Saturday, May 28, 2022

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Natural Resource Fund records GY$31.5M profit for Q1 2022

The Natural Resource Fund (NRF) recorded a profit of $31.57 million (US$151,412.05) for the first quarter of 2022 solely due to interest earned on deposits. According to Bank of Guyana’s Q1 report, the market value of the Fund at...

EPA grants Environmental Authorisation for Yellowtail Project

The Environmental Protection Agency (EPA) disclosed on Friday that it gave approval ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited (EEPGL) to move ahead with the Yellowtail Project. The regulatory body said an Environmental Permit was granted for a period...

Two fundamental laws that will shape Guyana energy development

By Arthur Deakin With 300 million barrels of oil per discovery and an 80% success rate, the largest energy company in the Americas, ExxonMobil, said that Guyana’s “numbers are incredible.” Exxon added that it will inject US$30 billion into the...

CGX says Kawa-1 results so far consistent with expectations

CGX Energy Inc. said on Friday that well results so far from Kawa-1 are consistent with pre-drill expectations, signaling potential positive results from its first campaign offshore Guyana in over 9 years. “The well results thus far are consistent with...

Exxon targeting 2022 start-up for major 12-well campaign at Canje Block

ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. (EEPGL) has submitted a Project Summary to the Environmental Protection Agency (EPA) in Guyana for its 12-well exploration and appraisal campaign on the 26,806 km2 Canje Block. Pending approval, drilling operations...

Independent third-party assessment of hydrocarbon resources recommended for Guyana

Even as the Guyanese Government contemplates the array of development possibilities to be derived from the associated gas found so far at the Stabroek Block, it would be in the nation’s best interest to get an independent third-party assessment...

Clean energy push by Shell and BP could affect T&T – Ramnarine

Former Minister of Energy and Energy Affairs of Trinidad and Tobago Kevin Ramnarine says the push to reduce carbon emissions by Shell and BP can potentially affect the economic fortunes of the Twin-Island Republic. Speaking at the Madrid Energy Virtual...

New cases of coronavirus remain high globally, economic recovery on track, impairment in the energy space lessened

(S&P Global Platts) While new cases of coronavirus remain very high globally, economic recovery appears on track and impairment in the energy space has lessened. Even so, product cracks are low, indicative of weak demand, both seasonally and year...

ExxonMobil looking forward to positive results from Guyana drill campaigns

Results from the Redtail-1 prospect located some 103 nautical miles off the coast of Guyana at the Stabroek block are expected soon while a new campaign at the ‘deepest well ever drilled’ in the South American country at Tanager-1,...

U.S., Canadian oil company bankruptcies surge 50% in 2019: report

(Reuters) - The number of oil and gas company bankruptcies in the United States and Canada rose 50% in 2019 over the previous year, and is likely to increase as a slide in energy prices continues to shake producers...

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NOC can guarantee far greater benefit, value to Guyana – Financial Analyst

Guyana is exploring the establishment of a national oil company (NOC) to develop its oil and gas resources and some critics have opined...