Guyana Archives - Page 6 of 21 - Energy Analytics Institute (EAI)

Tullow Sells Interest in TGBV to Eco Guyana

(Tullow, 10.Aug.2023) — Tullow Oil Plc agreed to sell its total interest in Tullow Guyana B.V. (TGBV), which includes the Orinduik licence (Tullow 60% operated equity) in Guyana to Eco Guyana Oil and Gas (Barbados) Limited in exchange for a combination of upfront cash and contingent consideration. “This transaction is […]

TotalEnergies Named Most-admired Explorer in WoodMac Survey

(WoodMac, 27.Jun.2023) — French major TotalEnergies has been named the upstream industry’s most-admired explorer and received the Discovery of the Year award in Wood Mackenzie’s industry-leading annual Exploration Survey. Dr. Andrew Latham, Senior Vice President, Energy Research, at Wood Mackenzie, said “For the third time in our industry-leading survey, TotalEnergies […]

CGX and Frontera Find 210 Feet of Hydrocarbon-Bearing Sands in Guyana

(Frontera, 28.Jun.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 excited to announce today that the Joint Venture has discovered oil at the Wei-1 […]

Guyana not interested in joining OPEC, VP says

(Reuters, 26.Jun.2023) — Nascent oil producer Guyana is not interested in joining the Organization of the Petroleum Exporting Countries (OPEC), Guyanese Vice-President Bharrat Jagdeo said on Monday, as the South American country looks to rapidly boost production and attract new operators. Guyana – which has become one of fastest growing crude-oil producers […]

Guyana Postpones Offshore Auction to mid-August

(Reuters, 16.Jun.2023) — Guyana will postpone by about one month its first offshore oil blocks auction as the country finalizes new terms of the country’s oil and gas regulatory framework, Vice President Bharrat Jagdeo told Reuters on Friday. The South American nation has three times before delayed the offer of 14 offshore […]

Exxon: Over $400mn Spent Locally in Guyana in 2022

(Exxon, 16.May.2023) — ExxonMobil Guyana and its reporting contractors have spent more than GUY$83bn (US$400mn) with more than 1,500 Guyanese businesses in 2022 alone. That is part of the more than GUY$180bn (US$900mn) spent with locals since the first discovery in 2015. By the end of 2022, the company and […]

MODEC’s Uaru FPSO Proceeds to EPCI Phase

(MODEC, 8.May.2023) — MODEC, Inc. will proceed with engineering, procurement, and construction on the Uaru Floating Production, Storage, and Offloading (FPSO) vessel following a final investment decision on the Uaru project by ExxonMobil Guyana and its co-venturers on 27 April 2023. Uaru is a significant addition to MODEC’s portfolio and it covers […]

Frontera Reveals 1Q:23 Results

(Frontera, 3.May.2023) — Frontera Energy Corporation (TSX: FEC) reported financial and operational results for the first quarter ended March 31, 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 first quarter results were in-line with […]

SBM Offshore Inks Deal for its Guyana FPSO Fleet

(SBM, 2.May.2023) — SBM Offshore has signed a 10-year Operations and Maintenance Enabling Agreement with Esso Exploration & Production Guyana Ltd (aka “ExxonMobil Guyana”) for the Operations and Maintenance of FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA. This framework agreement establishes the new terms related to the operations of the Guyana FPSO fleet […]

ExxonMobil Advances Fifth Offshore Guyana Development

(ExxonMobil, 27.Apr.2023) — ExxonMobil made a final investment decision for the Uaru development offshore Guyana after receiving required government and regulatory approvals. The company expects Uaru, the fifth project on Guyana’s offshore Stabroek block, to add approximately 250,000 barrels of daily capacity after a targeted startup in 2026. Highlights: Uaru […]

Hess Sanctions Uaru Development Offshore Guyana

(Hess, 27.Apr.2023) — Hess Corporation (NYSE: HES) has made a final investment decision to proceed with Uaru, the fifth development on the Stabroek Block, after receiving government and regulatory approvals. Uaru will have a production capacity of approximately 250,000 gross barrels of oil per day with production targeted to startup […]

Hess Reports 1Q:23 Results, Another Find Offshore Guyana [PDF Downloads]

(Hess, 26.Apr.2023) — Hess Corporation (NYSE: HES) reported net income of $346mn, or $1.13 per share, in the first quarter of 2023, compared with net income of $417mn, or $1.34 per share, in the first quarter of 2022. On an adjusted basis, the corporation reported net income of $404mn, or […]

NatGas in Transition to Low-Carbon Economies [PDF Download]

(IGU, OLADE, ARPEL, 17.Apr.2023) — The world needs to transition to low-carbon economies to reduce global warming while continuing to promote sustainable socioeconomic development for a growing global population. Achieving this massive goal requires a radical transformation in how energy is supplied and used worldwide, as 73% of global greenhouse […]

