Oil & Gas Report

News, insight, analysis and ideas about Guyana’s energy industry from the best experts in the industry.

Guyana – Oil and Gas
In 2000, the U.S. Geological Survey (USGS) identified the Guyana-Suriname Basin as having the second highest resource potential among unexplored oil basins in the world and estimated the mean recoverable oil and gas reserves at more than 13.6 billion barrels of oil and 32 trillion cubic feet of gas. Several international oil and gas companies (IOCs), including ExxonMobil (U.S.), Esso (U.S.), Repsol (Spain), Anadarko (U.S.), and CGX Energy (Canada), have been participating in exploration and drilling activities. Guyana’s Ministry of Natural Resources (MNR) continues to process additional companies’ exploration applications. The number of actors in the upstream sector is expected to increase.

ExxonMobil’s May 2015 discovery with the Liza wells in its Stabroek block may well signal a new era for the country’s energy sector and economy. It presents a transformative opportunity to put in place the structures and capacity needed to oversee the sector’s long-term development, effectively manage revenue streams, and ensure proper stewardship of what are finite hydrocarbon resources for future generations of citizens in Guyana. Exxon plans additional exploration in its block in 2017, citing favorable geology and promising production sharing agreement (PSA) terms.

Current News Headlines

Guyana Oil

  • KN’s Publisher offers Exxon, EPA free air time, space to educate citizens on oil projects February 7, 2023 7:25 am Kaieteur News Feb 07, 2023 News Kaieteur News – Publisher of Kaieteur News and Chief Executive Officer (CEO) of the Kaieteur Radio, Mr. Glenn Lall has offered free slots on both platforms to ExxonMobil Guyana and the Environmental Protection Agency (EPA) to enlighten …
  • Where on Earth is big oil spending its $200bn profit bonanza? February 6, 2023 11:55 pm The Economist TOWARDS THE end of the second world war Franklin D. Roosevelt attended a fateful gathering of world leaders that helped determine the course of geopolitics for decades. No, not the Yalta summit. Immediately after FDR, Churchill and Stalin had carved up the …
  • Melinda Janki offers weak defence February 6, 2023 1:18 pm Guyana Chronicle Dear Editor I WRITE with reference to Melinda Janki’s letter to the Editor: “I did not represent Exxon” (KN, February 3, 2023). The apparent intent of Ms Janki’s letter is to push back against persistent charges of hypocritical conduct related the oil- and …
  • Ecopetrol, Frontera Energy, Hocol, Tecpetrol and Cepsa Issue Public Statement Regarding Blockades In Meta Department, Colombia February 6, 2023 1:04 pm Benzinga PUERTO GAITÁN (META), Colombia, Feb. 6, 2023 /CNW/ - Frontera Energy Corporation FEC ("Frontera" or the "Company"), Ecopetrol, Hocol, Tecpetrol and Cepsa, hydrocarbon companies that operate in Puerto Gaitán (Meta Department), …
  • Ecopetrol, Frontera Energy, Hocol, Tecpetrol and Cepsa Issue Public Statement Regarding Blockades In Meta Department, Colombia February 6, 2023 1:04 pm Benzinga PUERTO GAITÁN (META), Colombia, Feb. 6, 2023 /PRNewswire/ - Frontera Energy Corporation FEC ("Frontera" or the "Company"), Ecopetrol, Hocol, Tecpetrol and Cepsa, hydrocarbon companies that operate in Puerto Gaitán (Meta …
  • Janki was professionally associated with law firms that represented oil companies February 6, 2023 6:02 am Stabroek News Dear Editor, I write with reference to Melinda Janki’s Letter to the Editor – “I did not represent Exxon in the 1999 Petroleum Agreement” (SN, February 3, 2023). The apparent intent of Ms. Janki’s letter is to push back against persistent charges related …
  • $100.7M set aside to review Exxon’s field development plan for 6th project February 6, 2023 5:20 am Kaieteur News Feb 06, 2023 News Kaieteur News – The People’s Progressive Party (PPP) government has made provision in its 2023 Budget to review the Field Development Plan (FDP) for the sixth project American oil giant, ExxonMobil plans to pursue in the Stabroek Block. …
  • ExxonMobil US$460M pre-contract audit still ongoing- Minister Bharrat February 6, 2023 5:19 am Kaieteur News Feb 06, 2023 News Four years later… …Patterson says Guyana now at the mercy of oil company Kaieteur  News – As Guyana scales up its oil production activities and begins revelling in revenue from its newfound natural resource, the country has been …
