Guyana Archives - Page 5 of 21 - Energy Analytics Institute (EAI)

Chevron Corp. Files S-4, Updates on Stabroek JOA

(Energy Analytics Institute, 26.Feb.2024) — Chevron Corporation believes that the $53bn merger with Hess Corporation presents the California-based energy giant with the opportunity to diversify its portfolio by acquiring Hess’ 30% interest offshore Guyana in the Stabroek block. The block has industry leading cash margins, a strong production growth outlook, potential […]

Guyana’s $1.9bn gas-to-power project delayed to 2025

GEORGETOWN, GUYANA (Reuters, 20.Feb.2024, Words: 297) — Guyana will delay until 2025 its biggest effort to capitalize on its energy bounty, a $1.9 billion gas-to-power project that was to start this year, using untapped gas to slash electricity costs, a Ministry of Natural Resources consultant said on Tuesday. The rising […]

Guyana Is Trying to Keep Its Oil Blessing From Becoming a Curse

(Bloomberg, 15.Feb.2024) — Guyana has undergone a huge transformation in the near decade since a massive oil discovery off its shores. That’s on full display at the Georgetown Marriott hotel. By sundown, oil executives in branded shirts step out of vans and mingle with tables of development bank officials, already debriefing over yucca […]

Frontera Announces 2024 Capital and Production Guidance

(Frontera, 15.Feb.2024) — Frontera Energy Corporation (TSX: FEC) announced its full year 2024 capital and production guidance, provides an update on its estimated fourth quarter 2023 and full year average daily production and provides and update on shareholder value initiatives, including the initiation of a quarterly dividend of CAD $0.0625 […]

Model Updates on EPCI Projects, Brazil FPSOs

(Energy Analytics Institute, 15.Feb.2024) — Modec‘s profits increased significantly due to good progress in the construction work of new EPCI projects and improved asset integrity of old Brazil FPSO vessels, the company revealed 15 Feb. 2024 in its 2023 financial results analysts presentation. EPCI works recorded good progress, including FPSOs awarded […]

DeepOcean Secures Major Contract with ExxonMobil Guyana

DeepOcean, 14.Feb.2024) — Ocean services provider DeepOcean has been awarded a contract by ExxonMobil Guyana for the provision of subsea construction and IMR (inspection, maintenance, and repair) services offshore Guyana, South America. “This is our first major contract with ExxonMobil in the Americas and our market entry into the exciting […]

ExxonMobil to explore in area disputed by Guyana and Venezuela

GEORGETOWN, GUYANA (AP, 7.Feb.2024, Words: 370) — ExxonMobil said it plans to explore for oil and gas in a disputed area off South America’s coast where the Venezuelan military had previously expelled two U.S. oil companies. The move could escalate tensions between Venezuela and neighboring Guyana, which awarded the exploration […]

ExxonMobil Announces 2023 Results, Updates on Guyana [PDF Downloads]

(Exxon, 2.Feb.2024) — Exxon Mobil Corporation announced fourth-quarter 2023 earnings of $7.6bn, or $1.91 per share assuming dilution. Fourth-quarter results included unfavorable identified items of $2.3bn including a $2bn impairment as a result of regulatory obstacles in California that have prevented production and distribution assets from coming back online. Impairments […]

EAI’s NRGBriefs: January 2024

(Energy Analytics Institute, 31.Jan.2024) — Energy briefs as well as others related to finance and projects during Jan. 2024 including Washington reviewing its sanctions policy on Venezuela; QatarEnergy confirming that Qatar’s LNG production continues uninterrupted; Evercore ISI continuing on Biden’s moves to pause on LNG export terminal approvals; an S&P […]

Hess Reports 4Q:23 Results, Updates on Payara [PDF Download]

