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

  • ExxonMobil completely on board with cost oil audit – Min Bharrat December 5, 2021 9:37 pm I News Guyana – delay to ensure local auditors’ involvement Oil giant ExxonMobil is completely on board when it comes to the cost oil audit that has to be done into its expenses post-2017, even though the timeframe for it has elapsed. This assurance was provided by …
  • Local climate change case…State required by the constitution to protect the environment – lawyers argue December 5, 2021 5:27 am Kaieteur News Dec 05, 2021 News Kaieteur News – The State has a legal obligation to protect the environment against the harmful effects of greenhouse gases. That is essentially the argument of attorneys in the first case filed against the State to determine whether the …
  • Thirty companies express interest in gas-to-shore project December 5, 2021 5:26 am EIN Presswire Dec 05, 2021 News Kaieteur News – Some 30 companies have expressed interest in the government’s gas-to-shore project, which is pegged at US$900 million. Natural Resources Minister, Vickram Bharrat in an interview with OilNOW said that companies from the …
  • Exxon to Continue Leaner Spending as Coronavirus-Led Threat Lingers December 5, 2021 1:29 am Bangkok Post The oil giant is maintaining lower capital investment levels through 2027 and will keep focusing on cost-cutting Exxon Mobil Corp. said Wednesday it will maintain a conservative budget for the next five years, as the outlook for oil and gas demand remains …
  • Guyana continues to rely on ExxonMobil for data on oil, gas reserves December 4, 2021 9:54 pm EIN Presswire Dec 04, 2021 News – independent survey yet to be done six years on  Kaieteur News – Since the Liza discovery six years ago in the oil-rich Stabroek Block, Guyana continues to rely on ExxonMobil and its partners (Hess Corporation and CNOOC Petroleum Limited …
  • European group eyes ‘sweet’ oil find in the Orinduik block December 4, 2021 5:34 am Kaieteur News Dec 04, 2021 News Kaieteur News – A consortium of European oil companies believe that it is very close to making a ‘sweet’ oil find, in Guyana’s offshore Orinduik oil block, in the country’s Exclusive Economic Zone (EEZ). Eco’s President and CEO, Gil …
  • Turkey threatens to stop Exxon’s drilling off Cyprus coast December 4, 2021 5:34 am Kaieteur News Dec 04, 2021 News Kaieteur News – Turkey has threatened to prevent ExxonMobil’s search for oil and gas off Cyprus—an island country in the eastern Mediterranean Sea—after that country awarded the rights to Block 5 in the island’s Economic Exclusive Zone ( …
  • Local Content Bill among several others to be tabled this month – AG December 2, 2021 6:32 am Kaieteur News Dec 02, 2021 News By Renay Sambach Kaieteur News – Guyana’s draft Local Content Bill is among several other draft of bills that are to be presented in the National Assembly this month, Attorney General (AG) and Minister of Legal Affairs, Anil Nandlall has …
  • Exxon to continue leaner spending as covid-19 threat lingers December 1, 2021 3:16 pm Mint The Texas oil giant, which slashed its spending in 2020 as the world contended with waves of Covid-19, said it is sticking to decreased spending levels for years to come. Exxon will spend between $20 billion to $25 billion a year on capital investments …
  • Guyana 2021 oil take is one million barrels less than expected December 1, 2021 6:19 am Kaieteur News Dec 01, 2021 News Kaieteur News – Guyana had earlier this year projected collecting at least six one-million barrels of oil lift entitlements under its Production Sharing Agreement (PSA) with Esso Exploration and Production Guyana Limited (EEPGL—and their …
  • A lesson for Guyana…French Oil company sends auditors on fishing expedition in Mozambique November 29, 2021 5:23 am Kaieteur News Nov 29, 2021 News – as hundreds of millions in ineligible costs detected – Guyana still to scrutinise billions of US dollars expended by Exxon By Kiana Wilburg Kaieteur News – Natural gas discoveries in the Rovuma Basin off the coast of northern Mozambique …
  • Joe Biden recommends overhaul of united states’ oil and gas leasing programme November 28, 2021 6:48 am Kaieteur News Nov 28, 2021 News Kaieteur News – The Joe Biden’s administration has recommended an overhaul of the nation’s oil and gas leasing programme to limit areas available for energy development and raise costs for oil and gas companies to drill on public land and …
  • Exxon’s partner boasts of receiving US$4B annually starting from next year November 28, 2021 4:23 am Kaieteur News Nov 28, 2021 News Dear Reader, in light of the economic impact caused by the COVID-19 pandemic, our publisher, with you in mind, has taken the decision to extend our weekly review of some of our major stories in their entirety. SUNDAY -calls Stabroek Block …
  • RemoteMD: Putting Guyanese at the centre of austere medical services for its multi-billion-dollar oil industry November 28, 2021 4:22 am Kaieteur News Nov 28, 2021 News By Kiana Wilburg Kaieteur News – From 2015 to now, most Guyanese have heard about the millions of dollars in revenue the nation’s 10 billion barrels of oil equivalent resources are poised to bring. But the conversation of the earnings to …
  • O&G sector contributes over $50B in taxes November 23, 2021 9:53 am Guyana Chronicle EVER since Guyana sold its first 1,000,000 (one million) barrels of crude in February 2020 for GY$11.5 billion, the petroleum industry has raked in as much as GY$440 billion; this represents GY$57 billion more than the national 2021 budget. An analysis …
  • 7 years later, Guyana struggling with basics for oil and gas sector November 23, 2021 6:53 am Kaieteur News Nov 23, 2021 News …as migration crisis looms — Ramkarran Kaieteur News – Guyana discovered hydrocarbons—oil and gas in commercial quantities, back in 2015 at the time the Coalition Administration was being sworn into power, with production beginning in …
  • Auditing of ExxonMobil costs November 22, 2021 8:28 am Stabroek News On November 17th, after two weeks of concern that his government had nonchalantly conceded that the statutory period for the forensic scrutiny of US$9.5b in ExxonMobil’s expenditure had expired, President Ali provided an assurance that the gigantic sum …
  • Top US Judge deplores ‘perceived political interference’ in local Judiciary November 21, 2021 5:39 am Kaieteur News Nov 21, 2021 News “I insist on hearing from all sides of an equation so that I am fully informed of any and all outstanding issues. I look forward to further discussions and visits with all concerned and to lending my expertise in an independent and …
  • Guyanese who was awarded Kaieteur Block jumps into insurance industry with TT partner November 21, 2021 5:38 am Kaieteur News Nov 21, 2021 News Kaieteur News – Ryan Pereira, the lone Guyanese investor in charge of Ratio Petroleum, one of the two initial owners of the highly prospective Kaieteur Block, is now expanding his portfolio in the oil sector. Just recently, it was …
  • Exxon begins talks with Govt. on 4th Field Development Plan November 20, 2021 7:06 am Kaieteur News Nov 20, 2021 News …despite incomplete consultations Kaieteur News – Esso Exploration and Production Guyana Limited (EEPGL) is pressing ahead with its fourth planned project in the Stabroek Block and has commenced talks with government regarding the company …

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