Guyana Oil and Gas News

Though Guyana has begun production of oil,  the Environmental Protection Agency (EPA) still does not have the minimum resources needed to monitor the sector 24/7 and will have to rely on the operators to take them out to sea if required, Head of the Agency Dr.

ExxonMobil yesterday said it has increased its estimated recoverable resource base in Guyana to more than eight billion barrels of oil-equivalent (BOE) and made a further oil find northeast of the producing Liza field.

The petroleum sector is one of a number of areas that  India sees huge potential for cooperation with Guyana.

ExxonMobil today said it has increased its estimated recoverable resource base in Guyana to more than 8 billion oil-equivalent barrels and made a further oil find northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block.

The views expressed by the PPP/C’s presidential candidate Dr Irfaan Ali on how the party intends to deal with current oil & gas contracts should the party win the upcoming General and Regional Elections,  reflects the party’s position and should not be disputed, General Secretary Bharrat Jagdeo says.

Jan Mangal, former Petroleum Adviser to the President,  says ExxonMobil’s Payara oil well development should not be approved until it yields big changes to the much-criticised 2016 deal including a higher royalty rate than the current 2%.

The Department of Energy (DE) last night announced that the oil tanker MV Yannis has successfully lifted Guyana’s first shipment of crude.

With the first lift of crude oil scheduled to be completed tomorrow offshore, Guyanese authorities are confident that Guyana is in a position to manage the industry.

The Guyana Defence Force with support from US oil company ExxonMobil last night put on a 15-minute fireworks display to herald the arrival of first oil last month.

With global oil prices rising and falling as part of a continued “boom-bust” cycle, Guyana is being advised to embrace “observer’ status within the club of oil producers referred to as OPEC+.

After an initial burst of excitement about its oil discoveries here, UK explorer Tullow is writing down its finds here and does not expect to drill other exploratory wells in Guyana’s waters this year.

A Guyanese offshore laboratory technician will go down in history as the  person to test the first sample of Guyanese crude oil as it came through the Liza Destiny Floating, Production, Storage and Offload-ing (FPSO) vessel.

Chartered accountant Tameshwar Lilmohan says that the prognosis for renegotiating the much-criticised 2016 Production Sharing Agreement (PSA) with ExxonMobil’s subsidiary is very bleak and Guyana’s best chance would be to seek a “good faith and conscionable review” for fair and equitable terms from the partners to the deal.

Every Guyanese would own shares in a national oil company established to manage revenue from the sale of Guyana’s oil under a Change Guyana government, the party’s Presidential Candidate, hotelier Robert Badal, has said.  

Expressing optimism of victory at the upcoming elections, the opposition People’s Progressive Party/Civic (PPP/C) yesterday launched their campaign to regain office, with General Secretary Bharrat Jagdeo launching blistering attacks on the government for their failings and presidential candidate Irfaan Ali saying that under his leadership, the country will be transformed.

Two weeks after the historic first draw of crude oil in the Stabroek Block, offshore Guyana, production stood at approximately 500,000 barrels.

The Environmental Protection Agency (EPA) will invite expressions of interest from international professionals to staff its oil and gas unit after recent efforts to recruit locals failed to produce suitably qualified and experienced persons.

The Department of Energy (DoE) will sign a contract later this month with the firm which successfully bid to help overhaul the legislative framework to regulate Guyana’s burgeoning oil and gas industry, Director Dr Mark Bynoe has said.

The UK‘s Tullow Oil plc yesterday announced that the Carapa-1 exploration well, drilled on the Repsol-operated Kanuku licence offshore Guyana, has encountered approximately four metres of net oil pay based on preliminary interpretation but that this is below pre-drill estimates.

The commencement by ExxonMobil less than a fortnight ago of oil recovery from what is now firmly categorized as a “world class” oil find inside its Stabroek Block, while promising to yield lucrative medium to long term returns, it set to bring even quicker returns to the global standing of the company as a world super major.