Guyana Oil and Gas News

Even as it continues aggressive exploration in the offshore Stabroek Block, Esso Exploration and Production Guyana Limited (EEPGL), ExxonMobil’s local subsidiary, has sought project approval for its Whiptail project, marking it the sixth development out of its more than 30 discoveries since 2015.

The Environmental Protection Agency (EPA) has released the impact assessment for the Urau oil field Development Project and ExxonMobil estimates that the cost of the Urau Development Project will be close to US$12.7 billion.

For over 30 years scientists at ExxonMobil have accurately projected the warming effects of fossil fuels on the planet, even as the company downplayed climate science while cautioning against any drastic move away from hydrocarbon usage, according to a recent study, the New York Times yesterday reported.

A bankruptcy judge in Houston, Texas on Wednesday allowed a Hess Corp.

Japanese company MODEC has identified a Chinese shipyard to provide the hull and living quarters for the floating production, storage and offloading (FPSO) vessel that will serve ExxonMobil’s Uaru field offshore Guyana, according to upstreamonline.com.

This month marks three years since oil production began here for which this country has received some 15 million barrels in profit but there is still no Petroleum Commission to regulate the sector despite solemn promises by senior officials of the current administration.

Three years since it was first completed and submitted, followed by promises that it will be made public, government says that the IHS Markit audit of ExxonMobil’s US$460 million pre-contract costs is still being reviewed by the company.

Justice Nareshwar Harnanan yesterday ruled that the Environmental Protection Agency (EPA) breached its statutory duty by issuing environmental permits to Schlumberger-Guyana Inc.

The two United States companies that have been selected to build the Wales gas to shore plant – CH4 Guyana Inc and Lindsayca Inc – have teamed up with SOL Guyana to bid to set up an oil refinery here.

By Janette Bulkan On 1 December, Winrock International and The Architecture for REDD+ Transactions (ART) published the news on their websites that Winrock’s Architecture on REDD+ Transactions (ART) had issued the world’s first TREES credits to Guyana, a total of 33.47 million carbon credits.

Introduction Today’s column serves three main objectives. First, to address Guyana’s creaming curve, which dramatizes its remarkable exploration successes in locating Guyana’s hydrocarbons resources, found largely offshore to date.

Oil and gas Guyana launches licensing round for 14 oil blocks: With President Irfaan Ali stressing the need to expeditiously move to develop the country’s oil and gas resources, the government on Friday launched the licensing round for 14 offshore oil blocks.   

Introduction In today’s column I shall address, respectively, the second [USGS Assessment] and third lines [bullish expert opinions] which underpin my own “strongly bullish stance” on Guyana’s likely recoverable petroleum resources that I have assumed to hold over the long run.

Guyana and India discussed cooperation on a broad range of matters including oil and gas when the two sides held the fourth session of their foreign office consultations in Georgetown on Monday.

ExxonMobil has issued a Request for Information (RFI) to identify suppliers who can provide Platform Support Vessels (PSV) and Fast Support Vessels (FSV) services next year.  According to the oil company, it plans to put in place an agreement for PSVs and FSVs beginning May 1st, 2023 and ending May 1, 2024.

The Environmental Protection Agency (EPA) has approved the contentious US$1.3 billion gas-to-energy project, including ExxonMobil’s development of a natural gas transport pipeline, a materials offloading facility and natural gas liquids plant.

Introduction While the fiscal rules of Guyana’s PSA indicate the sources of its oil revenues yield,  the finds/discoveries indicate the quantity, quality and trend in petroleum reserves accumulation and its reporting.

Introduction As part of the revisit of my  previous evaluation of publicized modelled calculations of Guyana Government Take ratios, I had observed last  week that, just over two years ago [August 2020] the Inter-American Development Bank, IADB, and also much more recently, in August of this year, 2022,  Rystad Energy, published modelled calculations of Guyana Government Take along with projections of Guyana Government revenue flows and related operational and investment matters,  over a decade and more going forward to 2025-7 and beyond into the 2030s.

As it announced that the auctioning of some 14 offshore blocks will not take place until next year, government yesterday disclosed that the new model oil and gas Production Sharing Agreement (PSA) will see big changes such as the upping of royalty from 2% to 10%, corporation tax of 10% and a  limiting of the amount of blocks for companies.

In a move which experts are dubbing a scheme to get out of decommissioning its wells, ExxonMobil and Shell recently agreed to sell more than 23,000 of their wells in California in the US.