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Despite push for renewables, oil remains leading investment sector in Latin America, Caribbean – ECLAC report

OilNOW -
Oil’s importance continues to be seen as it remains a leading sector in terms of future investment prospects in Latin America and the Caribbean, notwithstanding the worldwide push for renewables. This point was underscored in a recent report by...
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Hess awarded E&P Explorer of the Year for second consecutive year

OilNOW -
Energy company Hess has been named E&P Explorer of the Year for the second year in a row, as revealed in the 15th annual Wood Mackenzie exploration industry survey. Its Exploration Director, Tim Chapman made the announcement on July...
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Guyana now classified as high-income country by World Bank as oil projects quintuple

OilNOW -
The World Bank has announced the elevation of Guyana's status to a high-income country, a milestone in the South American nation's economic journey. This update comes along with several other countries having their statuses adjusted in the latest annual...
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Guyana’s ‘highly competitive, low carbon oil’ will catapult country to world’s 4th largest offshore producer by 2035

OilNOW -
Ahead of veterans like Norway and Mexico, Guyana is projected to become the world’s fourth-largest oil producer by 2035, according to a new United Nations Economic Commission for Latin America and the Caribbean (ECLAC) report.  “The dynamic performance of the...
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Guyana mega oil project pushes country to third place for highest value foreign investment in 2022 – new report

OilNOW -
Guyana trailed behind only Mexico and Brazil, holding the third slot as the country with the highest total value of foreign direct investment (FDI) project announcements for 2022 in Latin America and the Caribbean.  Outlined in the new United Nations...
News

101 major subsea assets installed in Guyana waters by Edison Chouest C-INSTALLER vessel

OilNOW -
Edison Chouest’s (ECO) C-INSTALLER - a 318 ft. multipurpose support vessel has operated in Guyana for the past five years and has been integral to the country’s offshore oil operations.  ECO shared that the C-INSTALLER positioned 101 major subsea assets...
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Guyana oil exports to generate US$11.3 billion in 2023

Kemol King -
The Guyana government expects crude oil exports this year to generate US$11.3326 billion in 2023, a 14% increase from the 2022 figure, according to budget documents.  These revenues are expected from oil production at the ExxonMobil-operated Stabroek Block, from the...
News

Exxon consultant to brief private sector about Whiptail project

OilNOW -
Set for Friday July 14, ERM Guyana Inc. will be hosting a virtual sensitisation session on ExxonMobil’s Whiptail project - the 6th Stabroek Block development.  The project was screened by Guyana's Environmental Protection Agency (EPA) which determined that an Environmental...
News

Former oil minister explains circumstances behind controversial Exxon ‘signing bonus’

OilNOW -
What was considered a 'signing bonus' for the 2016 Stabroek Block Production Sharing Agreement (PSA) was in fact funds provided to Guyana in support of its efforts to address Venezuela’s claim to two-thirds of its territory.  ...
News

Guyana got US$150 million from sale of two profit oil lifts in June

Kemol King -
Guyana’s Natural Resource Fund (NRF) received payments for two lifts of profit oil in June, amounting to US$150 million. These represent the sixth and seventh lifts owed to Guyana for the year, from oil production at the ExxonMobil-operated Liza...
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Guyana’s AFC party promises transparency, amended contracts in oil sector if it wins elections

Guyana’s Alliance for Change (AFC) political party is promising oil and gas transparency reforms and a review of existing...

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