Tag: ExxonMobil
Guyana Oil Output Could Surpass Venezuela, Mexico: WoodMac
(JWN, Deborah Jaremko, 5.Dec.2018) — Thanks to ExxonMobil’s run of success in oil exploration offshore Guyana, the country is on a path to becoming a Latin American powerhouse, Wood Mackenzie said on Tuesday. The supermajor announced its tenth Guyana discovery this week, increasing the discovered recoverable resource in its Stabroek […]
CGX And Frontera Announce Strategic JV Agreement In Guyana
(Frontera Energy Corporation, 4.Dec.2018) — CGX Energy Inc. and Frontera Energy Corporation entered into a letter agreement to enable CGX to finance the drilling costs related to two shallow water offshore blocks in Guyana, currently 100% owned and operated by a subsidiary of CGX. The agreement also provides financial support […]
Bynoe Says Guyana On Cusp Of Transformational Development
(Guyana Dept. Of Public Information, 3.Dec.2018) — Director, Department of Energy, Dr. Mark Bynoe this morning announced that United States oil giant ExxonMobil has made its 10th discovery offshore Guyana at the Pluma-1 well. This latest discovery has increased the estimated recoverable resource for the Stabroek Block to more than […]
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 […]
Oil And Gas Could Dominate 2020 General Election In Guyana
(CMC, 12.Nov.2018) — Finance Minister Winston Jordan has given an insight into the campaign for the 2020 general elections in Guyana telling voters that the oil sector will feature prominently in the race for the leadership of the Caribbean Community (CARICOM) country. Addressing a political meeting ahead of Monday’s Local […]
The Next Offshore Boom: Is Senegal The New Guyana?
(Oilprice.com, Viktor Katona, 12.Nov.2018) — I know what you think – such a headline is quite reckless given that Guyana has not produced any oil so far and it is not until 2020 that we can actually start talking about a Guyanese oil miracle. Still, Guyana is one of the […]
In Guyana, Exxon Oil Project Stirs International Tensions
(Houston Chronicle, James Osborne, 2.Nov.2018) — Almost 4,000 feet beneath the surface of the Atlantic Ocean, off the northern coastline of South America, Exxon Mobil is drilling one of the biggest oil discoveries of the last decade, the so-called Stabroek Block with an estimated 4 billion barrels of crude. It […]
ExxonMobil Grabs Additional Acreage in Brazil’s 5th Pre-Salt Bid Round
(ExxonMobil, 28.Sep.2018) — Irving, Texas-based ExxonMobil increased its holdings in Brazil’s pre-salt basins after it won the Titã exploration block with co-venturer Qatar Petroleum during Brazil’s 5th pre-salt bid round. The block awarded added more than 71,500 net acres to the ExxonMobil portfolio, expanding the company’s total position in the […]
Petrobras to Boost Oil Output in 2019, Cut Debt $10 Billion – CFO
(Reuters, Devika Krishna Kumar, Simon Webb, 17.Sep.2018) — Brazil’s state-run oil giant Petróleo Brasileiro SA aims to raise output as much as 10 percent to around 2.3 million barrels per day (bpd) in 2019 and cut net debt by $10 billion (7.62 billion pounds), Chief Financial Officer Rafael Grisolia told […]
Guyana’s Jan Mangal Warns of Cash Payouts
(Stabroek News, 7.Sep.2018) — Former presidential advisor Jan Mangal has warned that while cash payouts from oil revenue may have an important role to play in the future, at this point it could be a distraction from the larger goal of clawing back wealth. His reference in a Facebook post […]
Let’s Use Guyana Oil Funds for Teachers
(Stabroek News, 6.Sep.2018) — Dear Editor: How could we have billions of barrels of oil in 2018 and not be able to pay our teachers a living wage? The value of having the requisite quality of well-paid and motivated teachers of the highest calibre will reverberate across this nation in […]
Tullow Oil to Drill First Guyana Well in 3Q:19
(Reuters, 5.Sep.2018) — Tullow Oil plans to drill its first well in the much-watched Guyana offshore basin in the third quarter of next year in its Orinduik licence bordering discoveries by Exxon, a spokesman said on Wednesday. Exxon and U.S. partner Hess Corp have said that more than 4 billion […]
How Will Guyana Deal With Its Oil Windfall?
