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Guyana’s oil fund hits US$1.42 billion at close of 2022

Kemol King -
Guyana’s Central Bank said in a statutory report that the Natural Resource Fund (NRF) closed 2022 with US$1.42 billion (GY$297.38 billion). This revises an earlier statement from the Ministry of Finance that the Fund closed the year with US$1.27 billion....
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Hess’ maiden carbon payments set to plug US$150 million into Guyana’s 2023 budget

OilNOW -
The 2023 national budget to be presented by the Guyana government on Monday has just been given a boost of US$150 million by Stabroek Block co-venturer, Hess Corporation. Guyana has received its first payment for carbon credits under its agreement...
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Exxon’s Ranger discovery: The forgotten wild cat?

Shikema Dey -
ExxonMobil’s Ranger find in the Stabroek Block is in a league of its own. A wildcat, the Ranger-1 well is in an area with different geology when compared to other fields where Exxon and its partners have hit the jackpot...
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Exxon on track to add 220,000 more bpd to Guyana output in 2023

OilNOW -
ExxonMobil’s third development project in Guyana’s offshore Stabroek Block – Payara is almost complete and remains on track for its early 2023 start-up. Hess’ Chief Executive Officer, John Hess said the project is around 93% complete. It will take the Stabroek...
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‘Gas-to-power’ seen as ‘most logical’ step for South America’s rising oil giant

OilNOW -
With Guyana’s natural gas reserves pegged at around 16 trillion cubic feet (Tcf), Chief Executive Officer (CEO) of Trinidad and Tobago’s Energy Chamber, Dr. Dax Driver believes that converting it to electricity is the “most logical” avenue at this...
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At over US$12.5 billion; Exxon’s 5th Guyana project will be largest ever to date

Kemol King -
ExxonMobil’s proposed Uaru development project is now estimated to cost US$12.683 billion (GY$2.638 trillion). This is stated in the Environmental Impact Assessment (EIA) for the project, compiled by Acorn International. The new cost reflects the impact of inflationary pressures...
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Guyana is top frontier jurisdiction for oil and gas investment – S&P Global

OilNOW -
Competition between frontier and early-stage producers has become more intense as exploration companies focus on fewer basins in response to budget discipline. Explorers are also keen on delivering rapid results to bring hydrocarbons to market as the energy transition...
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Tilapia-1 well estimated to hold over one billion barrels of recoverable resources – S&P Global Platts

OilNOW -
Back in 2019, Westwood Global Energy Group put the resource estimate for ExxonMobil’s Tilapia-1 find in Guyana’s offshore Stabroek Block at 300 million barrels. But new estimates by S&P Global Platts puts the estimate significantly higher. S&P listed Tilapia-1 as holding...
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No impact study required for Guyana’s landmark 300MW gas to power plant

Kemol King -
Guyana’s Environmental Protection Agency (EPA) has announced that the 300 megawatts (MW) natural gas power plant is exempt from the requirement to conduct an Environmental Impact Assessment (EIA). It made this decision on the basis, it said, that the proposed...
News

Advancing development of local content at forefront of SBM Offshore’s milestones in 2022

OilNOW -
SBM Offshore said it had another successful year in Guyana in 2022. In a video published on its Facebook page, the company said it achieved major milestones including the start-up of the Liza Unity floating production storage and offloading...
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Symmetry Group Inc. acquires majority stake in ISS Guyana advancing local content in Guyana’s oil & gas sector

Symmetry Group Inc. (SGI) and Inchcape Shipping Services (ISS) today announced a strategic joint venture in Guyana, with SGI...

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