(Bloomberg, 24.Mar.2020) — When Exxon Mobil Corp. came to Guyana, the US oil giant brought with it the promise of extraordinary economic growth. Now the tiny South American country is embroiled in a bitter battle over who might control that wealth just as the crude starts to flow. In November, […]
Tag: CNOOC Nexen Petroleum Guyana Limited
Exxon, Guyana Head Toward Uncertain Future
(OilandGas360.com, 20.Mar.2020) — They are the odd couple of the global oil patch: Guyana is a poor former British sugar colony. Exxon Mobil is America’s largest oil company. They came to depend on each other after a series of extraordinary oil discoveries off Guyana’s coast transformed the small South American […]
Guyana Elects Leader As Vast Oil Boom Dawns
(AP, 4.Mar.2020) — Guyana voted for a new government on Monday in a bruising fight for control of a tiny South American country whose oil revenues in the next decade could make it one of the wealthiest in the hemisphere. A consortium comprised of ExxonMobil and partners, Hess Oil of […]
Guyana Holds Crucial March Election
(Aljazeera, 2.Mar.2020) — Guyana’s economy is expected to be transformed by oil and gas discovered off the poor South American country’s shores. Voters in Guyana will head to the polls on Monday in a crucial election that will decide which party oversees an oil boom that is expected to transform […]
Guyana’s Burgeoning Oil Wealth Kindles Contract Row
(S&P Global Platts, 30.Jan.2020) — ExxonMobil’s growing oil discoveries offshore Guyana are amplifying domestic calls for a review of production-sharing contract terms on the eve of the small South American country’s first elections as an oil exporter. Opposition political parties vying to unseat the ruling coalition in 2 March parliamentary […]
ExxonMobil Ups Guyana Recoverable Resources
(ExxonMobil, 27.Jan.2020) — ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion oil-equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block. — Stabroek Block recoverable resources increased […]
Guyana – The World’s Newest Oil Producer
(IHSMarkit, 24.Jan2020) — In an environment of oil supply glut, a new player entered the scene. Guyana, a nation bordering Venezuela and Brazil – two countries with large oil reserves – has established itself as an oil producer as of 20 December with the first crude production from Liza (Phase […]
Guyana Searches For Firm To Trade Its Crude
(Reuters, 23.Jan.2020) — Guyana’s government next month plans to begin a search for an oil company or trading firm to market its share of the South American country’s crude, the director of the Department of Energy, Mark Bynoe, said in an interview. The government is entitled to a portion of […]
Oil Tanker Arrives To Export Guyana’s First Oil Lift
(Jamaica Observer, 19.Jan.2020) — The Marshall Islands registered crude oil tanker, Yannis P , has arrived here as the country will soon lift the first one million barrels of crude from the Stabroek Block offshore Guyana. Production in Guyana commenced on December 20, last year, less than five years after […]
Oil Boom Begins In Guyana
(Bloomberg, 23.Dec.2019) — Exxon Mobil Corp. and its partners produced the first commercial crude from Guyana, setting the small South American nation on a path to potentially vast flows of oil revenues. Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 […]
CNOOC Says Liza Field Offshore Starts Production
(CNOOC, 20.Dec.2019) — CNOOC Limited announced 20 Dec. that Liza field offshore Guyana has safely commenced production ahead of schedule. Liza Phase 1 development project is located in the Stabroek block offshore Guyana and has one FPSO and 17 subsea wells. It is expected to reach its peak production of […]
Guyana Seeks Buyers For Govt’s Oil Output Share
(Reuters, 15.Dec.2019) — Guyana has invited companies interested in purchasing the first three deliveries of the government’s share of the country’s looming oil production to present bids this week, the government said in a statement on Sunday. The government will later seek proposals from companies interested in a longer-term contract […]
ExxonMobil Plans 31-Well Program In Guyana
(Zacks Equity Research, 6.Dec.2019) — Exxon Mobil Corporation is planning to commence a 31-well exploration campaign offshore Guyana, per Argus. The company has submitted requests to the Environmental Protection Agency of Guyana for this drilling program, which will be executed in the Stabroek, Kaieteur and Canje blocks. Drilling from these […]
Oil Brightens Guyana’s Prospects
(CaribNews, Mellany P., 28.Nov.2019) — President David Granger said Wednesday that the emerging petroleum industry provides an “exciting economic and enterprising development” for Guyana and will enhance economic growth by increasing investment, including upstream investment. Addressing the Guyana International Petroleum Exhibition (GIPEX) 2019, Granger insisted that the Caribbean Community (CARICOM) […]
Why ExxonMobil’s Guyana Success May Have Hurt Petrobras
(The Motley Fool, John Bromels, 20.Nov.2019) — Oil is a big business with even bigger money attached. That’s why governments that control oil assets are eager to auction them off to the highest bidder in the hopes of getting a major payout. But Brazil’s recent oil block auction didn’t go […]
