Guyana can expect a significant spike in its oil revenues as early as 2026/2027 after the ExxonMobil-led Stabroek Block consortium (Exxon 45%, Hess 30% and CNOOC 25%) substantially recovers the tens of billions invested in exploration and development of...

The total output from Guyana’s Stabroek Block developments sits above 600,000 barrels per day (b/d) currently, surpassing projections set by the operator, ExxonMobil Guyana Limited (EMGL).  “Overall, our production capacity across all three facilities is now at 645,000 barrels per...

Chevron announced total earnings of US$2.25 billion in the fourth quarter (Q4) of 2023, reflecting a 64.4% drop from the US$6.35 billion reported in the same period in 2022. Chevron in its Feb. 1 financial report said the decline was...

Zhou Xinhua, President and Chief Executive Officer (CEO) of CNOOC, said its developments in Guyana are not in any “disputed” area.  The top official of the 25% Stabroek block stakeholder responded to a question about Guyana’s border controversy with Venezuela...

Downtime for ExxonMobil’s Liza field is expected in the second half of 2024, said Chief Financial Officer (CFO) Kathy Mikells, to facilitate Guyana’s Gas-to-Energy (GtE) project.  “At some point in the second half, we are working on the Gas-to-Energy project...

Hess Corporation recorded a decline in net income for the fourth quarter of 2023. The net income stood at US$413 million, or $1.34 per share, a 17% decrease from US$497 million, or $1.61 per share, in the fourth quarter...

Following earnings of US$1.617 billion in 2023, the Bank of Guyana said it expects Guyana’s oil fund (the Natural Resource Fund) to receive payments for two lifts of oil produced in December. The lifts, each approximately a million barrels of...

Hess Corporation said in its Q4 2023 earnings update that the Payara project reached its oil production target of 220,000 barrels per day (b/d) in January.  Having started production in November last year, Payara’s production ramp-up is three months ahead...

The government of Guyana expects the Exxon-led Stabroek block co-venturers to propose a seventh offshore development in 2024. Minister of Natural Resources, Vickram Bharrat said the government budgeted GY$100 million (approximately US$480,000) to review the application.  “We have dealt with...

Guyana's Minister of Natural Resources, Vickram Bharrat, announced on Jan. 29, that the country is poised to reach an average of 600,000 barrels per day (b/d) in oil production by the end of February.  Bharrat commented during a press conference...