(Hess, 31.Jan.2024) — Hess Corporation (NYSE: HES) reported net income of $413mn, or $1.34 per share, in the fourth quarter of 2023, compared with net income of $497mn, or $1.61 per share, in the fourth quarter of 2022. On an adjusted basis, the corporation reported net income of $501mn, or […]

Recording-Setting Transactions in 4Q:23 Worth for Upstream M&A

(Enverus, 23.Jan.2024) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, is releasing its summary of Q4 and full-year 2023 upstream merger and acquisition (M&A) activity. Q4 recorded a massive $144bn in upstream M&A, the largest quarter EIR has tracked. That pushed full-year 2023 value to more than $190bn, also […]

Guyana’s Finance Minister Presents 2024 Budget [PDF Download]

(Guyana’s Finance Ministry, 15.Jan.2024) — Guyana’s Finance Minister Dr. Ashni K. Singh, M.P presenting the South American country’s budget for 2024, highlighting the nascent oil and gas sector, which continues to drive growth in gross domestic product (GDP). ____________________

India to Sign Energy MoU with Guyana

(Reuters, 5.Jan.2024) — India approved signing a 5-year memorandum of understanding (MoU) with Guyana to cooperate in the hydrocarbon sector as the South Asian nation looks to diversify its oil import sources. The proposed agreement will cover areas such as sourcing of crude oil from the South American nation, participation […]

EAI’s NRGBriefs: Dec. 2023

(Energy Analytics Institute, 31.Dec.2023) — Energy briefs as well as others related to finance and projects during Dec. 2023 including why Venezuela wants to annex the Essequibo; Petrobras acquiring 29 blocks in the Pelotas basin in the 4th Permanent Concession Offer Cycle of the National Agency of Petroleum, Natural Gas […]

S&P Global Releases its 2024 Energy Outlook

(S&P Global, 14.Dec.2023) — Analysts at S&P Global Commodity Insights, an independent provider of information, data, analysis, benchmark prices and workflow solutions for the commodities, energy and energy transition markets, today released their latest 2024 energy outlook. OVERVIEW After years of turbulence, global markets are still striving to find sustainable […]

Joint Declaration between Guyana and Venezuela

(CELAC, 14.Dec.2023) — On Thursday, 14 Dec. 2023, in Argyle, Saint Vincent and the Grenadines, His Excellency Irfaan Ali, President of the Co-operative Republic of Guyana and His Excellency Nicolas Maduro, President of the Bolivarian Republic of Venezuela held discussions on matters consequential to the territory in dispute between their […]

Guyana, Venezuela agree to not use force in Essequibo spat

(Reuters, 14.Dec.2023) — Guyana and Venezuela on Thursday agreed to avoid any use of force and to not escalate tensions in their long-running dispute over the oil-rich Esequibo area after a meeting between their heads of state in Saint Vincent and the Grenadines. The 160,000-square-km (62,000-square-mile) region is generally recognized […]

Tensions Soar Between Guyana and Venezuela over Essequibo

(AP, 9.Dec.2023) — A century-old territorial dispute deepened by the discovery of oil is boiling over between neighbors Guyana and Venezuela. Steeped in patriotism, the Venezuelan government is seizing on the fight to boost support ahead of a presidential election among a population fed up with a decadelong crisis that has pushed […]

Secretary Blinken’s Call with Guyana’s President Irfaan Ali

(US Treasury, 6.Dec.2023) — Secretary of State Antony J. Blinken spoke with Guyanese President Dr. Mohamed Irfaan Ali to reaffirm the United States’ unwavering support for Guyana’s sovereignty. The Secretary reiterated the United States’ call for a peaceful resolution to the dispute and for all parties to respect the 1899 arbitral […]

Maduro Orders Immediate Oil and Gas Exploration in Disputed Territory

(Voice of America, 6.Dec.2023) — Venezuelan President Nicolas Maduro has ordered state-owned oil, gas and mining companies to “immediately” begin operations in a wide territory controlled by neighboring Guyana. Maduro issued the order Tuesday, two days after Venezuleans voted overwhelmingly to approve a referendum that would annex the 160,000-square kilometer […]

