Guyana’s Natural Resource Fund received US$1.38 billion (GY$288.35 billion) in revenue from oil sales and royalties in the first half of 2024. This amounted to approximately US$7.6 million (GY$1.58 billion) per day.  Payments were included for 15 million-barrel lifts of...

Baker Hughes said it set a new benchmark for open water drilling in Guyana, completing a 26-inch section with “unprecedented speed and efficiency.”  The company reported a 40% increase in on-bottom rate of penetration (ROP) and a 61% reduction in...

ExxonMobil is continuing drilling activities at the Haimara-4 wellsite, located approximately 125.4 nautical miles (232.1 kilometers) off the Coast of Guyana, covering an area of 0.29 square nautical miles (1 square kilometer). This is according to a notice from the Maritime...

ExxonMobil's expanded operations are set to boost subsea tree installations in 2024, with a projected 12% contribution, according to Rystad Energy. This surge follows Equinor, which accounted for 17% of total subsea tree installations this year. Exxon's focus is...

Guyana will be producing oil for decades to come. A series of deepwater development projects being executed by U.S. oil major ExxonMobil is rapidly transforming the South American country, catapulting it from a non-producer less than five years ago,...

Guyana’s Natural Resource Fund (NRF) received more than US$268 million in July from oil sales and royalties. The Fund received US$101.1 million (GY$21.1 billion) in royalties for crude oil produced and sold in the second quarter. Guyana has received three...

SLB has successfully increased the Rate of Penetration (ROP) by 65% in ExxonMobil's “most complex offshore Guyana trajectory”, saving 34 hours of drilling time. The achievement was made possible through the combination of the AccuStrike bit and the PowerDrive...

Guyana has finalized its new model Production Sharing Agreement (PSA) with no changes to the fiscal terms introduced on March 14 during the country’s first oil blocks licensing round. The new PSA, which mandates a 10% royalty rate and...

The Guyana government is on course to withdraw US$2.3 billion in oil revenue from its Natural Resource Fund (NRF) in 2025 to support that year’s budget. This would represent a 46% increase from the almost US$1.6 billion amount approved...

Guyana’s Ministry of Natural Resources has shortlisted seven companies for consideration to conduct a seismic study offshore.  Minister of Natural Resources, Vickram Bharrat, told reporters at an August 14 press conference that around eight companies submitted or expressed interest. "We...