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Indonesia considers allowing for production sharing oil and gas contracts options

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(Reuters) - Indonesia is considering letting energy companies stick with the “cost recovery” system for oil and gas production sharing contracts, the energy minister said on Monday, after the government decided to adopt a new scheme in 2017. In 2017,...
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New Zealand company wins contract for upgrade of Guyana’s taxation system as first oil nears

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New Zealand technology company DataTorque has won a contract to improve revenue mobilisation and tax administration for the Guyana Revenue Authority (GRA) following a competitive tendering process. GRA’s Head of Information Technology (IT), Sese Jones, told OilNOW on Tuesday the...
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Staatsolie, TT oil company enter production sharing contract for Nickerie block

OilNOW -
Staatsolie Maatschappij Suriname N.V. and Trinidad and Tobago’s Decker Petroleum Marketing Co. LTD, have signed a production sharing contract for the Nickerie block. Decker will explore the Nickerie block for oil and gas. The duration of the contract, signed on...
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Equatorial Guinea could end oil service contracts over failure to comply with local content rules

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Major oil companies in Equatorial Guinea could be asked by the end of September to cancel their contracts with service providers such as TechnipFMC, Schlumberger and Subsea 7 SA because they aren’t complying with local-content rules over training and...
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Guyana must walk tightrope to develop oil resources, demand more from future contracts – Brookings Institution

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Guyana will face significant challenges in using the oil and gas industry to bring about development without the “resource curse,” where petroleum revenues generate concentrated wealth and harm the competitiveness of other industries within the country. A July 2018 report...
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Tullow Oil hires Worley Parsons, Wood for Kenya contract

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Tullow Oil has awarded an engineering design contract for oil production in its northern Kenyan blocs to Australia’s Worley Parsons, a Kenyan petroleum ministry official told Reuters on May 29. Kenya this month moved a step closer to full production...
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‘Pay more attention to oil price rather than contract’ – urges Guyanese engineer

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The volatility of oil price is a key factor in making projections about revenue, and as such, keen attention should be focused in this area as Guyana moves towards first oil.  In fact, Guyanese scientist and Director at Mid-Atlantic...
News

Oil companies give contracts disclosure thumbs up

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Making good on its promise to publicly release contracts signed with oil companies operating off the country’s coast, the Government of Guyana has to date published 3 such agreements - a move being commended by explorers. Sustained calls from the...
News

CGX contract outlines 53% profit oil, 1% royalty for Guyana

OilNOW -
The petroleum agreement between the Government of Guyana and Canadian-based CGX Resources Inc. (CGX Energy) stipulates 53 percent profit oil and 1 percent royalty for the South American country in the event the company makes a discovery and moves...
News

More contracts to be released; no objection made by oil companies – Trotman

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The Government of Guyana has taken a decision to publicly release all of the contracts and agreements - such as the recently released Petroleum Sharing Agreement with ExxonMobil - for all of the oil companies operating in the South...
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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...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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