Venezuela Moves to Claim Guyana-Controlled Region

(BBC, 6.Dec.2023) — Venezuelan President Nicolás Maduro is plunging ahead with its plans to take over Essequibo, the oil-rich region controlled by neighbouring Guyana. He has ordered the state oil company to issue extraction licences there and proposed the National Assembly pass a bill making the area part of Venezuela. […]

ExxonMobil on Earnings from 2019-2027 [PDF Download]

(ExxonMobil, 6.Dec.2023) — ExxonMobil gave an update to its Corporate Plan through 2027, reflecting continued execution of its strategy to provide the products society needs and to lower emissions, both its own and others’. Highlights: Expecting capital investments to generate average returns of ~30%, with payback periods less than 10 years for […]

Maduro to Permit Development in Disputed Territory

(Reuters, 5.Dec.2023) — Venezuelan President Nicolas Maduro said on Tuesday he would authorize oil exploration in an area subject to a dispute with Guyana, which said it would report his comments to the United Nations and the International Court of Justice (ICJ). Maduro’s pledge to permit development around the Esequibo […]

CGX and Frontera on Guyana-Suriname Basin

(CGX, 4.Dec.2023) — CGX Energy Inc. (TSXV: OYL) and Frontera Energy Corporation (TSX: FEC), joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana, announced today that on 11 Dec. 2023, at 10 am ET, senior operational and technical team members will host a virtual informational presentation on […]

Venezuela votes on disputed Essequibo region

PANAMA CITY, PANAMA (Energy Analytics Institute, 4.Dec.2023) — Venezuelans voted in fair referendum claiming sovereignty over the Essequibo region, a disputed area on Venezuela’s eastern border with Guyana. The region spans roughly 60,000 square miles and is comprised mainly of dense jungle and is rich in oil and mineral reserves.

Venezuela Wins Vote Claiming Part of Guyana

(AP, 4.Dec.2023) — Venezuelan President Nicolás Maduro got the victory he sought in a weekend referendum on whether to claim sovereignty over an oil-rich area of neighboring Guyana. But lackluster turnout suggested his government is losing influence and is tone deaf to people’s needs. Maduro’s government had promoted the referendum […]

Venezuelans Vote on Sovereignty Over Part of Guyana

(CNBC, 4.Dec.2023) — Venezuelans on Sunday voted to claim sovereignty over a large swathe of their oil-rich neighbor Guyana, marking the latest escalation in a long-standing territorial dispute between the countries. Voters were asked if they supported the establishment of a new state in the contested area, known as the Essequibo. […]

Court Bars Venezuela from Altering Guyana’s Control over Essequibo

(AP, 1.Dec.2023) — The United Nations’ top court on Friday ordered Venezuela not to take any action that would alter Guyana’s control over a disputed territory, but did not specifically ban Venezuela from holding its planned referendum Sunday on the territory’s future. Guyana had asked the International Court of Justice to order […]

LatAm Upstream Opportunities and Challenges: WoodMac

(WoodMac, 24.Nov.2023) — With nearly 15 billion barrels worth of varied resources discovered in the region since the turn of the decade, the future looks bright for upstream oil and gas in Latin America. Opportunities of all kinds are fuelling stratospheric expectations for Majors, national oil companies (NOCs) and mid-caps […]

FPSO Prosperity Producing and On Hire

(SBM Offshore, 14.Nov.2023) — SBM Offshore announce that FPSO Prosperity has produced first oil as of 14 Nov. 2023 and is formally on hire. The FPSO Prosperity utilizes a design that largely replicates the design of the FPSO Liza Unity. As such, the design is based on SBM Offshore’s industry leading Fast4Ward® program that incorporates the […]