  • 2nd report from audit of US$9B Exxon cost oil expected by March February 5, 2023 6:04 pm I News Guyana Since the contract to audit US$9 billion in ExxonMobil cost oil expenses was signed last year, it has been a learning process for the local consortium of companies, but a second report is expected from the group by March of this year. This is according to …
  • Qatari experts expected in Guyana this week February 5, 2023 11:51 am Guyana Chronicle –to assist with Gas Leak Management Plan TWO Qatari oil-and-gas experts are expected here this week to assist with the preparation of the Gas Leak Management Plan for the Wales gas-to-energy project, Minister of Natural Resources Vickram Bharrat has said. …
  • Why didn’t Ms Janki drive these campaigns during those years? February 5, 2023 7:20 am Stabroek News Dear Editor, Readers would recall that I had questioned Melinda Janki’s modus operandi in challenging ExxonMobil’s operations in Guyana wherein she is seeking to sue that company together with the Government of Guyana (GoG). I had pointed out that there is …
  • ONGC to ramp up exploration for oil, gas; looks for collaborations February 5, 2023 5:58 am EIN Presswire India's top oil and gas producer ONGC is pivoting a four-pronged strategy of ramping up exploration efforts, quickly bringing discovered resources to production, raising recovery from existing fields and increasing collaborations with experts to …
  • Melandi Janki’s response leaves more questions than answers February 4, 2023 10:19 am Guyana Chronicle Dear Editor, READERS would recall that I had questioned Melandi Janki’s modus operandi in challenging ExxonMobil’s operations in Guyana, whereby she is seeking to sue that company together with the Government of Guyana (GoG). I had pointed out that there …
  • Oil and gas: The investment gap dilemma February 3, 2023 2:07 pm Geopolitical Intelligence Services The 2022 energy crisis produced higher prices and policy changes that encouraged investment in the oil and gas sector again. A “floatel” – essentially a floating hotel – designed to house hundreds of oil-rig crew members in the harshest environmental …
  • I did not represent Exxon in the 1999 petroleum agreement February 3, 2023 6:57 am Stabroek News Dear Editor,  I’ve been told that somebody on Facebook or a chat show says I represented Exxon in the 1999 petroleum agreement. I did not. Apparently this is based on the notice provision which says Esso’s address for notices is 80 Cowan St, Kingston. Then …
  • Qatar to help Guyana with gas utilisation, leak mitigation plans February 2, 2023 11:36 pm I News Guyana Guyana will be receiving assistance from the United Arab Emirates (UAE) powerhouse Qatar when it comes to the formulation of a plan to utilise and monetise the gas supply it will get when the Gas-to-Energy project comes online. This was revealed by Natural …
  • Audit report of ExxonMobil’s US$7.3 billion expenses to be ready in March February 2, 2023 7:12 pm Demerara Waves Last Updated on Thursday, 2 February 2023, 6:38 by Denis Chabrol Mr Vickram Bharrat The report on how ExxonMobil spent  US$7.3 billion in Guyana is expected to be finished in March and would likely be tabled in the National Assembly, Minister of Natural …
  • Seven years later… Guyana now making moves to set up data register for oil sector February 2, 2023 9:18 am Kaieteur News Feb 02, 2023 News Kaieteur News – The Ministry of Natural Resources will this year commence the process to house Guyana’s technical petroleum data in-country. Subject Minister, Vickram Bharrat made the disclosure during Day Two of Consideration of the …
  • Frontera Announces 2023 Capital And Production Guidance February 2, 2023 7:55 am Benzinga Frontera Provides Update on Estimated 2022 Full-Year Daily Average Production CALGARY, AB, Feb. 1, 2023 /CNW/ - Frontera Energy Corporation FEC ("Frontera"' or the "Company") announces its full year 2023 capital and …
  • Frontera Announces 2023 Capital And Production Guidance February 2, 2023 7:55 am Benzinga Frontera Provides Update on Estimated 2022 Full-Year Daily Average Production CALGARY, AB, Feb. 1, 2023 /PRNewswire/ - Frontera Energy Corporation FEC ("Frontera"' or the "Company") announces its full year 2023 capital and …