SBM Offshore says FPSO Prosperity reaches Stabroek block offshore Guyana

HOUSTON, TEXAS (Editors at Energy Analytics Institute, 11.Apr.2023) — SBM Offshore said the FPSO Prosperity reached the Stabroek block offshore Guyana. The vessel travelled just over 11,000 nautical miles — or just over 20,000km — from Singapore in just under 50 days, SBM announced on 11 Apr. 2023 in an […]

ICJ Delivers Judgement in Guyana v. Venezuela Case

(ICJ, 6.Apr.2023) — On 6 April 2023, the International Court of Justice, the principal judicial organ of the United Nations, will deliver its Judgment on the preliminary objection raised by the Bolivarian Republic of Venezuela in the case concerning the Arbitral Award of 3 October 1899 (Guyana v. Venezuela). A […]

Border Spat: CIJ Rejects Venezuela’s Objection to Guyana [PDF Download]

(Energy Analytics Institute, 6.Apr.2023) — The court finds that the preliminary objection raised by the Bolivarian Republic of Venezuela is admissible. By fourteen votes to one, the court rejects the preliminary objection raised by the Bolivarian Republic of Venezuela. ____________________ By Ian Silverman. © Energy Analytics Institute (EAI). All Rights […]

PGS Rejuvenated Data for Guyana Deepwater Block Evaluation

(PGS, 4.Apr.2023) — In collaboration with the Guyana Ministry of Natural Resources (MNR), PGS has released 4460 km of rejuvenated 2D GeoStreamer depth data supporting the evaluation of Blocks D1, D2, and D3. Leveraging PGS’ comprehensive experience across the Guyana basin and applying recent imaging technology advances, PGS has produced […]

EAI’s NRGBriefs: Mar. 2023

(Energy Analytics Institute, 31.Mar.2023) — Energy briefs as well as others related to finance and politics during March 2023 including Staatsolie Hydrocarbon Institute (SHI), a wholly owned subsidiary of Staatsolie Maatschappij Suriname N.V., and launch of a competitive bid round of six new blocks in the currently sparsely explored Demerara […]

ONE GUYANA FPSO Reaches Drydock [Video]

(Energy Analytics Institute, 24.Mar.2023) — The ONE GUYANA FPSO has arrived in drydock at Keppel shipyard. This marks a key milestone in the project, this phase will include work on the vessel, installation of the mooring structures and riser balcony, SBM Offshore announced 24 March 2023 in an official statement […]

Guyana Gov’t Releases Draft Model Petroleum Agreements [PDF Downloads]

(Ministry of Natural Resources, 14.Mar.2023) — The Ministry of Natural Resources, on behalf of the Government of Guyana, is pleased to announce the release of the draft Model Petroleum Agreements for both the deepwater and shallow-water area, and the commencement of a fourteen-day consultation period before finalisation. The draft Model Petroleum Agreements embody rigorous […]

EAI’s NRGBriefs: Feb. 2023

(Energy Analytics Institute, 23.Feb.2023) — Energy briefs as well as others related to finance and politics during February 2023 including Repsol commenting on improvement of prospects for operations in Venezuela; earnings updates and webcasts from Pemex, Noble Corporation, bp, Repsol and TotalEnergies; Venezuela reactivates first drilling rig, the PDVEN-778, in […]

Guyana: FPSO Prosperity Naming Ceremony

(Energy Analytics Institute, 2.Feb.2023) — SBM Offshore held a naming ceremony for the floating production storage and offloading (FPSO) unit Prosperity. “SBM Offshore is extremely honored to continue our part in the shared journey of the nation of Guyana alongside our client ExxonMobil Guyana. Now christened under the care of the First Lady […]

Frontera Announces 2023 Capital And Production Guidance

(Frontera, 1.Feb.2023) — Frontera Energy Corporation (TSX: FEC) announces its full year 2023 capital and production guidance and provides an update on its normal course issuer bid (“NCIB“), its 2023 hedging program and its estimated fourth quarter and 2022 full year average daily production. All values in this news release […]

EAI’s NRGBriefs: Jan. 2023

(Energy Analytics Institute, 31.Jan.2023) — Energy briefs as well as others related to finance and politics during January 2023 including Trinidad and Tobago Prime Minister Dr. Hon. Keith Rowley said during the Trinidad and Tobago Energy Conference (TTEC) in Port of Spain that “in this uncertain global environment, energy is […]

New Global Finds Drive Exploration to Value Creation

(WoodMac, 30.Jan.2023) — The global oil and gas exploration sector had its strongest year in 2022 in more than a decade. In its work to improve portfolios by adding lower-carbon, lower-cost advantaged hydrocarbons, the sector created at least $US33bn of value and achieved full-cycle returns of 22%, at $US60/barrel Brent […]

