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Tullow Oil makes discovery at Carapa-1 well offshore Guyana

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Tullow Oil plc (Tullow) said on Thursday that the Carapa-1 exploration well, drilled on the Kanuku licence offshore Guyana, has encountered approximately four metres of net oil pay based on preliminary interpretation, and has extended the prolific Cretaceous oil...
News

Wealth, education and infrastructure funds key to Guyana’s success as an oil producer – Rystad Energy

OilNOW -
Norway’s success as an oil producer has been based largely on the country’s push to diversify the economy and not use oil revenues to underpin all other industries in the country. This approach, if taken by Guyana, will see...
News

Shared vision for oil money will open pathway to prosperity

OilNOW -
With just over 750,000 people, Guyana – South America’s newest petroleum hotspot – will begin producing oil within months and with over 6 billion barrels already discovered, revenue from production could profoundly transform the small nation. But the country...
News

Guyana must prepare for tectonic shift in development trajectory

OilNOW -
Billions of dollars in oil revenue and a plethora of new opportunities could potentially transform one of South America’s smallest nations into a regional powerhouse, but for this to occur, a concerted effort must be made by its people...
News

Double oil strikes reaffirm Guyana’s substantial oil resources – Dr. Bynoe

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Speaking to the media hours after the announcements of two oil discoveries off the Guyana coast, Director of the country’s Department of Energy (DE), Dr. Mark Bynoe said these latest successes, which brings the total discoveries to date to...
News

USGS will reassess Guyana-Suriname basin in 2020 following multi-billion-barrel discoveries by ExxonMobil

OilNOW -
The US Geological Survey (USGS) is looking to reassess its estimated petroleum reserves in the Guyana-Suriname basin which could see its previous estimate of 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas, increasing. Thirty-one geologic...
Exploration

Orinduik oil strike sparks renewed call for legislation to be urgently enacted

OilNOW -
Following the announcement on Monday by Tullow Oil that it had made its first discovery offshore Guyana, private sector stakeholders have renewed their calls for the requisite legal and regulatory framework to be urgently put in place if the...
Exploration

UK Analyst and Guyanese Economist say high royalty rate could make Guyana less competitive

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UK-based data analytics and consulting company GlobalData and a Guyanese Economist both say the scope for an upward adjustment in the royalty rate under Guyana’s current model Production Sharing Agreement is limited and warns that increasing this beyond a...
News

Guyana did not receive signing bonus from Frontera-CGX farm-in – Dept. of Energy clarifies

OilNOW -
When Frontera Energy Corporation acquired a 33.33 percent share in CGX Energy’s license for exploration in the Corentyne and Demerara offshore blocks in 2018, the Guyana government did not receive revenue from this deal since it was a business-to-business...
News

Ramps Logistics secures full integrated contract with Tullow for Guyana drill campaign

OilNOW -
Ramps Logistics has secured a fully integrated cross-border logistics contract inclusive of shore base provision and management, marine agency, personnel logistics, freight forwarding and customs brokerage, with UK-based Tullow Oil for its upcoming Guyana drill campaign. Further to this, a...
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Trinidad PM’s ‘deadly force’ warning to Venezuela sparks concern from Young about gas project

Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar has warned that deadly force will be used against unidentified vessels entering...

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