Guyana Oil and Gas News

The Guyana Revenue Authority (GRA)  has offered a no-objection to the US$214m in questionable claims by ExxonMobil’s subsidiary, EEPGL in a move that will likely raise the question of arbitration on a matter which is pivotal to whether this country is being denied more profits.

HOUSTON, (Reuters) – Oil and natural gas are still projected to meet more than half of the world’s energy needs in 2050, or 54%, Exxon Mobil Corp said on Monday, with the world failing to keep global temperature increases below 2 degrees Celsius.

Despite several unresolved issues relating to the proposed Gas-to-Shore project, the laying of pipelines has begun on the West Bank of Demerara.

Introduction In today’s column I recap the gist of those earlier columns that were directed at taking stock of the prevailing condition of three key parameters facing Guyana’s oil and gas sector, on the eve of the planned switch away from the fiscal metrics of the Stabroek Block PSA, to the new fiscal template scheduled for implementing at intended public auctions.

ExxonMobil’s sixth proposed project, Whiptail, could potentially emit greenhouse gases and possibly impact offshore marine species according to its Environmental Impact Assessment (EIA) The 3,636-page document was submitted to the Environmental Protection Agency (EPA) for review and public comment.

Key studies for ExxonMobil’s proposed sixth oil platform have been completed and the Environmental Protection Agency (EPA) yesterday invited public feedback.

Promising to not only train locals to take over and “revolutionize” monitoring of the extraction of their country’s oil and gas, local tech company, e-Magic, on Friday entered into a partnership with Ghanaian-based West Coast Gas for over US$10 million in the short term.

There will be no further extension to the September 12 auction as the entire regulatory framework which will facilitate the process has been completed, Vice President (VP) Bharrat Jagdeo declared on Friday.

United Kingdom oil company Tullow is exiting the Guyana market after poor returns from its efforts in the offshore Orinduik Block but the deal would see financial returns to the company if commercial oil is found in the future. 

(Reuters) -Oil major Exxon Mobil is in talks with Tesla, Ford Motor, Volkswagen and other automakers to supply lithium for electric vehicle batteries, Bloomberg Law reported on Monday, citing people familiar with the matter.

Even as the nation awaits word on the first two audits of oil expenses, the government has determined that all questionable claims still not justified by the company in the IHS Markit audit of expenses from 1999-2018 would be disallowed, actions which could possibly trigger the US oil major moving to arbitration in a holdout to not pay, sources close to the process say.

Introduction Today’s column begins with a summary overview of the current state of affairs in regard to the proposed public oil block options in Guyana postponed from an initial mid-April due date to a new one, mid- July and them to September 12.

 (Reuters) – Oil and gas producer Hess Corp (HES.N) today beat Wall Street estimates for second-quarter profit, buoyed by higher production at the Bakken shale field in the U.S.

Introduction Today’s column addresses the second topic I had identified for consideration in this ongoing evaluation of Guyana’s proposed public auctions of its crude oil blocks.

Oil company ExxonMobil and its partners have lodged the required US$2 billion security deposit with the Environmental Protection Agency, as ordered by Guyana’s Appeal Court.

ABUJA,  (Reuters) – Nigeria’s downstream oil regulator has alleged ExxonMobil Corp XOM.N

On June 16, the High Court will rule on whether the government and ExxonMobil will be allowed to join the litigation challenging a decision made by the Environmental Protection Agency (EPA) to issue a permit to ExxonMobil for its Gas to Energy (GTE) project.

The Environmental Protection Agency (EPA) says that it has complied with a High Court Order and had since May 9th issued an Enforcement Notice to Esso Exploration and Production Guyana Limited (EEPGL) that it provide a parent company liability for any  oil incident in the Stabroek Block.

A ruling is expected next week on whether there is merit in the appeal filed by the Environmental Protection Agency (EPA) to the High Court order that it enforce the liability clause in permits for ExxonMobil’s offshore oil operations here.

ExxonMobil shareholders yesterday supported their Board of Directors and voted overwhelmingly to reject a proxy measure for additional disclosures on a worst-case scenario oil-spill response plan for the company’s Guyana operations.