(Reuters, 6.May.2022) — Guyana is in “no rush” to draft a new production sharing agreement (PSA) for offshore oil development, its Natural Resources minister told Reuters, reversing a year-long drive to devise new rules for future output. The government of South America’s newest crude oil producer said in 2021 it […]
Category: Guyana
Guyana energy
Unlikely Exxon Guyana to Sustain Production Target for 2027
(Energy Analytics Institute, Special Contributor Millan Arcia Einstein, 5.May.2022) — New hydrocarbon discoveries offshore Guyana, were announced last week totaling 31 so far. Exxon-Guyana claims resources around 11,000 million barrels (MMbbls), although as previously said, net crude oil recoverable reserves will ultimately be not far from the 4,400 to 3,100 […]
Frontera Reports 1Q:22 Net Income of $102.2mn
(Frontera, 3.May.2022) — Frontera Energy Corporation (TSX: FEC) reported financial and operational results for the first quarter ended 31 March 2022. 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 continued to deliver strong performance results […]
NRGBriefs: FMC LatAm Sales; Rig Mobilized in Suriname
(Energy Analytics Institute, 2.May.2022) — Energy briefs including FMC Corp.’s LatAm sales rising 31% YOY in 1Q:22 “driven by robust volume growth in soybean, corn and sugarcane as well as price rises and a 6% currency tailwind”; Enel Américas (NYSE: ENIA) filing its 2021 annual report on Form 20-F w/ the […]
Guyana Aims to Avoid Oil Curse by Spending on Health and Education
(FT.com, 2.May.2022) —The president of Guyana, the world’s fastest-growing economy, is inviting investors to back his ambitious vision to transform the small South American country into a regional health, education and transport hub with the help of burgeoning oil wealth. “We’re investing tremendously in healthcare. and we’re investing heavily in […]
TechnipFMC adds additional contract for Yellowtail development
PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 2.May.2022) — TechnipFMC has been awarded an additional contract and received notice to proceed by ExxonMobil affiliate Esso Exploration and Production Guyana Limited for its Yellowtail development in the Stabroek Block offshore Guyana. The newly announced significant(1) flexibles contract covers 6 risers which […]
NRGBriefs: Guyana’s GDP Growth
(Energy Analytics Institute, 30.Apr.2022) — Energy briefs including rising production and robust oil prices to aid Guyana’s gross domestic product growth in coming years. LATIN AMERICA AND THE CARIBBEAN Guyana — Rising production and robust oil prices will aid Guyana’s GDP growth. The country’s GDP will be the highest in […]
NRGBriefs: Exxon exits Sakhalin-1; LyondellBasell on seasonal demand
HOUSTON, TEXAS (Editors at Energy Analytics Institute, 29.Apr.2022, Words: 451) — Energy briefs including Exxon discontinuing operations at the Sakhalin-1 venture; and LyondellBasell Industries (NYSE: LYB) expecting typical improvements in summer seasonal demand will extend market strength for its products. LATIN AMERICA AND THE CARIBBEAN Guyana
Exxon Mobil CEO Darren Woods on 1Q:22 Results – Earnings Transcript
(Seeking Alpha, 29.Apr.2022) — Exxon Mobil Corporation (NYSE:XOM) Q1 2022 Earnings Conference Call 29 April 2022 9:30 AM ET. Company Participants Jennifer Driscoll – VP IR Darren Woods – Chairman and Chief Executive Officer Kathy Mikells – Senior Vice President and Chief Financial Officer Conference Call Participants Phil Gresh – […]
CNOOC Reveals 1Q:22 Results after A Share Listing, Declares Special Dividend
(CNOOC, 28.Apr.2022) — CNOOC Limited (SEHK: 00883, SSE: 600938) announced its results for the first quarter of 2022. For the first quarter of 2022, the company seized the opportunity of oil price recovery to continue to increase its reserves and production, and actively promoted the green energy transition. Measures to reduce costs […]
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Hess Corp. Reports Estimated 1Q:22 Results [PDF Downloads]
