Oil production at the Stabroek Block offshore Guyana will see the South American country cashing in on 5 million barrels of oil in 2020 plus 2 percent royalty on all crude produced at the Liza Phase 1 Development.
“I am...
Greece-registered crude oil tanker, Cap Philippe, is set to depart Guyana waters with the government’s first 1 million barrels entitlement after arriving at the Stabroek Block last Thursday.
“These one million barrels is part of our profit oil allocation. It...
Guyana’s Ministry of Finance in a report on February 17 stated that petroleum production for December 2019 amounted to 427,282 barrels or 35,607 barrels per day and that there were no operational losses for the period.
The Report on Petroleum...
Swire Oilfield Services, a leading global provider of offshore containers and oilfield services, announced a strategic partnership agreement today with Global Oilfield Services Inc, for the supply of offshore containers and equipment to support the growing energy market in...
Review of the Field Development Plan for the proposed 220,000 barrels per day Payara Development Project offshore the South American country of Guyana is progressing well with approval likely to come after the country’s March 2 elections.
“The Department of...
Although 2019 was a disappointing year in terms of high impact well (HIW) drilling in the oil and gas sector, comparatively stable market conditions are favoring new exploration activity in 2020 for areas that combine high risk and high...
Italian engineering and drilling services firm Saipem announced that it has been awarded several EPCI contracts worth over 500 million USD in various countries around the world.
A press release from the company on February 6, 2020 said that the...
The Guyana Extractive Industries Transparency Initiative (GYEITI) will soon be receiving information regarding Guyana’s first trades in oil now that the country has commenced production.
The local EITI chapter, headed by Dr Rudy Jadoopat, held a meeting with the Department...
Italian firm Saipem has signed a Memorandum of Understanding (MoU) with Gulf Petrochemical Industries Company (GPIC), a joint venture equally owned by the National Oil and Gas Holding Company in the Kingdom of Bahrain, SABIC Agri-nutrient Investments in the...
The first tanker has sailed and Guyana is now among the oil producing countries of the world. Annual revenue is set to move from around US$300 million in the first years to US$10 billion per annum by 2030.
“The economic...
