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Hess Corporation expects significant returns on Guyana investment

OilNOW -
The announcement by ExxonMobil Corporation on Friday of a 6th oil discovery off the coast of Guyana has further cemented the view that investment in exploration and production activities in the South American country will see significant returns. Even before...
News

PSC decries ‘lack of local content’ in ExxonMobil agreement

OilNOW -
In wake of the release of the ExxonMobil contract on December 28, 2017, the Private Sector Commission (PSC) has decried what it describes as a paucity of benefits for the business community and hopes that this can be addressed...
News

Guyana’s long promised blessing being released – Trotman

OilNOW -
The announcement on Friday of a 6th oil discovery off the Guyana coast by US oil major, ExxonMobil, has further cemented Guyana’s place as a significant emerging petroleum producer in the region. The South American country’s Minister of Natural Resources,...
News

Exxon makes ‘significant’ oil discovery at Ranger-1 offshore Guyana

OilNOW -
US oil major ExxonMobil announced today positive results from its Ranger-1 exploration well, marking the company's sixth oil discovery offshore Guyana since 2015. The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot,...
News

Supermajors cautious on exploration; cut spending on O&G for 5th consecutive year

OilNOW -
ExxonMobil, along with other world leading oil exploration companies including Royal Dutch Shell and Total are slowing down exploration efforts despite there being the strongest start for oil prices in four years. This is according to a recent report from analyst...
News

What could 2018 hold for oil, gas exploration? Guyana high on agenda

OilNOW -
(Hart Energy) Although unfavorable market conditions with lower but slowly improving oil prices left E&P companies’ exploration budgets battered in 2017, the year still managed to bring a few notable gems that put exploration into the positive spotlight. ExxonMobil Corp....
News

US$18M signing bonus not cost recoverable – Trotman

OilNOW -
The US$18M signing bonus that ExxonMobil paid the Government of Guyana upon the signing of an updated Production Sharing Agreement (PSA) in 2016 will not be cost recoverable by the US oil major. This means that in computing costs when...
Discoveries

Guyana Government releases ExxonMobil contract

OilNOW -
The Production Sharing Agreement (PSA) between the Government of Guyana and ExxonMobil affiliate Esso Exploration and Production Guyana Limited was released today at a special meeting held at the Ministry of the Presidency in Georgetown, Guyana. The agreement has...
News

Decision on contract disclosure should apply to all companies equally – British High Commissioner

OilNOW -
British High Commissioner to Guyana, Greg Quinn, says the Guyana government and oil companies will ultimately have to decide what aspects of their agreements would be disclosed but this should apply to all companies equally. Multiple calls have been made...
News

Hess completes sale of Norway assets to fund Guyana production, reduce debt

OilNOW -
Hess Corporation on December 22, 2017 announced that it had completed the previously announced sale of its subsidiary Hess Norge, which owns interests in the Valhall and Hod fields in Norway, to Aker BP ASA for total proceeds of...
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MODEC spent US$3.4 million with Guyanese suppliers in 2024

Japanese company MODEC reported in a press statement today that it spent US$3.4 million procuring goods and services from...

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