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

  • World Bank: Local economy to grow 57.8 per cent this year October 5, 2022 10:30 am Guyana Chronicle AT a time when economies in Latin America and the Caribbean are returning to some level of normalcy after the COVID-19 pandemic, Guyana’s economy, driven by its growing oil and gas sector and growth in other productive sectors, is reaching new heights, …
  • Exploitation of resources must be done safely October 5, 2022 6:00 am Kaieteur News Oct 05, 2022 News Oil and Gas Producers Association Head tells Guyana Basins Summit 2022 …Guyana must protect itself, Region By Davina Bagot Kaieteur News – Recent events have highlighted the high risk involved in oil and gas production, but to ensure a …
  • Fossil fuels: Is the world on track for moving past coal, oil and gas production? October 5, 2022 3:23 am Carbon Brief Scientists, economists and Indigenous activists met in Oxford in September to discuss a challenge central to solving climate change: how can the world rid itself of fossil fuels? The event was the latest in a string of scientific conferences examining how …
  • Govt in process of mapping out available oil blocks before auction – Min Bharrat October 4, 2022 5:31 pm I News Guyana – Block C, relinquished acres in Canje & Demerara among available blocks Ahead of the soon-to-be-launched auction of Guyana’s remaining oil blocks, the Government is in the process of mapping out the blocks that will be up for bidding so that there can …
  • Eco (Atlantic) Oil and Gas Ltd. Announces Commencement of Operations on the Gazania-1 well October 4, 2022 8:27 am Benzinga Eco Atlantic announces Commencement of Operations on the Gazania-1 well, offshore South Africa TORONTO, ON / ACCESSWIRE / October 4, 2022 / Eco Atlantic ECOEOG, the oil and gas exploration company focused on the offshore Atlantic Margins, is …
  • Int’l Lawyer calls for halt in Stabroek Block operations until deal changes October 4, 2022 5:41 am Kaieteur News Oct 04, 2022 News …says Gov’t. should not be begging oil companies to come to table Kaieteur News – The ‘dangerous’ oil and gas operations in the Stabroek Block, led by oil giant, ExxonMobil, should be shut down pending a credible international, …
  • Prioritizing Guyana’s Oil Revenue Spending: A Common-Sense Approach October 3, 2022 4:23 pm News Americas Now By Dr. Lorraine Sobers News Americas, NEW YORK, NY, Mon. Oct. 3, 2022: What can Guyana learn from Botswana, Ghana, Suriname, Qatar, Trinidad and Tobago, the United Arab Emirates, and Venezuela? There is great interest in this type of analysis- gleaning …
  • Renegotiation October 3, 2022 7:05 am Stabroek News By Melinda Janki Melinda Janki is an international lawyer and an attorney-at-law in Guyana In 2016, Raphael Trotman,  the Minister responsible for petroleum signed a Petroleum Agreement with three oil companies – Esso Exploration and Production Guyana Ltd …
  • Exxon May Emerge As The Biggest Winner In Guyana’s Oil Boom October 2, 2022 5:00 pm Oil Price The impoverished tiny South American country of Guyana has emerged as one of the continent’s top oil producers and is poised to become a leading global energy exporter. Since 2015 an Exxon Mobil-led consortium has made a swathe of high-quality oil …
  • An injunction should be sought to stop the auction of the oil blocks October 2, 2022 7:59 am Kaieteur News Oct 02, 2022 Features / Columnists, Peeping Tom Kaieteur News – There should be a meeting of all the groups and individuals opposed to the oil deal. An alliance should be formed with two objectives, one long-term and one short-term. The short-term …
  • Government Take & Reported Reserves – Part 2 October 2, 2022 7:23 am Stabroek News Introduction In an effort to provide clarity and boost comprehension of the listed column title in this series, last week’s  column introduced my re-visit of Government Take under Production Sharing Agreements, PSAs, with a summary re-statement of the …
  • IMF issues favourable Economic Report Card for Guyana October 2, 2022 6:04 am Kaieteur News Oct 02, 2022 News ==The Social Edge==  – urges authorities to do public expenditure review to assess efficiency of spending – says weaknesses in procurement must be unaddressed By Kiana Wilburg Kaieteur News – Following the conclusion of its 2022 ‘Article …
  • Govt. yet to grasp extent of potential danger associated with gas plant project – Patterson October 2, 2022 6:04 am Kaieteur News Oct 02, 2022 News …says more needed than two fire trucks and new fire station By Davina Bagot Kaieteur News – Even as the Government continues with its preparations for the construction of the Gas-to-Energy (GTE) project, it seems to be underestimating the …
  • The Production Sharing Agreement, Renegotiation, and the Stability Clause (Part 2) October 1, 2022 8:38 am Guyana Chronicle SUMMARY THE argument by the proponents for renegotiation that the oil companies are not paying any taxes in Guyana is a misconceived notion. The clause in the Production Sharing Agreement (PSA) that speaks to the government paying the oil companies’ …
  • Oil theft bites deeper as NLNG gas supply drops 38% September 30, 2022 9:24 am Business Day The rising crude oil theft overwhelming Nigeria’s energy business is biting deeper as the volume of gas the Nigeria LNG Limited (NLNG) can supply to the international markets has declined by 38 percent, BusinessDay has learnt. While Liquefied Natural Gas ( …
  • IMF: Relief measures commendable September 29, 2022 10:04 am Guyana Chronicle — cushion burden of high commodity prices, says bank in latest report — optimistic that country’s oil resources could fortify economy to absorb shocks, address infrastructure gaps, human development needs THE International Monetary Fund (IMF) has commended …
  • ‘Oil audits must verify Exxon’s spending’ …Opposition says Guyana must be able to identify shell companies, overspending September 29, 2022 7:22 am Kaieteur News Sep 29, 2022 News Kaieteur News – The tricky business of verifying petroleum expenditures from the Stabroek Block operator remain and the Parliamentary Opposition is keen on examining government’s treatment of this issue. In the absence of several …
  • Govt. begins hunt for consultant to review ExxonMobil’s plans for fifth project September 29, 2022 7:22 am Kaieteur News Sep 29, 2022 News Kaieteur News – The Guyana Government has commenced its search for a consultant to review the Field Development Plan (FDP) for ExxonMobil’s fifth project at the Uaru oil field in the Stabroek Block. The Ministry of Natural Resources which …
  • 10 billion barrels increase in Stabroek Block reserves validates calls for renegotiation- former EPA Head September 29, 2022 7:22 am Kaieteur News Sep 29, 2022 News By Davina Bagot Kaieteur News – In 2016, when the Coalition government renegotiated and signed the Production Sharing Agreement (PSA) with US oil giant ExxonMobil, the country had only found approximately 1.1 billion barrels of oil in the …
  • IMF predicts 58% growth for Guyana September 28, 2022 8:42 pm The Gleaner The International Monetary Fund said Tuesday that economic growth is projected to be 57.8 per cent this year for Guyana as the country continues to shake off the effects of the coronavirus pandemic-induced recession in 2020, amid protracted political …

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