Hess’ 2023 Capex Budget Favors Bakken and Stabroek

(Hess Corporation, 24.Jan.2023) — Hess Corporation (NYSE: HES) today announced a 2023 Exploration & Production capital and exploratory budget of $3.7bn, of which more than 80% will be allocated to Guyana and the Bakken. Net production is forecast to average between 355,000 and 365,000 barrels of oil equivalent per day in 2023. Bakken net production […]

CGX and Frontera Spud Wei-1 Offshore Guyana

(CGX Energy, 23.Jan.2023) — CGX Energy Inc. (TSXV: OYL) operator and joint venture partner with Frontera Energy Corporation in the Petroleum Prospecting License for the Corentyne block offshore Guyana, announced the spud of the Wei-1 well, on the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana. The Joint Venture […]

T&T Energy Chamber Chair Dookie Gives Opening Address at TTEC

(Energy Chamber, 23.Jan.2023) — Energy Chamber of Trinidad & Tobago Chair Jerome Dookie gives his opening speech at the Trinidad & Tobago Energy Conference 2023 in Port of Spain. Good morning everyone! It gives me great pleasure to welcome you to the Energy Conference and to deliver my first public […]

Guyana Budget 2023 [PDF Download]

(Guyana Ministry of Finance, 16.Jan.2023) — The Budget 2023 is the fourth budget of this People’s Progressive Party/Civic (PPP/C) government formed in August 2020. ____________________

Hess’ Guyana Developments and Low Breakeven Prices [PDF Download]

(Energy Analytics Institute, 5.Jan.2023) — Hess Corporation’s activities offshore Guyana in the Stabroek Block over the company exceptional reservoir quality and low development costs. The company’s first four developments offshore offer Brent breakeven prices less than $40/bbl. Highlights – ~$35/bbl Brent breakeven for Liza Phase 1 – ~$25/bbl Brent breakeven […]

Energy Analytics Institute’s NRGBriefs: December 2022

(Energy Analytics Institute, 31.Dec.2022) — Energy briefs as well as others related to finance and politics during December 2022 including Washington’s easing of sanctions on Venezuela resulting in increased US imports of that heavy/sour crude; twin-island country Trinidad and Tobago eying its annual energy conference in Port of Spain; Savannah […]

Hess CEO to Participate in Goldman Sachs Global Conference

(Hess, 19.Dec.2022) — Hess Corporation (NYSE: HES) announced that John Hess, Chief Executive Officer, will participate in a Fireside Chat at the Goldman Sachs Global Energy and Clean Technology Conference on 5 January 2023 at 10:20 a.m. Eastern Time. A live webcast and a replay of the discussion will be accessible via Hess Corporation’s website. Hess Corporation is a leading global […]

Guyana: From Backwater to Deepwater

(Foreign Policy, 16.Dec.2022) — Most South American economies have grown sluggishly this year. But Guyana has been an outlier—both in the region and the world at large. The small country is on track to boast the globe’s highest GDP growth rate of 2022—a staggering 57.8 percent—thanks to steadily rising output from […]

Guyana Presidential Guard Stabbed by Attacker at Official Residence

(Reuters, 15.Dec.2022) — A presidential guard in Guyana was stabbed five times in capital Georgetown on Thursday by a man who demanded to see President Irfaan Ali after arriving at his official residence, police said. The president and his family are safe, and the area around State House, the president’s […]

Saipem Awarded Deals for $1.2bn in Guyana, Egypt

(Saipem, 15.Dec.2022) — Saipem has been awarded new contracts in Guyana and Egypt for a total amount of approximately $1.2bn. In Latin America: Guyana The first contract has been awarded by ExxonMobil Guyana, subject to government approvals, for the UARU oil field development project, located in the Stabroek block offshore Guyana […]

Trinidad and Tobago Energy Conference 23-25 January 2023

(Trinidad and Tobago Energy Chamber, 15.Dec.2022) — The Trinidad and Tobago Energy Conference takes place at the Hyatt Regency in Port of Spain from 23-25 January 2023. Background The oil and gas industry has a central role to play in the energy transition globally, regionally and locally. Over the past […]

Contract Inked for $759mn Wales Natgas Plant

(DPI, 13.Dec.2022) — The Government of Guyana and LINDSAYCA/CH4 on Tuesday signed the contract for the construction of the integrated natural gas liquids (NGL) Plant and the 300-megawatt (MW) combined-cycle gas turbine (CCGT) power plant at Wales, West Coast Demerara (WCD), Region Three. The historical signing of the contract for […]

