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Maersk Nomad arriving in Guyana this month to support Exxon’s drilling operations

OilNOW -
ExxonMobil affiliate, Esso Exploration and Production Limited Guyana (EEPGL) has signed the subsea support vessel – the Maersk Nomad – to support its field development activities in Guyana’s offshore Stabroek Block. According to Maersk, the contract has a minimum one-year...
News

Guyana hikes royalty to 10% in major overhaul of PSA fiscal terms

OilNOW -
Guyana’s Vice President, Dr. Bharrat Jagdeo on Thursday announced new fiscal terms as part of an updated model production sharing agreement being introduced in the new oil producing South American country. The government has said over the months that new...
News

Exxon gearing up for major Supplier Forum in Guyana next week

OilNOW -
Major stakeholders leading the development of the oil and gas sector in Guyana are gearing up to host the second in-person Guyana Supplier Forum. ExxonMobil Guyana and the Centre for Local Business Development are at the helm of the organisation...
News

Local content earnings top GY$129 billion, over 350 certificates issued to suppliers

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Guyana’s Local Content Secretariat said Tuesday that it has granted Local Content certificates to 354 Guyanese suppliers, listed on its website. The coveted certification allows those suppliers to be treated with legally mandated preference by international oil companies (IOCs) and...
News

Guyana’s oil gives it competitive edge over Trinidad and Tobago, Suriname – AMI analyst

OilNOW -
Stacked against each other, international investors will tell you that they favour Guyana’s oil prospects over Suriname’s, and even those of legacy producer, Trinidad and Tobago, says energy analyst, Arthur Deakin. The Director for Americas Market Intelligence (AMI) Energy Practice made this statement as part...
News

Hess’ pumps US$701M into Guyana, other assets in Q3; returns US$265M to stockholders

OilNOW -
Hess Corporation says its exploration and production expenditure hit US$701 million in the third quarter of 2022 compared with US$498 million in the prior-year quarter. This was primarily due to higher drilling and development activities in the Bakken, the Malaysia-Thailand...
News

Exxon awards contract to MODEC for fifth Guyana FPSO

OilNOW -
Global supplier and operator of offshore floating platforms, Mitsui Ocean Development & Engineering Company Inc. (MODEC) announced on Tuesday that it has signed a contract to perform Front End Engineering and Design (FEED) for a Floating Production, Storage and...
News

Guyana is a world-class manufacturing hub in the making – Energy Analyst

OilNOW -
When its Gas-to-Energy project comes on stream in 2024, Guyana is expected to break the spell of high electricity rates that has suppressed its development for decades. This major initiative will also be working in perfect synchrony with three...
News

Strong oil prices push CNOOC’s third quarter earnings to US$5.1 billion

OilNOW -
CNOOC Limited, a 25% stakeholder in the Stabroek Block, recorded a massive US$5.1 billion (36.9 billion yuan) in earnings for the third quarter of 2022. This represents an 89% increase in a year driven by strong oil and gas...
Exploration

Exxon targeting more wells in its biggest year for discoveries offshore Guyana

OilNOW -
Following the announcement last week of two more discoveries at Sailfin-1 and Yarrow-1 in the ExxonMobil-operated Stabroek Block, the hunt for more high-quality oil resources is now set to continue at the Fish-1 and Lancetfish-1 prospects offshore the South...
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Improvements in infrastructure, productivity pushing Guyana’s non-oil GDP – IMF

Guyana’s oil sector is projected to account for a slightly smaller share of the country’s economy in 2025 for...

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