(Hess, 27.Apr.2022) — Hess Corporation (NYSE: HES) reported net income of $417mn, or $1.34 per share, in the first quarter of 2022, compared with net income of $252mn, or $0.82 per share, in the first quarter of 2021. On an adjusted basis, the corporation reported net income of $404mn, or […]
Guyanese Crude Cargo Bought by Exxon Sets Sail for Europe -Data
(Reuters, 26.Apr.2022) — A tanker carrying Guyana’s first share of oil from a recently inaugurated floating production facility has set sail for Rotterdam, tanker monitoring data showed on Tuesday. South America’s newest crude producer, which has secured billions of dollars in investment from an Exxon Mobil, Hess Corp and China […]
NRGBriefs: Chevron Dividend; Guyana Oil Demand; Argentina’s LNG Growth
(Energy Analytics Institute, 27.Apr.2022) — Energy briefs including Argentina’s Economic Minister Martín Guzmán saying that the country could generate around $15bn per year from exporting LNG starting in 2027; Sempra waiting on the US DOE the approve two LNG export projects in Mexico; the BODs of US-based Chevron Corp. (NYSE: […]
NRGBriefs: Exxon Announces Three New Finds Offshore Guyana
(Energy Analytics Institute, 26.Apr.2022) — Energy briefs including Exxon announcing three new discoveries offshore Guyana, adding to two discoveries earlier in 2022; details regarding resolutions adopted by the shareholders at the annual general ordinary and extraordinary shareholders’ meeting of Vista Oil & Gas, S.A.B. de C.V. in Mexico; and Transportadora […]
Hess’ Exploration Focus: A World Class Petroleum Province Offshore Guyana
(Hess, 26.Apr.2022) — The Stabroek Block, located approximately 120 miles offshore Guyana, is 6.6 million acres. The block is equivalent in size to 1,150 Gulf of Mexico blocks and contains multiple prospects and play types representing additional multibillion barrel unrisked exploration potential. Hess has a 30 percent interest; ExxonMobil is […]
Local Consortium in Guyana Wins Multi-Million Dollar Contract With ExxonMobil
(CMC, 26.Apr.2022) — A consortium has been awarded a multi-million dollar contract to support future construction activities of the US-based oil giant, ExxonMobil. NRG Holdings, a consortium of three local entrepreneurs, in collaboration with Jan De Nul, an international maritime infrastructure company, will design and build an 85 percent Guyanese-owned […]
ExxonMobil increases Stabroek resource estimate to nearly 11 billion barrels
(Exxon, 26.Apr.2022) — ExxonMobil has made three new discoveries offshore Guyana and increased its estimate of the recoverable resource for the Stabroek Block to nearly 11 billion oil-equivalent barrels. The three discoveries are southeast of the Liza and Payara developments and bring to five the discoveries made by ExxonMobil in […]
Hess Reveals Three New Finds Offshore Guyana, Boosts Resource Estimate
(Hess, 26.Apr.2022) — Hess Corporation (NYSE: HES) announced an increase in the gross discovered recoverable resource estimate for the Stabroek Block offshore Guyana to approximately 11 billion barrels of oil equivalent, up from the previous estimate of more than 10 billion barrels of oil equivalent. The updated resource estimate includes three new discoveries […]
Cuba Exceeds Fuel Import Budget: April 2022 Caribbean Monthly Economic Report
(Energy Analytics Institute, 25.Apr.2022) — Cuba exceeded its fuel import budget in the first quarter due to higher fuel prices while Trinidad & Tobago is expected to experience a “balance of payments crisis this year “absent significant reforms and economic recovery,” Caribbean Region Economist Marla Dukharan wrote 25 April 2022 […]
Guyana Reports First Entitlement Lift from Liza Unity FPSO
(DPI, 23.Apr.2022) — The Government of Guyana will be receiving its first entitlement lift of the Unit Gold crude from the Liza Unity Floating Production Storage and Offloading (FPSO) production platform during the period of April 23rd to 24th. The usual lifting entitlement amount of one million barrels of oil (1 […]
SBM Offshore Reveals Prosperity FPSO Module TS032 Lifting
