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BP Oil wins one-year contract to market Guyana’s Liza crude

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The United Kingdom’s BP Oil International Limited beat 13 competitors to win a one-year contract for the marketing of Guyana’s share of profit oil from the Liza Destiny and Liza Unity floating production, storage and offloading (FPSO) vessels. The marketing tender was...
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City Chamber calls on regulators to examine contract bundling practices in oil & gas sector

OilNOW -
The Georgetown Chamber of Commerce & Industry (GCCI) is calling on Guyana’s Local Content Secretariat to delve into “contract bundling” practices being executed by a number of companies in the oil and gas industry, making it clear that it will not support such...
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Suriname has ‘proud track record’ honouring contracts – oil Minister

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Minister of Natural Resources for Suriname, David Abiamofo, said the nation is extremely proud of its track record in honouring contracts, including production sharing contracts. He made the comment during an interview with energy analyst from Americas Market Intelligence Arthur...
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Imposing windfall tax on oil production operations would be breach of contract, says Guyana VP

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As a result of high oil prices driven by the Russia-Ukraine war, territories such as the United Kingdom and Canada have implemented a windfall tax on oil companies. This tax, which is applied to the profits oil companies gain...
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Oil operators, sub-contractors will get one-year grace period to comply with Local Content Law – AG

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Once the Local Content Bill 2021 becomes law, international oil companies and their subcontractors will have a one-year grace period to get their proverbial house in order and be fully compliant with the legislation says Attorney General of Guyana...
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Access to finance a key hurdle for Guyanese companies looking to secure big contracts in oil & gas – Dr. Gaskin-Peters

OilNOW -
Several local companies which have acquired the necessary capabilities through training and obtained the relevant health and safety certifications are still facing a proverbial brick wall when trying to access oil sector contracts. The hurdle that now stands in...
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Guyanese benefitted from almost GY$19 billion in oil and gas contracts during first half of 2021

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During the first half of 2021, ExxonMobil Guyana and its contractors spent nearly GY$19 billion with more than 750 Guyanese vendors on goods and services ranging from food stuff to engineering. This has generated, either directly or indirectly, an...
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Competitors for oil and gas contracts are shrewd, Guyanese companies must learn to adapt – President Ali urges

OilNOW -
Guyana’s Head of State, Dr. Irfaan Ali disclosed on Wednesday that local content provisions will be put in place to ensure competitive services provided by Guyanese will be given priority by oil companies. During his latest engagement with reporters, President...
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Disputes over tax, contract terms see Uganda struggling to reach first oil since major discoveries in 2006

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Uganda's long-delayed maiden oil project took a vital step to becoming more than a pipe dream this month but risks still hang over hopes of new export flows from East Africa, S&P Global Platts said in a report on...
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Crude oil futures surge, ICE Brent May contract up almost 2%

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(S&P Global Platts) Crude oil futures surged during the mid-morning trade in Asia March 1, with the oil market reversing the previous session's losses as risk-on sentiment gripped the markets following the US House of Representatives' approval of further...
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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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