Guyana Oil and Gas News

Guyana has been named as one of three countries whose oil exports in the immediate future could impact last week’s agreed production cuts by member countries of the Organization of Petroleum Exporting Countries (OPEC) and Russia by an additional 500,000 barrels per day in order to seek to support global oil prices.

The Ministry of Finance and the Bank of Guyana (BoG) yesterday signed a pact which brings closer the operationalisation of the Natural Resource Fund, which is to receive oil revenues, a move hailed by government as demonstrative of its transparency in the management of the oil and gas sector.

The Ministry of Finance and the Bank of Guyana today signed a pact which brings closer the operationalisation of the Natural Resource Fund which is to receive oil revenues. 

Oil and gas commentator Christopher Ram has flayed the latest version of the government’s local content policy and has also faulted the local private sector.

A partnership sealed this year between National Hardware Guyana Limited and the Trinidadian firm Concepts and Services Company Limited (CSCL), an oil and gas support company, is an example of what local content capacity building should be, President of the Georgetown Chamber and Commerce and partner in the company Nicholas Deygoo-Boyer says.

Guyana’s Natural Resource Fund (NRF), which will hold oil revenues, is to be located in the Federal Reserve Bank of New York rather than the Central Bank of Guyana, Minister of Finance Winston Jordan has revealed.

ExxonMobil affiliate Esso Exploration and Production Guyana Limited (EEPGL) says locally-trained engineers are eligible for engineering posts which the company is looking to fill but questions persist as to whether Guyanese will be hired for the most technical of these.

Introduction Last week’s column gave a brief overview of the Third Draft of Government’s Local Content Policy which was released to the bemused public by Dr.

While global oilfield services provider Halliburton has established an office at Eccles on the East Bank of Demerara and hired local staff, the company plans to lay off some 800 workers in the United States at its El Reno operations and close its Oklahoma City office, the Associated Press (AP) yesterday reported.

ExxonMobil’s local subsidiary Esso Exploration and Production Guyana Limited (EEPGL) has applied to the Environmental Protection Agency for authorization to drill some 31 wells in three offshore blocks.

To provide support to oil and gas operators here, Houston, Texas-headquartered subsea engineering and applied technology firm Oceaneering has established an office in Guyana.

Government seems afraid to question ExxonMobil about the huge disparity in costs between the Stabroek Block’s Liza-1 and Liza-2 projects but this issue needs to be urgently addressed lest this country loses out again on needed revenue, says former Petroleum Advisor Jan Mangal and economist Darshanand Khusial.

Introduction Last week’s column highlighted the two Government of Guyana’s (GoG) foundational spending recommendations that I make, based on Guyana’s projected petroleum revenues.

Kwame Jantuah, Ghana’s head of the African Energy Consortium Ltd and Senior Vice-President of the Freddie Jordan Oil Com-pany Ltd, has told Guyanese that the onus is on them to equip themselves or lose out on opportunities in the oil sector.

United States oil and gas service provider Hallibur-ton yesterday signed a US$2 million agreement with the University of Guyana (UG) to support the Faculty of Engineering and Technology as education and skills building took centre stage when the Guyana International Petroleum Exhibition Summit (GIPEX) continued yesterday.

LONDON,  (Reuters) – Exxon Mobil plans to sell up to US$25 billion of oil and gas fields in Europe, Asia and Africa in its biggest asset sales for decades, seeking to free up cash to focus on a handful of mega-projects, according to three banking sources.

With Guyana’s Natural Resources Fund (NRF) soon to be set up, former Trinidad and Tobago Ambassador to the United States and senior consultant with the multinational law firm Dentons Dr.

Even as concerns are raised about Trinidad & Tobago companies accessing oil & gas service jobs that locals are capable of doing or not getting the opportunity to tap into, yet another company says it will be providing transportation services here.

Introduction Mr. John Hess CEO of Hess Corporation disclosed that his company paid US$30 million for a 30% stake in ExxonMobil’s Stabroek Block.

In a joint venture with the United Kingdom-based InterOil Group Ltd, businessman Stanley Ming is developing a US$200 million oil and gas shore base at Parika, East Bank Essequibo, where, according to him, locals will be able to rent space to provide services for the sector.