Guyana Oil and Gas News

Introduction Today’s column considers the second topic in my list of the top ten developmental challenges, which the spending of Guyana’s significant estimated Government Take from the petroleum sector must navigate.

(Trinidad Guardian) Fishermen are bracing for losses after an abandoned oil well ruptured in the Gulf of Paria, shooting emissions of oil and gas 40 feet up from the seabed.

Introduction Inspired by the May 20, 2015 announcement by ExxonMobil that it had made the largest discovery of petroleum resources for that year off the coast of Guyana, this column with the title Road to First Oil began, coincidentally, on May 26, 2017 and was expected to run for approximately twenty-five weeks.

Dr Jan Mangal, former petroleum adviser to President David Granger yesterday disclosed on his Facebook page that someone in government had proposed sole-sourcing the sale of Guyana’s oil to mining and commodities giant, Glencore.

(Jamaica Observer) Andrew Wheatley has been stripped of the energy portfolio in his ministry as the Government moves to cauterise the haemorrhaging it has been suffering from the Petrojam scandal.

Dear Editor, Regarding the article in SN dated 02-Jul-2018 titled: `National oil company for Guyana would be a disaster – Jan Mangal’ This article does not reflect the two posts on social media from which I believe they were based.

The creation of a National Oil Company (NOC) will be “a disaster” for this country warns former Government Advisor on Petroleum, Dr.

Introduction: Top Ten Last week’s column wrapped-up my evaluation of Open Oil’s financial modeling of Guyana’s 2016 Production Sharing Agreement (PSA) with the local ExxonMobil subsidiary and its partners.

As Guyana inches towards a 2020 commencement of the exploitation of what has been determined to be a potentially fortune-changing oil find, some of the major players in the industry were discussing what is widely believed to be significant global movement towards a historic shift in the demand for oil and oil products driven by growth in the world’s major markets.

Introduction We continue and conclude today on what is known as Sovereign Wealth Funds, essentially special purpose state-owned investment funds to achieve financial objectives using investment strategies, tools and instruments.

The World Bank Group today announced approval of a US$35 million Development Policy Credit to support Guyana’s efforts to bolster financial sector development and fiscal management to better prepare the country to tap its newly discovered oil and gas reserves and transform its oil wealth into human capital.

With Guyana an emerging oil and gas country and with several agreements signed with companies, the primary focus now should be on establishing a sound legal and regulatory framework.   “One of the first things you need is that your legal framework must be in place,” University of the West Indies Professor Emeritus of Mechanical Engineering, Clement Imbert, last Thursday evening told a University of Guyana oil and gas forum.

Dear Editor, In his recent attempt to justify his government’s callous refusal to take action to cushion Guyanese businesses and consumers from rising fuel prices, Minister Winston Jordan has made a very important confession. 

Introduction Today’s column concludes the discussion of Open Oil’s modeling exercise of Guyana’s 2016 Production Sharing Agreement (PSA).

VIENNA,  (Reuters) – OPEC meets Russia and other allies on Saturday to clinch a new deal raising oil output, a day after agreeing a production hike within the group itself but confusing the market as to how much more oil it will pump.

VIENNA,  (Reuters) – OPEC agreed yesterday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs.

Dear Editor, I am inspired to join the discussion by the cartoon depicting the PPP’s Gail Teixeira holding a placard proclaiming “Haitians Out!”

Saying Guyana’s Second Draft Local Content Policy Framework caters well for its people, expert Michael Warner is urging citizens to act swiftly to equip themselves to be globally competitive in the oil and gas field.

VIENNA, (Reuters) – U.S. sanctions on Venezuela are an attack against the stability of the global oil market, Venezuelan Oil Minister Manuel Quevedo said yesterday.

With an eighth oil find yesterday in the Guyana basin and its largest discovery still to be quantified, ExxonMobil’s estimated total for seven wells in the Stabroek Block stands at some 3.7 billion recoverable oil-equivalent barrels, even as the company accelerates work in the zone by adding a third drillship.