Guyana Oil and Gas News

ExxonMobil Corporation said today it made its eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block.

Opposition Leader Bharrat Jagdeo says he has deliberately stayed away from all oil-related activities due to his discomfort with some of the postures being taken by the government.

Today’s column continues with my critiques of Open Oil’s financial modeling of Guyana’s 2016 Production Sharing Agreement, PSA.

  Introduction Column 40 noted that in practice, any Sovereign Wealth Fund for Guyana has to take a whole host of factors into account, including the country’s recurring deficits which are financed by loans; the deficit in its infrastructure; future revenue gains and losses; commodity prices including that of oil; and citizens’ rising expectations.

Source One Supply Oil and Gas Marine Supplies Chief Executive Officer Terry Singh has said that his company’s proposal for an onshore oil and gas facility has not received any substantial feedback from government since last year.

ExxonMobil remains on target to begin oil production offshore Guyana by March, 2020, following the start of development drilling for its Liza Phase 1 project.

Alert police and prison officials thwarted what appeared to have been a plot to smuggle contraband items, including cannabis and phones, into the Lusignan Prison early yesterday morning.

Oil and gas support company, Ramps Logistics says it is committed to Guyana’s local content development which has already shown rewards with 100 persons working offshore.

It will be about six more months until the annex for the National Oil Spill Contingency Plan is completed, Captain John Flores, Director of Maritime Safety has said, while noting that more stakeholder consultation meetings are needed.

Roraima Airways has partnered with aerospace and defence company, PAL aerospace to provide surveillance services to the oil and gas sector in Guyana.

Having long established itself as a significant contributor to tertiary education in Guyana, the Critchlow Labour College is seeking to embrace the demand for training in the various disciplines associated with the country’s emerging oil and gas industry to rebuild its reputation as a major contributor to education delivery in Guyana.  Principal of the College, Ivor English told Stabroek Business on Monday that the two-day preliminary Oil and Gas Course Seminar delivered late in May in collaboration with two Trinidad and Tobago companies Apollo Global Vision Ltd and Kaizen Environmental Services was intended to serve as an introduction to a wider ambition of creating a high-level Centre for Oil and Gas that will seek to offer courses that will equip graduates for rewarding jobs in the sector.  Towards this end the College has already signed a Memorandum of Understanding with Kaizen and Apollo under which the two specialist companies will be intimately involved in both the design and delivery of courses run by the local Centre for Oil and Gas.  English told Stabroek Business that the decision by the College to move in the direction of establishing an institution specializing in the training of Guyanese in oil and gas-related fields had to be seen within the context of the importance which the institution places on remaining relevant.

Introduction This column turns attention to the Environment Impact Assessment (EIA) for the Liza Phase 1 Develop-ment Project done by Environmental Resources Management (ERM) an external consultancy firm which describes itself as is a leading global provider of environmental, health, safety, risk, social consulting services and sustainability related services.

Shipping company, John Fernandes Limited (JFL) is stepping up preparations for a multi-million US$,  shore-based support contract with Saipem,  a  key contractor for ExxonMobil.

Introduction Today’s column starts with a wrap-up of my response to the letter sent to Stabroek News by the author of Open Oil’s financial modeling exercise of Guyana’s 2016 PSA.

Rystad is forecasting that Guyana’s 600,000 barrels per day (bpd) in production in the next decade will earn the country revenue of US$15 billion annually from oil and gas.

Last week’s delivery of a two-day preliminary course in oil and gas at the Critchlow Labour College marks the inaugural initiative of the Critchlow Labour College in pursuit of the establishment of a Critchlow Centre for Oil and Gas, according to the Secretary to the College’s Board of Directors Lincoln Lewis.  

Introduction For a country that will soon become petroleum dependent, Guyana’s petroleum legislation is not particularly expansive.

RIO DE JANEIRO/SAO PAULO,  (Reuters) – A 72-hour strike by Brazilian oil workers halted refineries and rigs yestreday, union leaders said, a new blow to President Michel Temer on the heels of a trucker protest that has strangled Latin America’s largest economy for over a week.

Twenty-two students graduated yesterday from the inaugural TOTALTEC Academy Oilfield Safety and Operator Training and Development Programme and they were lauded for their outstanding performance and for setting a high bar for their successors.

On Thursday and Friday of last week the Critchlow Labour College in collaboration with Kaizen Environmental Services, a Trinidad and Tobago company whose profile credits it with providing services that “balance environmental sensitivity with economic concerns,” executed a two-day Course titled “Introduction To Oil and Gas” comprising twelve modules.