(Energy Analytics Institute, 20.Apr.2022) — SBM Offshore revealed the first series of the topsides module lifting for the 220,000 barrel per day (b/d) capacity Prosperity floating production storage and offloading (FPSO) unit on the yard in Singapore. RELATED STORY: SBM Offshore Awarded Contracts for ExxonMobil FPSO ONE GUYANA RELATED STORY: […]
CNOOC Limited Successfully Listed on the A-Share Market
(CNOOC, 20.Apr.2022) — CNOOC Limited (SEHK: 00883, SSE: 600938) announced that the company was officially listed on the A-share market, which marked the company’s success in building a platform for domestic and international capital management. It will open a new chapter for the company to set sail on a promising voyage […]
Guyana Eyes 800,000 B/d of Production by 2025: VP Bharrat Jagdeo Reiterates
(Energy Analytics Institute, 19.Apr.2022) — Guyana is still looking to produce 800,000 barrels per day by 2025, the country’s Vice President Bharrat Jagdeo told Bloomberg News. Brief excerpts from the interview follow: — “[We’re moving from discovery in 2015 to production of 800,000 barrels per day by 2025”: Jagdeo — […]
Exxon Starts Construction of Guyana Campus
(Energy Analytics Institute, 13.Apr.2022) — ExxonMobil continues to work closely with its local partners in Guyana to develop its new office campus in the small South American country. The oil giant has commenced construction of the steel superstructure for the project, which is expected to span 120,000 square feet. The […]
The World Bank: LAC Returns to Pre-Pandemic “Unsatisfactory Growth Rates”
(Energy Analytics Institute, 11.Apr.2022) — This week The World Bank published its 62-page semiannual report for Latin America and the Caribbean (April 2022) dubbed “Consolidating the Recovery: Seizing Green Growth Opportunities.” Guyana’s nascent petroleum sector is expected to help the country’s gross domestic product (GDP) expand by 47.9% in 2022, […]
Guyana is Far from its Dream of Becoming a Rich Economy
(Energy Analytics Institute, Special Contributor Millan Arcia Einstein, 11.Apr.2022) — Exxon and the Guyana government claim total hydrocarbon “resources of around 10,000 million barrels of equivalent oil”. Important to understand that these are recoverable resources in equivalent oil barrels, and not commercially recoverable crude oil reserves. Establishing the difference between […]
SBM Offshore Awarded Contracts for ExxonMobil FPSO ONE GUYANA
(SBM, 5.Apr.2022) — SBM Offshore announced that Esso Exploration and Production Guyana Limited (EEPGL), an affiliate of Exxon Mobil Corporation, has confirmed the award of contracts for the Yellowtail development project located in the Stabroek Block in Guyana. Under these contracts, SBM Offshore will construct, install and then lease and […]
NRGBriefs: Exxon, Hess, and CNOOC FID Yellowtail development
HOUSTON, TEXAS (Editors at Energy Analytics Institute, 4.Apr.2022) — Energy briefs including ExxonMobil, Hess and CNOOC taking a final investment decision (FID) for their fourth development offshore Guyana called Yellowtail, cos.’ biggest yet w/ gross production capacity of 250,000 b/d starting in 2025; and the King Abdullah Petroleum Studies and […]
Hess sanctions Yellowtail development offshore Guyana
HOUSTON, TEXAS (Hess, 4.Apr.2022) — Hess Corporation has made a final investment decision to proceed with development of Yellowtail offshore Guyana after receiving government and regulatory approvals. Yellowtail, the fourth oil development and the largest on the Stabroek Block, is expected to produce approximately 250,000 gross barrels of oil per […]
ExxonMobil Makes FID on Fourth Guyana Offshore Project Yellowtail
(ExxonMobil, 4.Apr.2022) — ExxonMobil has made a final investment decision for the Yellowtail development offshore Guyana after receiving government and regulatory approvals. The company’s fourth, and largest, project in the Stabroek Block is expected to produce approximately 250,000 barrels of oil per day starting in 2025. “Yellowtail’s development further demonstrates […]