Saipem Inks Subsea Contract In Guyana
(Saipem, 14.Nov.2019) — Milan-based Saipem has been awarded a subsea contract by ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (EEPGL) for the proposed Payara development project located in the Stabroek block offshore Guyana at a water depth of around 2000 metres. The contract scope includes Subsea Structures, Risers and […]
Brazil Tender Disappoints
(Reuters, Gram Slattery, Marta Nogueira, Marianna Parraga, 6.Nov.2019) — Brazil’s biggest-ever oil auction frustrated expectations on Wednesday, as high prices and the dominant role of state-run oil company Petrobras scared off global oil majors. Petroleo Brasileiro SA, as the Brazilian firm is also known, and Chinese state firms CNOOC and […]
Guyana Key Elections To Come Ahead Of First Oil
(Argus, 26.Sep.2019) ) — Guyana will hold parliamentary elections on 2 March 2020, around the time that ExxonMobil plans to launch offshore oil production that promises to transform the economy of the tiny South American country. The ruling People’s National Congress (PNC) party that has overseen the advent of oil […]
ExxonMobil Reports Tripeltail Find Offshore Guyana
(Exxon, 16.Sep.2019) — ExxonMobil made an oil discovery on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. The discovery adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block. Tripletail-1 encountered approximately 108 feet (33 meters) […]
Building Guyana’s Destiny
(Exxon, 9.Sep.2019) — Finding the next big discovery is only a small part of the story when it comes to energy. Delivering that new energy source to those who need it around the world takes the same amount of engineering innovation as discovering it in the first place. That is […]
Liza Destiny FPSO Moves To Offshore Guyana
(Zacks, 30.Aug.2019 ) — Hess Corporation recently announced the arrival of Liza Destiny — an oil production vessel — at the Stabroek Block, offshore Guyana. Notably, this is Guyana’s first floating, production, storage and offloading vessel. The 1,115-foot vessel arrived at the site after a 42-day journey from Singapore. Starting […]
South America’s Guyana Enters The Oil Age
(Kevin Ramnarine, 18.Jul.2019) — In February 2017, I captioned an article about the Guyana-Suriname basin, The New North Sea, comparing ExxonMobil’s discoveries in Guyana to discoveries in the Norwegian North Sea starting in 1969. When I wrote that article, ExxonMobil announced its success with the Payara-1 exploration well after two […]
SBM Offshore Awarded Contracts For ExxonMobil FPSO Liza Unity
(SBM, 10.May.2019) — 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 next phase of the Liza project in Guyana. Under these contracts, SBM Offshore will construct, install and thereafter lease and operate for […]
ExxonMobil Announces 13th Discovery Offshore Guyana
(ExxonMobil, 18.Apr.2019) — ExxonMobil said it made a new oil discovery offshore Guyana at the Yellowtail-1 well, marking the 13th discovery on the Stabroek Block. The discovery adds to the previously announced estimated recoverable resource of approximately 5.5 billion oil-equivalent barrels on the Stabroek Block. Yellowtail-1 is the fifth discovery […]
US Acknowledges Guyana’s Right To Renegotiate Exxon Deal If It So Chooses
(Stabroek News, 10.Apr.2019) — The United States acknowledges that it is within Guyana’s sovereign right to renegotiate the controversial Production Sharing Agreement (PSA) between the country and ExxonMobil and its partners if it so chooses, recently accredited US Ambassador to Guyana, Sarah-Ann Lynch says. “We certainly believe that Guyana is […]
ExxonMobil: Guyana Project Overview
(Exxon, 14.Feb.2019) — ExxonMobil initiated oil and gas exploration activities in Guyana in 2008, collecting and evaluating substantial 3-D seismic data that led to the company safely drilling its first exploration well in 2015, Liza-1. Drilling activity in the Stabroek Block — Liza-1 well discovery was announced in May 2015 […]
ExxonMobil Makes 10th Guyana Find; Raises Stabroek Estimate To 5 Bln Bbls
(ExxonMobil, 3.Dec.2018) — ExxonMobil said today it made its 10th discovery offshore Guyana and increased its estimate of the discovered recoverable resource for the Stabroek Block to more than 5 billion oil-equivalent barrels. The resource estimate, up from the previous estimate of more than 4 billion oil-equivalent barrels, is a […]
Guyana Leader Cringes with Each Oil Discovery
(Kaieteur News, Abena Rockcliffe-Campbell, 31.Aug.2018) — Ordinary Guyanese who do not fully understand the fiscal regime of Guyana’s deal with oil giant, ExxonMobil might get excited each time a new discovery is made. On the other hand, Opposition Leader Bharrat Jagdeo indicates that he cringes. Yesterday, ExxonMobil announced another find […]
ExxonMobil Adds Ninth Discovery Offshore Guyana
(ExxonMobil, 30.Aug.2018) — Irving, Texas-based ExxonMobil has made its ninth discovery offshore Guyana at the Hammerhead-1 well, marking its fifth discovery on the Stabroek Block in the past year and proving a new play concept for potential development. Hammerhead-1 encountered approximately 197 feet (60 meters) of high-quality, oil-bearing sandstone reservoir. […]