(CNNMoney, Talib Visram, 4.Sep.2018) — The South American country with the smallest GDP is about to burst with oil. ExxonMobil found oil off Guyana’s coast in 2015, and believes the reserves are big. Conservative estimates project to about 4 billion barrels. Some experts think there’s more to be found in […]
Kamla Floats Guyana Help for Trinidad Refinery
(Stabroek News, 2.Sep.2018) — Trinidad Opposition Leader Kamla Persad Bissessar has raised the prospect of Guyana oil being used to rescue the beleaguered Petrotrin refinery but Prime Minister Keith Rowley last evening said the aged facility had no reasonable prospect. Defending the decision by his government to close the over […]
Energy MoU Soon Between Guyana, Trinidad
(Stabroek News, Marcelle Thomas, 2.Sep.2018) — A long-delayed Memorandum of Understanding (MoU) between Guyana and Trinidad on energy cooperation is expected to be signed in the coming weeks, according to Trinidad and Tobago’s Minister of Energy, Franklin Khan. “The Government of Trinidad and Tobago is due to sign a memorandum […]
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. […]
Guyana Must Investigate ExxonMobil’s Waste Disposal Plan
(Kaieteur News, 29.Aug.2018) — The Open Society Institute (OSI) is appealing to Government to keep a watchful eye on how ExxonMobil plans to dispose of potentially hazardous waste while operating here. The OSI is an international body that aims to shape public policy to promote democratic governance, human rights, and […]
Mexico’s New President To Deal Blow To Oil Industry
(Oilprice.com, Nick Cunningham, 26.Aug.2018) — Mexico will likely halt oil auctions for at least two years, dealing a blow to its oil industry. Mexico’s president-elect Andres Manuel Lopez Obrador (AMLO) will reportedly suspend oil auctions for at least two years, according to the Wall Street Journal, with some experts believing […]
Webinar Panelist Discuss All Things Guyana
(Energy Analytics Institute, Piero Stewart, 15.Aug.2018) – The three promised to return to discuss all things Guyana again in six months as the small South American country eyes first oil in 2020. A three person panel — comprised of Guyana’s Minister of Finance, the Honourable Winston Jordan, Trinidad and Tobago’s […]
Whither Guyana?
(Energy Analytics Institute, Pietro D. Pitts, 14.Aug.2018) – On a per capita basis, Guyana is already probably the most resource-rich country on the planet, but is still the poorest English-speaking country, and the 2nd poorest overall after Haiti, writes an Caribbean region economist. As the size of oil discoveries in […]
Guyana Oil Find Quadruples FDI Flows
(Jamaica Gleaner, CMC, 8.Aug.2018) – Regional commission ECLAC is reporting that foreign direct investments, FDI, in Guyana increased to US$212 million last year in part as a result of the oil and gas sector preparing for First Oil. The flows nearly quadrupled relative to 2016 when foreign investments in the […]
US Abandons Sanctions to Avoid Owning Venezuela Collapse
(S&P Global Platts, Brian Shield, 7.Aug.2018) – Just more than a year ago, it was not a question of ‘if’, but ‘when.’ As Venezuela’s leftist leader Nicolas Maduro consolidated power in an election derided as a fraud by the international community, the Trump administration readied exacting sanctions on the South […]
Granger Says Guyana Energy Head Fit and Proper
(Department of Public Information, Guyana, Alexis Rodney, 2.Aug.2018) – President David Granger said today that he is confident of the work that will be executed by the recently appointed head of the newly established Department of Energy, Dr. Mark Bynoe as the unit takes off the ground. Department of Energy […]
Guyana’s ‘Astonishing’ Future
(Trinidad Express, David Renwick, 31.Jul.2018) – The US’s leading oil company, ExxonMobil, continues to make discovery after discovery in its Stabroek block offshore Guyana, the latest being Longtail 1 – its eighth so far. The company says this “creates the potential for additional resource development in the south east area […]
Guyana: Will its Oil Boom Benefit the People?