Yellowtail Offshore Guyana Development Project Approved
(DPI, 1.Apr.2022) — The Government of Guyana and Esso Exploration and Production Guyana Limited (EEPGL) earlier today signed the Petroleum Production License (PPL) for the Yellowtail offshore development in the Stabroek Block Offshore Guyana. The Yellowtail project approval was a result of extensive reviews done by local and international experts. Prior to […]
Exxon Mobil gets Guyana’s Approval for Fourth Offshore Oil Project
(Reuters, 1.Apr.2022) — Exxon Mobil Corp (XOM.N) on Friday received approval to begin work on its fourth offshore oil project in Guyana from the South American country’s Environmental Protection Agency. The permit will allow Exxon to begin construction and operation of its Yellowtail project, the latest of up to 10 expected to […]
NRGBriefs: Venezuela’s Oil Minister on Oil Market Stability and Supply
(Energy Analytics Institute, 31.Mar.2022) — Energy briefs including the US Energy Department saying it is ready to execute the president of the United States’ authorization of an immediate release of 1 million barrels per day for 6 months from the Strategic Petroleum Reserve; and Trinidad and Tobago NGL Limited (TTNGL) […]
CNOOC Reports Record Net Profit from Growth of Reserves and Production
(CNOOC, 30.Mar.2022) — CNOOC Limited (SEHK: 00883) announced its 2021 annual results for the year ended 31 December 2021. In 2021, CNOOC Limited adhered to the business strategy of seeking progress while keeping performance stable and embedded the normalized epidemic prevention and control measures into daily operation. The company seized […]
If Biden Wants to Lower Gas Prices, he Should Talk to Guyana | Opinion
(Miami Herald, 23.Mar.2022) — President Biden recently sent a team of senior U.S. officials to Caracas for talks with Venezuelan dictator Nicolás Maduro about a possible oil deal to help bring down gas prices in America. But Biden should instead be sending his envoys to a Venezuelan neighbor that could […]
Eco Atlantic Updates Resource Report on Assets in Guyana, Namibia and S. Africa
(Eco (Atlantic), 21.Mar.2022) — Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX ‐ V:EOG) announced publication of an updated NI 51-101 compliant Competent Person’s Report (“CPR”) on its assets Offshore Guyana, Offshore Namibia and Offshore South Africa. The CPR was compiled by WSP USA Inc., of Boulder Colorado, USA, an […]
UWI Economist Urges CARICOM to Look Within for Oil Supplies
(The Gleaner, 20.Mar.2022) — A day after Russia invaded Ukraine, sending oil prices skyrocketing to heights not seen since 2014, McCarthy Marie, a former University of the West Indies economist, wondered aloud whether the United States would consider invading Venezuela, which has some of the largest oil reserves in the […]
NRGBriefs: Zacatecas Silver Corp. Names Nancy La Couvee to BODs
(Energy Analytics Institute, 15.Mar.2022) — Energy briefs including the start of the CARIVS 2022 virtual summit in Guyana; and Zacatecas Silver Corp. (TSXV: ZAC) (OTC Markets: ZCTSF) (Frankfurt: 7TV) naming Nancy La Couvee to the company’s BODs. LATIN AMERICA AND THE CARIBBEAN Guyana The 2nd Caribbean Oil & Gas Virtual Summit […]
Eco (Atlantic) Oil and Gas Ltd. Reveals Strategic Acquisition of JHI in Guyana
(Eco (Atlantic), 14.Mar.2022) — Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG) signed a Commercially Binding Term Sheet to acquire 100% of JHI Associates Inc., including JHI’s 17.5% Working Interest (“WI”) in the Canje Block offshore Guyana (the “Acquisition”). Highlights · A proposed cashless acquisition, with a value of approximately $52mn […]
CGX and Frontera Announce $35mn Loan Deal to Support Guyana Costs
(Frontera, 10.Mar.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, announced today that they have entered into a financing agreement for a U.S. $35mn loan that will enable CGX to continue to finance part of its […]
Guyana Submits its Memorial on the Merits of its Case Against Venezuela