Guyana Launches First Licensing Round for Offshore Oil and Gas E&P

(Ministry of Natural Resources, 9.Dec.2022) — The government of Guyana, today, for the very first time, is announcing the launch of a Licensing Round. The round offers 14 blocks for tender in the shallow and deepwater areas of Guyana’s offshore area. Highlights 14 blocks for tender for shallow water and […]

President Ali Launches Bid Round for Offshore Blocks

(Office of the President of Guyana, 9.Dec.2022) — His Excellency Dr Irfaan Ali announced the launch of a competitive bidding process for 14 offshore oil blocks. The Head of State made this announcement during a virtual statement today from State House. “As you’re aware, we have committed that the new […]

ExxonMobil Reveals Corporate Plan 2027

(Exxon, 8.Dec.2022) — ExxonMobil today announced its corporate plan for the next five years, with a sizeable increase in investments aimed at emission reductions and accretive lower-emission initiatives, including its Low Carbon Solutions business. The corporate plan through 2027 maintains annual capital expenditures at $20bn-$25bon, while growing lower-emissions investments to […]

Hess and Guyana’s Gov’t Announce REDD+ Carbon Credits

(Hess, 2.Dec.2022) — Hess Corporation (NYSE: HES) and the Government of Guyana today announced an agreement for Hess to purchase high quality carbon credits for a minimum of $750mn between 2022 and 2032 directly from the Government of Guyana. This agreement will serve to support Guyana’s efforts to protect the country’s vast forests and provide capital […]

Guyana to Earn $750mn in First Carbon Credit Sale

(DPI, 2.Dec.2022) — Guyana is set to earn an income of some US $750 million for its carbon credit from Hess Corporation, His Excellency, Dr Mohamed Irfaan Ali announced Friday morning. The major deal between the government and the global energy giant will see the company purchasing 2.5 million carbon […]

Frontera and CGX to Spud Wei-1 Offshore Guyana by Jan. 2023

(Frontera, 28.Nov.2022) — Frontera Energy Corporation (TSX: FEC) and CGX Energy Inc. (TSXV: OYL), joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana, announce its continued commitment to drill the Wei-1 well and that final preparations are complete in advance of spudding the Wei-1 well, which […]

ExxonMobil Guyana Renews Sponsorship in 2023 for the 2nd Edition of IECEG 2023

(IECEG, 18.Nov.2022) — The International Energy Conference and Expo Guyana 2023 (IECEG 2023) today announced ExxonMobil Guyana as the premier sponsor of the second edition of the Conference & Expo. Commenting on the sponsorship, President of ExxonMobil Guyana, Alistair Routledge said, “The event’s theme, ‘Harnessing Energy for Development’, aligns with our […]

Frontera to Host Investor Open House on 15 Nov. 2022

(Frontera, 15.Nov.2022) — Frontera Energy Corporation (TSX: FEC) will host an Investor Open House for analysts, investors, shareholders and bondholders today from 9:30 a.m. to 5:00 p.m. Col time, Frontera at its office at Calle 110 N° 9 – 25 Piso 16, Bogotá, Colombia. Members of Frontera’s executive team will provide in-depth presentations and […]

MODEC Awarded FEED Contract for ExxonMobil’s “Uaru” Project in Guyana

(MODEC, 1.Nov.2022) — MODEC, Inc. signed a contract to perform Front End Engineering and Design (FEED) for a Floating Production, Storage and Offloading vessel (FPSO) for the “Uaru” development project. The FEED contract award relates to the initial funding by ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), to […]

Energy Analytics Institute’s NRGBriefs: October 2022

(Energy Analytics Institute, 31.Oct.2022) — Energy briefs as well as others related to finance and politics during October 2022 including US President Joe Biden congratulating Luiz Inácio Lula da Silva on his election victory in Brazil over Jair Bolsonaro; Equinor inviting analyst to provide estimate for the third quarter of […]

ExxonMobil Reveals Two New Guyana Finds

(ExxonMobil, 26.Oct.2022) — ExxonMobil announced two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, adding to its extensive portfolio of development opportunities. ExxonMobil has made more than 30 discoveries on the block since 2015, and it has ramped up offshore development and production at a […]

Hess Reports Estimated 3Q:22 Results

(Hess, 26.Oct.2022) — Hess Corporation (NYSE: HES) reported net income of $515mn, or $1.67 per common share, in the third quarter of 2022, compared with net income of $115mn, or $0.37 per common share, in the third quarter of 2021. On an adjusted basis, the corporation had net income of […]

Hess Announces Two More Discoveries Offshore Guyana

(Hess, 26.Oct.2022) — Hess Corporation (NYSE: HES) today announced two new discoveries at the Yarrow-1 and Sailfin-1 wells on the Stabroek Block offshore Guyana. The discoveries, which are the eighth and ninth this year, will add to the block’s previously announced gross discovered recoverable resource estimate of approximately 11 billion barrels of […]