GCCI

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President of the Georgetown Chamber of Commerce and Industry (GCCI), Deodat Indar, says a number of foreign companies have been registering in Guyana and bidding for contracts with no input from the local business community. He told reporters at a...
News

Total will lose entire investment if it pulls out of South Pars -Iran oil minister

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(Reuters) - France’s Total will lose all of its investment if it pulls out of a deal with Iran to develop South Pars, the world’s largest gas field, the Iranian oil minister said on Tuesday. “If Total, without the enforcement...
News

Oil heads for two-year high as U.S. stocks shrink ahead of OPEC

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Oil headed for its highest close since June 2015 while trading volume surged after U.S. industry data showed crude stockpiles resumed declines and as investors await a decision by OPEC on extending output cuts, a Bloomberg report stated. January futures rose...
News

As Venezuela pumps below OPEC target, oil rivals begin filling gap

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(Reuters) - As Venezuela’s dilapidated energy sector struggles to pump enough crude oil to meet the country’s OPEC output target, rival producers within the exporters group have started to plug the gap, OPEC and industry sources said. The South American...
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SBM sponsors international trips, science equipment for winners of Guyana mousetrap competition

SBM Offshore Guyana’s 2025 Guyana-Monaco Mousetrap Car Grand Prix Competition wrapped up with an impressive display of creativity, problem-solving...

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