(Guyana Ministry of Foreign Affairs and International Cooperation, 8.Mar.2022) — Guyana submitted to the International Court of Justice in The Hague, its Memorial on the Merits of its Case against Venezuela – as required by the Court following its decision of 18 December 2020 confirming its jurisdiction to decide the […]
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NRGBriefs: CARICOM and SICA Unite at Belize Summit [PDF Downloads]
(Energy Analytics Institute, 4.Mar.2022) — Energy briefs including Argentina’s state-owned entity YPF reporting a major reduction in gross debt; officials from CARICOM and SICA coming together at a summit in San Pedro, Belize; Gustavo Petro continuing to lead in a new election poll compiled by Colombia Opina#10 and Invamer; Guyana […]
NRGBriefs: Gustavo Petro Gaining In Popularity in Colombia
(Energy Analytics Institute, 3.Mar.2022) — Energy briefs including YPF selecting advertising and communication agency Sentidos to carry out its campaigns on different platforms; Colombia’s presidential hopeful Gustavo Petro boosting his appeal among voters amid Iván Duque’s rising unpopularity; Guyana’s gov’t continuing to review ExxonMobil‘s development plan for its Yellowtail project; […]
NRGBriefs: YPF’s 4Q:21 and FY:21 Webcast; Citgo Sales Process Moving Forward
(Energy Analytics Institute, 2.Mar.2022) — Energy briefs including Frontera spudding its first exploration well in the Espejo Block in Ecuador; Argentina’s YPF holding its 4Q:21 and FY:21 webcast to discuss financial and operational results; Exxon updating on its operations offshore Guyana during its virtual Investor Day 2022 webcast [PDF download]; […]
Exxon Raises Guyana’s Long Term Oil Production Outlook
(Reuters, 2.Mar.2022) — Exxon Mobil Corp (XOM.N) on Wednesday said it plans to have capacity to produce with partners 1.2 million barrels per day of oil and gas (boed) offshore of Guyana by 2027. That adds 200,000 boed of production capacity compared to a previous estimate by the consortia led by Exxon. […]
NRGBriefs: Venezuela’s Nicolás Maduro Chats with Russia’s Vladimir Putin
(Energy Analytics Institute, 1.Mar.2022) — Energy briefs including Venezuela’s President Nicolás Maduro chatting over the telephone with his Russian counterpart Vladimir Putin; Invenergy naming Mary King as Executive VP People & Culture; AmCham Guyana hosts a local content forum; PEMEX reporting a rise in oil and condensate production in 2021 vs […]
NRGBriefs: Japan to Support Removing Key Russian Banks from SWIFT
(Energy Analytics Institute, 28.Feb.2022) — Energy briefs including NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) announcing that members of the senior management team will participate in various investor meetings throughout March; the Deputy Secretary of the Treasury Wally Adeyemo speaking with Japan Finance Vice Minister Masato Kanda […]
NRGBriefs: Nucor Corp. Declares Regular Quarterly Cash Dividend
(Energy Analytics Institute, 22.Feb.2022) — Energy briefs including the BODs of Nucor Corporation (NYSE: NUE) declaring the regular quarterly cash dividend of $0.50/shr on Nucor’s common stock; Select Energy Services reporting revenue of $255mn generated during the 4Q:21, up 25% sequentially from the 3Q:21; B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: […]
NRGBriefs: University of Guyana Students Invited to Oil Conference
(Energy Analytics Institute, 17.Feb.2022) — Energy briefs including Atlas Renewable Energy securing financing with BNB for the construction of Lar do Sol – Casablanca II Solar Plant in Brazil; and the International Energy Conference and Exhibition- Guyana 2022 in Georgetown, Guyana again opening the exhibit for free to University of […]
Guyana Talking to Middle East Firms about Offshore Oil Auction -VP
(Reuters, 17.Feb.2022) — Guyana is in talks with state-run oil firms from the Middle East to discover new offshore fields, Vice President Bharrat Jagdeo told Reuters, hoping to recruit a new and substantial explorer to its nascent energy industry. Results of the talks with Middle East firms could lead Guyana to bar a consortium […]