Guyana Oil and Gas News

For the vast majority of small business owners who turned up at the recent UncappeD event at the Providence Stadium two weekends ago, the event served as a timely release valve for one of the sectors of the Guyana economy that had suffered most under the punishing regime of the coronavirus pandemic which appears, for the time being at least, to have subsided somewhat.

The Government of Guyana may end up executing and operating the Natural Gas Liquids (NGL) plant with Esso Exploration and Production Guyana Limited (EEPGL) being only responsible for the pipeline, according to the gas to shore project manager Friedrich Krispin.

Following the end of an eight-year court battle with Toolsie Persaud Ltd over riverfront lands at Providence, East Bank Demerara, Nazar ‘Shell’ Mohammed is forging ahead with plans to develop the 25-acre property into a complex to serve his quarry business and the oil & gas sector, he says.

Canadian firm Frontera and CGX, partners in the Petroleum Prospecting Licence for the Corentyne block offshore Guyana, yesterday announced integrated results from the Kawa-1 exploration well which showed the presence of light oil and gas condensate.

Dear Editor, Guyana is not only “Missing revenue from contractor’s oil profits raises serious questions” (SN May 8) as argued by Prof Ganga Ramdass in terms of loss of taxes, but in other ways as well through an appalling deal.

Dear Editor, Oil is on the lips of Guyanese, its riches on their minds, maybe their sleep, too. 

Guyana and Suriname are among the countries in “up and coming regions” that could benefit from sanctions being imposed on Russia by western nations in the wake of that country’s ongoing military hostilities against the Ukraine, according to a recent oilprice.com

The Environmental Protection Agency (EPA) continues to remain silent on the accusation that it “systematically and knowingly” violated the law in issuing the environmental permit for ExxonMobil’s Yellowtail Development Project.

The Environmental Protection Agency (EPA) yesterday said that ExxonMobil’s proposed Uaru well development in the Atlantic will require an impact study and if the go-ahead is given it would see a total of more than one million barrels of oil per day being extracted from five platforms by the second quarter of 2027.

ExxonMobil Corporation on Friday announced estimated first-quarter 2022 earnings of US$5.5 billion, or US$1.28 per share assuming dilution.

Guyana’s expanding oil and gas sector will not affect the country’s environmental credentials, effectively allowing it to maintain its carbon sink status, according to Senior Director for Climate and REDD+ (Reducing Emissions from Deforestation and forest Degradation) in the Ministry of Natural Resources Pradeepa Bholanath.

Introduction Today’s column starts with a brief acknowledgement of my completion of the indicated “considered critique” of ExxonMobil’s performance in relation to global climate change and energy transition.

Guyana’s low cost oil resource continues to be key for Stabroek Block partner Hess, which on Wednesday said it foresees global commodity demand for decades to come, even as the company vowed to continue accelerated development as requested by the current government.

When the decision is made in September on whether Guyana should establish a National Oil Company (NOC), it will be based on studies currently being undertaken by government and its “technical team” and not just  blanket advice from organisations like the International Monetary Fund (IMF), Vice President Bharrat Jagdeo said on Friday.

Guyana, Suriname and Trinidad and Tobago are expected to head the regional ‘pack’ this year insofar as economic growth is concerned, according to the International Monetary Fund (IMF), though it says that the rest of the region is not likely to fare anywhere near as well as these three front-runners.

TechnipFMC Guyana on Tuesday commissioned a shore base at McDoom on the East Bank of Demerara to serve the oil and gas industry.

ExxonMobil this afternoon announced three new discoveries offshore Guyana and said it has increased its estimate of the recoverable resource for the Stabroek Block to nearly 11 billion oil-equivalent barrels.

The bundling by oil contractors of hazardous and non-hazardous waste management into a single contract has put Guyanese companies at a significant disadvantage as they do not currently have the capacity to handle the former and the Local Content Secretariat (LCS) is addressing the matter.

Chinese oil giant CNOOC – ExxonMobil’s partner in Guyana’s lucrative Stabroek Block – surged 44% in its Shanghai debut on Thursday, after raising 28.08 billion yuan (US$4.41 billion) in a public stock offering Reuters said that the shares began trading on the Shanghai Stock Exchange at 12.96 yuan, 20% higher than the offering price of 10.8 yuan.

With Guyana receiving its first one million barrels of oil from the offshore Liza Unity oil platform, it is expected to net around US$106 million from the sale of the lift amid a huge spike in international fuel prices President Irfaan Ali yesterday said that government used the spot sale system to sell its share to ExxonMobil, a provision catered for under the crude lifting agreement, even as it continues to seek out a marketer or long term buyer for the remainder of its lifts.