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

  • Guyana gas and power project scores 12 bids January 27, 2022 12:17 am The Gleaner Trinidad’s gas company and 11 others from places such as Brazil, United States and China are chasing business in Guyana, and have put in pre-qualifying bids to add a gas-fired plant and develop additional capacity for the power grid. The US$900-million gas …
  • ‘Letter from the Grave’: Addressed to Guyana? January 26, 2022 10:02 am Guyana Chronicle By Earl Bousquet A VERY interesting ‘Letter from the Grave’ was published by the Mauritius Times on April 9, 2021, purportedly from the late President Lee Kuan Yew, who led the island for 31 years and died 23 March 2015, aged 91. Lee was an extraordinary …
  • Hess Corp sees higher capital spending, production in 2022 January 25, 2022 2:20 pm Investing.com (Reuters) -Hess Corp said on Tuesday it expects a 37% jump in capital spending for exploration and production this year, as the oil company looks to focus on operations in Guyana and the U.S. Bakken shale basin. Global crude prices have risen by more than …
  • Shell hits oil and gas in Namibian offshore well January 25, 2022 11:44 am Sowetan Shell has made a significant oil and gas discovery at an closely-watched offshore well in Namibia which could spark a wave of investment in the southern African country, three industry sources told Reuters. Namibia is not a fossil fuel producer, although …
  • Portion of Guyana’s Natural Gas to be exported – Pres. Ali confirms January 25, 2022 5:57 am Kaieteur News Jan 25, 2022 News By Kiana Wilburg Kaieteur News – Given the significant volume of natural gas discovered in the Stabroek Block and the quantity that would be piped to shore via the US$900M gas-to-shore project, many industry experts had warned that Guyana …
  • International Education Day 2022 January 24, 2022 5:21 am Kaieteur News Jan 24, 2022 Editorial Kaieteur News – International Education Day 2022 is being observed today, January 24. A look at the statistics involving Guyana’s topflight students would give the impression that we have nothing to worry about, and that we are doing …
  • Govt. banking on Local Content Act to recover losses from ‘lopsided’ Exxon deal January 24, 2022 5:21 am Kaieteur News Jan 24, 2022 News Kaieteur News- The Government of Guyana (GOG) is banking on the recently passed Local Content Law, to recover losses from the ‘lopsided’ Production Sharing Agreement (PSA), which Guyana signed onto with American oil giant, ExxonMobil. …
  • Gov’t’s oil production reports should be released in a timely manner and in one location January 23, 2022 7:48 am Stabroek News Dear Editor, Major Guyanese newspapers have been exposing numerous issues surrounding the oil contracts. One positive change, as a result of their relentless efforts, was having the Ministry of Natural Resources publish Guyana’s oil lift data. Additionally …
  • ExxonMobil begins exploration drilling on new well offshore Guyana January 22, 2022 3:58 pm I News Guyana …11 Int’l firms submit bids to review Yellowtail development plan United States oil giant, ExxonMobil, is continuing its exploration activities in the Stabroek Block offshore Guyana, spudding the Patwa-1 well on Friday. The Maritime Administration …
  • Livestock industry earns $14.9B in 2021 January 21, 2022 11:56 am Guyana Chronicle FOR the Year 2021, Guyana’s thriving livestock industry has raked in an impressive $14.9 billion in revenue. This is according to Agriculture Minister Zulfikar Mustapha, who said that these earnings were as a result of local sales only. “This is what we’re …
  • Letter: Govt is managing the economy, country and politics excellently January 20, 2022 5:40 pm I News Guyana Dear Editor, Guyana’s PPP Government seems to be managing the socioeconomic and political affairs of our country excellently, compared to the previous administration’s chaotic five-year reign in office. Last year, the PPP Administration rolled out the …
  • Oil prices on the rise January 20, 2022 11:31 am Nhan Dan The price of WTI oil in Asia rose to 85.66 USD per barrel and the price of Brent oil was also close to 88 USD per barrel, the highest levels since October 2014. Prices of crude oil increased by more than 10% since early this year, as investors believe that …
  • Eco Atlantic grabs more shares in suspiciously awarded Canje Block January 20, 2022 7:18 am Kaieteur News Jan 20, 2022 News Kaieteur News – Eco (Atlantic) Oil & Gas Ltd., one of the smallest oil players in Guyana’s offshore basin, has moved to grab more shares in the highly prospective Canje Block. Yesterday, Eco disclosed that it moved to secure an …
  • Energy corridor, deep-water harbour talks to take centre stage January 19, 2022 1:42 pm Guyana Chronicle –as President Ali meets with Brazilian, Surinamese counterparts COME tomorrow, President Dr. Irfaan Ali is scheduled to make a working visit to Paramaribo, Suriname, to meet with Presidents Jair Bolsonaro of the Federative Republic Brazil, and …
  • Opposition to grill Govt. on audits of Exxon’s billion-dollar expenses January 19, 2022 6:54 am Kaieteur News Jan 19, 2022 News Kaieteur News – Opposition Member of Parliament (MP) David Patterson has submitted several questions to the National Assembly, seeking answers from the government on ExxonMobil’s outstanding audits, dating back to 2017. Opposition MP: …
  • Top Energy Stock Opportunities as Oil Booms Higher (PXD, CEI, MTDR, FANG, HP, HES, OIH, XOP) January 18, 2022 5:04 pm Tradingcharts.com Jan 18, 2022 (WallStreetPR via Comtex) -- The Oil market has been exploding higher since it found support in its crash following the emergence of the Omicron Covid-19 variant on Thanksgiving weekend. That downside catalyst came on the heels of revelations …
  • Use of oil funds begins this year January 17, 2022 1:12 pm I News Guyana For many, a pressing question since Guyana received its first oil payment in 2020 has been when will Guyanese benefit directly from the oil revenue? Since it came to power in August 2020, the People’s Progressive Party (PPP) Government has steadily refused …
  • Oil production or carbon neutrality? Why not both, Guyana says January 16, 2022 10:24 pm EIN Presswire The government of Guyana says the South American country has already achieved net-zero carbon emissions, and adds it will further cut emissions by 70% by 2030. The declaration comes on the heels of Guyana becoming the world’s newest oil-producing country; …
  • Guyana: Pressing development needs may require transparent, early withdrawals from oil fund January 16, 2022 9:32 pm Tradingcharts.com Jan 16, 2022 (MENAFN via COMTEX) -- (MENAFN - Caribbean News Global) By Kemol King GEORGETOWN, Guyana, (DPI) - The Natural Resource Fund Act 2021 has paved the way for government to make withdrawals from the Fund, through a transparent mechanism guided by …
  • Guyana’s Oil and Gas Sector: “Happenstance” and a “Zombie Company” shape its First Decade January 16, 2022 7:30 am EIN Presswire Introduction Last week’s column wrapped up my rather extended revisit of the Buxton Proposal, BP. This task started on Sunday, September 26, and took thirteen columns, which is much longer than I had originally envisaged. Consequently, except for very …

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