(Al Jazeera English, 30.Jul.2018) – Oil companies have identified massive offshore reserves in Guyana, one of South America’s poorest nations. New estimates last week report that more than 4 billion barrels of oil could be extracted from a region known as the Stabroek block, where ExxonMobil expects to start pumping […]
Review Guyana Oil Spill Plans Before Signing Contracts
(Kaieteur News, 30.Jul.2018) — Before any contract is signed with an oil operator, the government should require that it presents and obtains approval for contingency plans in the case of emergency. According to the Natural Resource Governance Institute (NRGI), these contingencies should include the availability of equipment and expertise to […]
ExxonMobil Raises Stabroek Block to More Than 4 Bln Bbls
(ExxonMobil, 23.Jul.2018 ) – ExxonMobil has increased its estimate of the discovered recoverable resources for the Stabroek Block offshore Guyana to more than 4 billion oil-equivalent barrels and has advanced its evaluation to support a third phase of development and consideration of two additional phases. The increase follows completion of […]
Former Cerro Negro Workers Still Seek Payment
(Energy Analytics Institute, Piero Stewart, 23.Jul.2018) – It has been 11 years and the 7,000 direct and indirect Venezuelan workers of US oil company Exxon Mobil still haven’t received their social benefits or other liquidations. Those payment were assumed by the government of late Venezuelan President Hugo Chávez when his […]
Guyana’s Oil Reserves Are Larger Than Expected
(OilPrice.com, Julianne Geiger, 23.Jul.2018) – Guyana’s recoverable offshore oil reserves are larger than expected—by almost a billion barrels, Hess Corp CEO John Hess said in a Monday press release. Gross discovered recoverable resources for Hess’s Stabroek Block has been revised upward to 4 million barrels of oil equivalent—up from the […]
Offshore Guyana Oil and Gas Potential is “Massive”
(UPI, Daniel J. Graeber, 23.Jul.2018) – The size of a reservoir off the coast of Guyana is “massive,” the CEO of Hess Corp. said Monday after a multi-million barrel revision to reserve estimates. Hess and Exxon Mobil on Monday revised the estimate of recoverable reserves at the Stabroek block off […]
The $20 Billion Question for Guyana
(The New York Times, Clifford Krauss, 20.Jul.2018) – Guyana is a vast, watery wilderness with only three paved highways. There are a few dirt roads between villages that sit on stilts along rivers snaking through the rain forest. Children go to school in dugout canoes, and play naked in the […]
Guyana’s Doors Open for Caricom Investors
(CMC, 13.Jul.2018) – President David Granger has extended an invitation to Caricom member states to invest in the oil sector and other sectors of Guyana. Speaking on the sidelines of the 39th Meeting of the Conference of Heads of Government of the Caribbean Community (Caricom) here recently, Granger said, “The […]
ExxonMobil says Not Funding Political Party in Guyana
(Stabroek News, Marcelle Thomas, 8.Jul.2018) – Facing questions from a parliamentary committee, ExxonMobil yesterday denied that it was funding any political party or political initiatives in Guyana. A meeting between the Parliamentary Sectoral Committee on Natural Resources and the US oil giant became testy when allegations of possible funding of […]
Guyana Pre-2020 Investment Boom
(Energy Analytics Institute, Piero Stewart, 6.Jul.2018) – Oil production will begin in 2020, and the boom in investment beforehand will continue to drive activity, writes Caribbean Economist Marla Dukharan in her “Caribbean Monthly Economic Report.” Guyana, located in the northeastern region of South America, is readying for an oil boom […]
Petrobras New CFO Election
(Petrobras, 27.Jun.2018) – Petrobras informs that its Board of Directors, at a meeting held today, appointed the engineer Rafael Salvador Grisolia to the position of Chief Financial and Investor Relations Officer of the company, with an office term until March 26, 2019, the same term of the other officers of […]
Linking Permian, Eagle Ford to Monterrey
(Natural Gas Intelligence, Carolyn Davis, 27.Jun.2018) – The mantra for a San Antonio, TX-based midstream operator, whose portfolio is increasingly weighted to southern destinations, could well be what’s good for Texas is good for Mexico. Howard Midstream Energy Partners LLC, aka Howard Energy Partners (HEP), is making inroads in the […]
Macri’s Reverse Unnerves Shale Investors
(Financial Times, Benedict Mander, 25.Jun.2018) – The collapse of the Argentine peso and the government’s struggle to tackle soaring inflation are causing disquiet among companies developing Vaca Muerta, one of the world’s largest deposits of shale oil and gas. In his drive to liberalise Argentina’s energy markets, President Mauricio Macri […]
ExxonMobil, Partners Spent $24 Mln in Guyana
(Energy Analytics Institute, Piero Stewart, 22.Jun.2018) – US-based ExxonMobil Corporation and partners continue to invest in small-to-medium sized enterprises in Guyana. Irving, Texas-based ExxonMobil and project partners spent $24 million with more than 300 local suppliers in 2017 and opened the Centre for Local Business Development in the capital city […]
ExxonMobil Announces 8th Find Offshore Guyana
(Energy Analytics Institute, Piero Stewart, 20.Jun.2018) – Irving, Texas-based Exxon Mobil Corporation’s good luck continues in Guyana. The oil giant announced it has made its eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block, Exxon […]
ExxonMobil Reconfirms March 2020 for First Guyana Oil
(Denis Chabrol, DemeraraWaves, 12.Jun.2018) – ExxonMobil on Tuesday reconfirmed that Guyana will pump up its first barrel of oil in March 2020, even as the Guyana government continued to fend off criticisms of the 2016 production sharing agreement. Vice President of ExxonMobil Development Company, Lisa Walters said work was well […]