Guyana Oil and Gas News

Joint Venture partners CGX and Frontera have received environmental authorization to spud the Wei-1 exploration well at the Corentyne block offshore Guyana.

Government wants local participation in the planned auction of available offshore oil blocks and is hoping for help from the United States with the process.  “We want a model that… will benefit Guyana.

Introduction Last week’s column asserted that, logically, any serious critique of Guyana’s Natural Resource Fund, NRF, ought to be pursued at two hierarchical levels of abstraction.

The Fifth Circuit of the US court on August 3rd denied ExxonMobil’s bid for a US$1 billion tax refund for its oil-and-gas agreements with Qatar and Malaysia.

The Environmental Assessment Board (EAB) while upholding the EPA’s decisions not to have impact surveys for ExxonMobil’s planned exploration in the offshore Canje and Kaieteur blocks, has ordered the oil company to conduct an environmental study looking at cumulative impacts of offshore activities.

Today’s column starts my revisit of the Guyana Natural Resource Fund, NRF, alternatively termed Sovereign Wealth Fund, SWF.

(Reuters) – Tullow Oil said today it would abandon drilling operations at Beebei-Potaro exploration well in offshore Guyana after results showed the well bore water.

UNITED NATIONS,  (Reuters) – United Nations Secretary-General Antonio Guterres today slammed the “grotesque greed” of oil and gas companies and their financial backers and urged governments globally to “tax these excessive profits” to support the most vulnerable people.

TechnipFMC has been awarded a significant contract by ExxonMobil affiliate, Esso Exploration and Production Guyana Limited, for the Gas to Energy Project in Guyana, Business Wire reported yesterday.

(Reuters) – The two largest U.S. oil companies, Exxon Mobil Corp XOM.N

While a permit is still to be issued by the Environmental Protection Agency (EPA), ExxonMobil is forging ahead with plans for the massive gas-to-shore project and has since made a contingent award of the contract for the construction of the pipeline.

Even as it continues with aggressive exploration and production plans in the Stabroek Block which has already significantly contributed to four quarters of increased profits, Hess Corporation yesterday said that the two recent discoveries here could mean an additional oil platform for that area, aside from the one FPSO per year plans for Guyana.

In addition to the announcement that the problematic compressor from the Liza Unity FPSO has been replaced and that the new one is functioning optimally at production of  140,000 barrels per day, ExxonMobil also stated that it has paid over US$10 million in fines to the Environmental Protection Agency (EPA) as a penalty for flaring of climate harming gases.

ExxonMobil this afternoon announced two new oil discoveries in the Stabroek block offshore Guyana.

Introduction OPEC It is not my purpose here and now to repeat the several earlier assessments of OPEC I have made since the start of this series on Guyana’s emerging oil and gas sector back in 2016, save and except to recall that OPEC is an inter-governmental body, which has declared its primary goal as the coordination and unification of its members’ petroleum policies.

The Environmental Assessment Board (EAB) today  tossed out a decision by the EPA not to require an impact survey for a project to store radioactive sources  in the East Bank Demerara (EBD) community of Coverden.

Guyana Shore Base Inc (GYSBI) has clinched an 11-year extension contract with Esso Exploration and Production Guyana Limited (EEPGL), an ExxonMobil affiliate for the provision of shore base management and operations services, a release from GYSBI yesterday said.  

The EPA says that an Environment Impact Assessment (EIA) is needed of a new proposed 35 multi-well drilling programme in the Stabroek Block by ExxonMobil’s subsidiary, EEPGL.

Introduction Today’s column wraps-up my presentation of the  call  for a National Oil Company, NOC, as a policy choice and action  the Authorities should commit to by the mid-2020s.

Introduction Today’s column and next week’s will address the first of six broad strategic policy choices or actions that I propose the Authorities satisfy before the mid-2020s.