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

  • Ghana Ready To Share Ideas, Experiences With Others- Says VP Bawumia October 16, 2021 5:23 pm Ghana MMA Ghana is ready to share her learnings and development experiences with other countries as they all seek to better the lives of their citizens, the Vice President of the Republic, Dr. Mahamudu Bawumia has assured. - Advertisement - Thus, Ghana will continue …
  • Ghana and Guyana hold bilateral talks on petroleum   October 16, 2021 2:20 pm Ghana Business News Ghana and Guyana have held bilateral discussions at the Jubilee House, Accra, to share knowledge and experiences in the oil and gas industry to reap maximum benefits. The two countries, would among other things, deepen their economic cooperation in the …
  • We lack the data to decipher anomalies between oil companies’ production reports and financial statements October 16, 2021 6:08 am Stabroek News Dear Editor, Imagine if you drive your car to an Esso gas station and fill your tank with US$27.20 in gas. Then you decide to pay the cashier only US$20 for your gas and you walk out. The police would soon track you down for robbing the franchise owner of …
  • Draft Local Content Law proposes Guyanese participation in 152 oil sector services October 16, 2021 6:05 am Kaieteur News Oct 16, 2021 News By Kiana Wilburg Kaieteur News – The Government’s Draft Local Content Legislation is proposing to have Guyanese participate in 152 oil sector services so as to ensure maximum participation across the industry. In the document perused by …
  • Turkey Is Suffering As Natural Gas Prices Soar October 15, 2021 9:08 pm Investing.com Geopolitics, Politics & Conflict Turkey is one of the biggest natural gas importers in Europe and now finds itself in a difficult position where it has to buy more gas at skyrocketing spot market prices to get through the winter as contracts expire. …
  • Stabroek Block partner funds 18 UG scholarships; half going to Amerindian Students October 15, 2021 5:53 am Kaieteur News Oct 15, 2021 News Kaieteur News -ExxonMobil’s partner in the Stabroek Block, CNOOC Petroleum Guyana Limited (CPGL) disclosed yesterday that it will be funding 18 scholarships for Professional Executive Energy Training at the University of Guyana’s …
  • Getting Ready October 15, 2021 5:43 am Guyana Chronicle GUYANA is in the process of finalising its presentation for the Glasgow Climate Conference scheduled for October 31 in Glasgow, Scotland. Under the United Nations Framework Convention on Climate Change (UNFCC), each country is required to make an updated …
  • The Govt. needs to be more transparent with oil production data October 14, 2021 4:45 am Kaieteur News Oct 14, 2021 Letters Dear Editor, Guyana now has an oil purse of US$436 million dollars in a foreign bank that mysteriously sits untapped in a period of our greatest need. We are in the midst of a deadly pandemic; one the world hasn’t experienced since the …
  • With lack of disclosure on oil production data Guyana may fail EITI review October 12, 2021 6:54 am Stabroek News Dear Editor, Guyana now has an oil purse of US$436 million dollars in a foreign bank that mysteriously sits untapped in a period of our greatest need. We are in the midst of a deadly pandemic; one the world hasn’t experienced since the Spanish Flu of 1918 …
  • Skeldon Estate future October 11, 2021 8:24 am Stabroek News Anyone who has observed the tribulations that have gripped the sugar industry over the last decade and in particular the Skeldon estate would have seen important signs in an address on October 4th by Vice President Bharrat Jagdeo. During a meeting with …
  • Half-year earnings from oil exceed US$1B October 11, 2021 8:00 am Guyana Chronicle EVEN as Guyana continues to discover more oil, the country’s petroleum earnings continue to get bigger and bigger. So much so that by the end of the first half of 2021, exports from the industry surpassed US$1.2 billion. This marks a significant growth, …
  • Guyana’s oil revenue to triple in 2022 – ExxonMobil Manager October 10, 2021 11:17 pm I News Guyana − industry stakeholder says Exxon’s 3 blocks hold 15B barrels Guyana’s revenue from the Stabroek Block is likely to triple next year when the Liza Phase Two project starts up and the Liza Unity Floating Production Storage and Offloading (FPSO) vessel …
  • Major cattle production industry beckons with Guyana-Brazil partnership October 10, 2021 6:00 am Guyana Chronicle CATTLE production in the Rupununi, Region Nine (Upper Takutu-Upper Essequibo) has the potential to become a massive income earner for Guyana, according to Mr. Aluizio Nascimento da Silva, who is the Secretary of State for Agriculture, Livestock and Supply …
  • Guyana’s oil sector still without 100 plus safeguards recommended by IMF, UNDP October 10, 2021 5:48 am Kaieteur News Oct 10, 2021 News Kaieteur News – Over the last five years, the International Monetary Fund (IMF), the United Nations Development Programme (UNDP), the Inter-American Development Bank (IDB) and the World Bank have provided Guyana with advice on hundreds of …
  • High oil output drives growth in mining and quarrying sector - – Mid-Year Report October 9, 2021 6:37 am Stabroek News Owing largely to higher output from petroleum, the mining and quarrying industries are estimated to have grown by 23.1 % in the first half of 2021, according to the Ministry of Finance’s Mid-Year Report. “The mid-year growth was largely the result of …
  • Guyana’s oil resources exceed 10 billion barrels October 8, 2021 7:14 am Guyana Chronicle –as ExxonMobil makes another discovery at the Stabroek Block EXXONMOBIL Guyana has made yet another lucrative oil discovery within the Stabroek Block offshore Guyana, pushing the nation’s petroleum resources well over 10 billion oil-equivalent barrels. The …
  • Guyana’s proven reserves climbs to over 10 billion barrels — Exxon October 8, 2021 5:05 am Kaieteur News Oct 08, 2021 News The Noble Tom Madden that made the discovery Kaieteur News – Guyana’s recoverable oil resources increased to over 10 billion oil equivalent barrels with the newest Cataback-1 well discovery according to the Ministry of Natural Resources, …
  • NDIC Warns Bank Customers Against Ponzi Operators October 8, 2021 12:44 am The Tide After months of stalling because of Covid restrictions and OPEC cuts, as well as significant international criticism over misplaced funds, Nigeria appears to be optimistic about the future of its faltering oil industry in a time when few others are. The …
  • New oil discovery offshore Guyana pushes resource estimate to 10 billion barrels October 7, 2021 6:12 pm Demerara Waves Last Updated on Thursday, 7 October 2021, 9:37 by Denis Chabrol ExxonMobil increased its estimate of the discovered recoverable resource for the Stabroek Block offshore Guyana to approximately 10 billion oil-equivalent barrels. The updated resource …
  • ExxonMobil Increases Stabroek Resource Estimate to Approximately 10 Billion Barrels October 7, 2021 1:10 pm Tradingcharts.com IRVING, Texas, October 7, 2021 (BUSINESS WIRE) -- ExxonMobil increased its estimate of the discovered recoverable resource for the Stabroek Block offshore Guyana to approximately 10 billion oil-equivalent barrels. The updated resource estimate includes a …

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