ExxonMobil Starts Third Offshore Guyana Project Payara

(Exxon Mobil, 14.Nov.2023) — ExxonMobil started production today at Payara, Guyana’s third offshore oil development on the Stabroek Block, bringing total production capacity in Guyana to approximately 620,000 barrels per day. Highlights: Company’s third FPSO, Prosperity, starts up ahead of schedule and will add 220,000 barrels of oil per day […]

Frontera Updates on Colombia and Guyana

(Frontera, 9.Nov.2023) — Frontera Energy Corporation (TSX: FEC) reported financial and operational results for the third quarter ended 30 Sep. 2023. All financial amounts in this news release are in United States dollars, unless otherwise stated. Gabriel de Alba, Chairman of the Board of Directors, commented: “Frontera’s three core businesses continue to deliver […]

CGX and Frontera Report Find Offshore Guyana

(Frontera, 9.Nov.2023) — CGX Energy Inc. (TSXV: OYL) and Frontera Energy Corporation (TSX: FEC), the majority shareholder of CGX and joint venture partner of CGX in the Petroleum Prospecting License for the Corentyne block offshore Guyana, are pleased to announce today the discovery of a total of 114 feet (35 meters) […]

FPSO Liza Unity Purchase by ExxonMobil Completed

(SBM, 9.Nov.2023) — SBM Offshore and ExxonMobil Guyana Limited, an affiliate of ExxonMobil Corporation, have completed the transaction related to the purchase of FPSO Liza Unity, a few months ahead of the end of the maximum lease term, in Feb. 2024. The purchase allows ExxonMobil Guyana to assume ownership of the unit […]

EAI’s NRGBriefs: Oct. 2023

(Energy Analytics Institute, 31.Oct.2023) — Energy briefs as well as others related to finance and projects during October 2023 including Vista‘s third quarter 2023 earnings presentation; the long-awaited Citgo Petroleum auction; Colombia’s first seabed allocation competitive process for offshore wind energy; former Trinidad and Tobago energy minister Kevin Ramnarine on […]

Guyana Greenlights Oil Drilling in Waters Claimed by Venezuela

(AFP, 27.Oct.2023) — The new find, as well as some of the drilling concessions, are in a disputed area whose possible annexation Venezuela is putting to a national referendum. Guyana, much smaller than its neighbor, has the world’s highest reserves of crude per capita. US oil giant ExxonMobil made the discovery of […]

Big Oil: Upstream M&A Gets Serious

(WoodMac, 26.Oct.2023) — ExxonMobil’s and Chevron’s belief in the durability of upstream could hardly be better demonstrated by the game-changing acquisitions of two flagship US Independents. It’s a pivotal moment for the sector and widens the strategic gulf with the Euro Majors. Here are our team’s thoughts. First, what drove […]

Hess Reports 3Q:23 Operational Highlights [PDF Download]

(Hess, 25.Oct.2023) — Hess Corporation (NYSE: HES) reported net income of $504mn, or $1.64 per share, in the third quarter of 2023, compared with net income of $515mn, or $1.67 per share, in the third quarter of 2022. On an adjusted basis, the corporation reported net income of $583mn, or […]

CARICOM Comments on Guyana-Venezuela Board Dispute

(CARICOM, 25.Oct.2023) — The Caribbean Community (CARICOM) notes the decision of the Venezuelan National Assembly to conduct a popular referendum on defending Venezuela’s claim of the Essequibo. CARICOM further notes that two of the questions approved to be posed in the Referendum, if answered in the affirmative, would authorise the […]

Welligence says Hess Corporation gives Chevron Atlantic margin exposure

PANAMA CITY, PANAMA (Energy Analytics Institute, 23.Oct.2023, Words: 203) — US-based Chevron Corporation will acquire Hess Corporation for $60bn (including net debt), the second giant transaction of Oct. 2023 following the $65bn move by ExxonMobil to acquire Pioneer Natural Resources Company, both in all-stock transactions, Welligence Energy Analytics wrote 23 […]