Featured Oil & Gas Articles

GIPEX postponed: organizers eyeing Q3 2019

The Guyana International Petroleum Exhibition (GIPEX), originally scheduled to be held in March 2019, has been postponed to the 3rd quarter of the year. The inaugural event, held from February 7 to 9, 2018, at the Guyana Marriott Hotel, was organized by UK-based Valiant Business Media in partnership with the Government of Guyana and a […]

The post GIPEX postponed: organizers eyeing Q3 2019 appeared first on OilNow.

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Total pulls staff out of Venezuela after US sanctions

(AFP) French oil and gas firm Total has evacuated its staff from Venezuela where its accounts have been blocked due to US sanctions, the company’s chief executive said Thursday. “The accounts are blocked thanks to US decisions,” CEO Patrick Pouyanne said during a presentation of Total’s annual financial results. “The other practical problem is that, […]

The post Total pulls staff out of Venezuela after US sanctions appeared first on OilNow.

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Total makes significant gas discovery off South Africa

Total Petroleum is reporting that it has made a significant gas condensate discovery on the Brulpadda prospects, located on Block 11B/12B in the Outeniqua Basin, 175 kilometers off the southern coast of South Africa. In a release on Thursday, Total said that the Brulpadda well encountered 57 meters of net gas condensate pay in Lower […]

The post Total makes significant gas discovery off South Africa appeared first on OilNow.

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ExxonMobil gunning for more oil at Yellowtail as Guyana foray continues

Twelve discoveries and more than 5 billion barrels of oil later, US oil major ExxonMobil’s story in Guyana is still being written and analysts believe that more oil lay in the chapters ahead. Fresh off of its 11th and 12th discoveries announced on Wednesday, the company within weeks will begin a new drill campaign in […]

The post ExxonMobil gunning for more oil at Yellowtail as Guyana foray continues appeared first on OilNow.

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Lifetime engagement in Guyana means talking to everyone – ExxonMobil CEO

Just a few days before US oil major ExxonMobil announced its 11th and 12th discoveries offshore Guyana, Chairman and CEO Darren Woods made an appearance on a quarterly earnings call where he expressed full confidence in the advancement of the company’s exploration and development activities in the South American country. Woods’ assurance of the company’s continued […]

The post Lifetime engagement in Guyana means talking to everyone – ExxonMobil CEO appeared first on OilNow.

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BREAKING: ExxonMobil strikes oil again offshore Guyana in 11th and 12th discoveries

US oil major ExxonMobil has once again struck oil offshore the South American country of Guyana, this time at the Tilapia-1 and Haimara-1 wells, making it the company’s 11th and 12th  discoveries in the Stabroek Block. Director of the Department of Energy in Guyana, Dr. Mark Bynoe, this morning, announced the discoveries. “This continues to […]

The post BREAKING: ExxonMobil strikes oil again offshore Guyana in 11th and 12th discoveries appeared first on OilNow.

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TechnipFMC awarded large EPCI contract for Petrobras Mero 1 pre-salt field in Brazil

TechnipFMC (NYSE: FTI) (PARIS: FTI) said on Wednesday it has been awarded a large engineering, procurement, construction and installation (EPCI) contract for the Mero 1 pre-salt field, located in the Santos Basin, at 2,100 meters of water depth offshore Brazil. The award was made by Petrobras, on behalf of the Libra Consortium, comprised of Petrobras, […]

The post TechnipFMC awarded large EPCI contract for Petrobras Mero 1 pre-salt field in Brazil appeared first on OilNow.

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