Chevron to Acquire Hess in $53bn All-Stock Deal

(Chevron, 23.Oct.2023) — Chevron Corporation (NYSE: CVX) has entered into a definitive agreement with Hess Corporation (NYSE: HES) to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53bn, or $171 per share based on Chevron’s closing price on 20 October 2023. Under the terms […]

EAI’s NRGBriefs: Sep. 2023

(Energy Analytics Institute, 30.Sep.2023) — Energy briefs as well as others related to finance and projects during Sep. 2023 including Petrobras saying that in regards the process of divestment of the LUBNOR refinery that it continues to strictly comply w/ the purchase and sale agreement; SilverCrest Metals Inc. filing an […]

Exxon, Hess Exit Kaieteur Offshore Oil Exploration Block in Guyana

(Reuters, 28.Sep.2023) — U.S. oil producers Exxon Mobil (XOM.N) and Hess Corp (HES.N) have withdrawn from exploring the Kaieteur block in Guyana’s deepwaters, Exxon said on Thursday, after disappointing exploration results. The exit comes as the producers focus on their larger and highly productive Stabroek block, where more than 11 billion barrels of oil […]

Hess Announces Collector’s Edition Ocean Explorer, Now On Sale

(Hess, 15.Sep.2023) — Hess Corporation announced that the special limited Collector’s Edition Ocean Explorer toy, commemorating Hess Corporation’s 90th anniversary, is now on sale exclusively at HessToyTruck.com for $59.99 with free standard shipping and Energizer® batteries included. This highly limited edition is the third in the Collector’s Series and salutes Hess’ proud history — from the […]

Guyana Receives Bids for Eight Blocks, Including from Exxon, Total

(Reuters, 13.Sep.2023) — Guyana has received offers for eight of 14 offshore oil and gas blocks in a bidding round, including from consortiums of oil majors like Exxon Mobil, Hess Corp and TotalEnergies, the government and documents seen by Reuters showed on Wednesday. The Ministry of Natural Resources confirmed that […]

EAI’s NRGBriefs: Aug. 2023

(Energy Analytics Institute, 31.Aug.2023) — Energy briefs as well as others related to finance and projects during August 2023 including Petrobras commenting on divestment process related to the LUBNOR refinery; Petrobras commenting on Sete Brasil; FMC Corporation on revenues in Latin America in the second quarter 2023; Sempra appointing Richard Mark to […]

Guyana’s Oil Boom Grabs Bigger Share of European Market

(Reuters, 23.Aug.2023) — Guyana has gained a larger share of Europe’s oil market this year, vessel monitoring data showed, driven by rising output by a consortium led by Exxon Mobil (XOM.N) and strong demand for light sweet crude grades amid a reshuffling of global oil flows. Western sanctions on Russian oil due to […]

Exxon Proposes Sixth Oil Project in Guyana for $12.9 Billion

(Reuters, 21.Aug.2023) — Exxon Mobil Corp (XOM.N) and partners plan to spend $12.93 billion to develop their sixth offshore oil project in Guyana, according to a filing published on Monday by the South American country. The floating production platform for the so-called Whiptail project would start operations in 2027 and bring the […]

CNOOC: Net Production Hit Record High

(CNOOC, 17.Aug.2023) — CNOOC Limited announces its 2023 interim results for the six months ended June 30, 2023. In the first half of the year, the company continued to pursue high-quality development, increasing efforts in oil and gas exploration and development, and improving quality and efficiency of the operations. The company […]

Frontera Announces 2Q:23 Results [PDF Download]

(Frontera, 10.Aug.2023) — Frontera Energy Corporation (TSX: FEC) reported financial and operational results for the first quarter ended 30 June 2023. All financial amounts in this news release are in United States dollars, unless otherwise stated. Gabriel de Alba, Chairman of the Board of Directors, commented: “Frontera continues to efficiently execute on its financial, […]