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

  • Eco (Atlantic) Oil & Gas (OTCMKTS:ECAOF) Trading Down 21.5% November 28, 2023 6:06 am ETF Daily News Eco (Atlantic) Oil & Gas Ltd. (OTCMKTS:ECAOF – Get Free Report)’s stock price traded down 21.5% on Monday . The stock traded as low as $0.10 and last traded at $0.10. 47,743 shares changed hands during trading, an increase of 108% from the average …
  • The Belize PSA and Guyana’s burden November 27, 2023 6:36 am Stabroek News In his seminal series ‘The road to first oil’ in this newspaper, commentator Christopher Ram has underlined again the grave shortcomings of the 2016 Production Sharing Agreement (PSA), this tIme by comparing it with what exists in fellow CARICOM country, …
  • Navigating Oil Industry: Namibia seeks lesson from Venezuela November 27, 2023 5:40 am Kaieteur News Nov 27, 2023 News A section of the gathering at the seminar (Photo taken from EmbaVENamibia) Kaieteur News – In preparation for its imminent entry into the oil production arena, Namibia recently conducted a seminar, seeking valuable insights from …
  • Gas-to-Energy project in limbo – Former EPA Head November 27, 2023 5:40 am Kaieteur News Nov 27, 2023 News …since one year later, Exxon yet to make FID, loans for NGL & power plants still pending Kaieteur News – Former Head of the Environmental Protection Agency (EPA), Dr. Vincent Adams believes the highly touted Gas-to-Energy (GTE) …
  • Business chambers to foster improved trade relations in Guyana November 26, 2023 8:53 am Guyana Chronicle WITH the growth of the oil and gas sector, there has been the establishment of an increasing number of chambers and business advocacy bodies in Guyana. Pre-oil discovery, Guyana had organisations such as the Georgetown Chamber of Commerce and Industry ( …
  • Govt. must say why Kaieteur and Canje relinquished but not Stabroek Block – ElsonLow November 26, 2023 5:47 am Kaieteur News Nov 26, 2023 ExxonMobil, News, Oil & Gas Kaieteur News – The announcement by the Minister of Natural Resources, Vickram Bharrat that government has officially written to ExxonMobil Guyana Limited (EMGL) to inform the oil company that it has to …
  • Venezuela: The theory of mini-imperialism November 25, 2023 8:38 am Guyana Chronicle A TRINIDADIAN environmentalist, Dr. Wayne Kubalsingh has reproduced his pro-Maduro column in the Trinidadian newspaper, Newsday, in the Stabroek News yesterday. In my piece yesterday, I referred to two instances of intellectual pretense right here in …
  • Chris Ram reveals: Belize charges 7.5% royalty, plus taxes on 5000 barrels per day November 25, 2023 5:02 am Kaieteur News Nov 25, 2023 ExxonMobil, News, Oil & Gas Guyana to pump 1.2 million per day with 2 % royalty, no taxes Kaieteur News – Following his research on Belize and the robust fiscal regime it has in place for its oil resources, Chartered Accountant, …
  • Maduro says U.S Southern Command passing orders in Guyana November 24, 2023 11:12 pm St. Vincent Times ExxonMobil owns the Government and Congress of Guyana, denounced Maduro. President Nicolás Maduro reiterated this Thursday the complaints about ExxonMobil and the Southern Command of the United States Government, because it is “the Southern Command that …
  • Govt. preserves right to participate in development of oil blocks   November 24, 2023 11:25 am Kaieteur News Nov 24, 2023 ExxonMobil, News, Oil & Gas Petroleum Activities Law Pt 10… Kaieteur News – According to Guyana’s Petroleum Activities Law, any agency of the State, or any company wholly or partially owned by the State shall have the right to acquire on …
  • Exxon head regurgitates propaganda on massive oil profits to come November 24, 2023 8:59 am Kaieteur News Nov 24, 2023 ExxonMobil, News, Oil & Gas Kaieteur News – As the Government of Guyana (GoG) continues to ignore calls for a renegotiation of the lopsided Production Sharing Agreement (PSA) it signed, ExxonMobil- the US oil major continues to push a …
  • Historic UN resolution will pave way for a just global tax system November 24, 2023 6:56 am Stabroek News Dear Editor, Earlier today, the US, UK, Canada, EU States and a few developed economies, rejected a proposal at the UN which sought to establish a global intergovernmental approach to bridging the gap between rich and poor, by stopping tax abuse globally. …
  • ExxonM free to recover interest rates without Minister’s approval – oil contract November 22, 2023 6:58 am Kaieteur News Nov 22, 2023 ExxonMobil, News, Oil & Gas Kaieteur News – Oil major, ExxonMobil is free to recover the interest, expenses and fees incurred on loans for the development of the resources in the Stabroek Block, without consent from the Minister …
  • Big Oil Juggles Major Investments In Renewable Energy And Fossil Fuels November 21, 2023 9:01 pm International Business News ExxonMobil announced a breakthrough in its clean energy division last week: It had successfully drilled its first lithium well at the company's facility in southern Arkansas and now plans to be a "leading supplier for electric vehicles by 2030.…
  • Waiting two years before the end of production to set up decommissioning fund is “ill-conceived”- Dr. Kenrick Hunte November 21, 2023 6:14 am Kaieteur News Nov 21, 2023 ExxonMobil, News, Oil & Gas Kaieteur News – Former Ambassador and Professor, Dr. Kenrick Hunte, has labeled the timeline outlined in Guyana’s Petroleum Activities Law for establishing a decommissioning fund “ill-conceived.” Former …
  • Guyana waived US$2.3B in taxes to oil companies; earned less than US$1B November 21, 2023 6:13 am Kaieteur News Nov 21, 2023 ExxonMobil, News, Oil & Gas Kaieteur News – The onerous Production Sharing Agreement (PSA) Guyana signed with U.S oil major, ExxonMobil and partners has placed Guyana in a position where it is waiving billions in taxes, but earning less …
  • ExxonMobil CEO: World in need of plan to address climate change alongside energy needs November 20, 2023 6:43 pm Offshore Energy U.S.-headquartered energy giant ExxonMobil is taking several steps to slash its greenhouse gas emissions. The oil major’s CEO believes that renewables are not up to the task of handling emissions on their own, thus, the use of other technologies is seen as …
  • Top 30 Oil Producing Countries in 2023 November 20, 2023 6:37 pm Insider Monkey In this article, we will be covering the top 30 oil producing countries in 2023. If you want to skip our detailed analysis of the global oil and gas market, you can go directly to Top 5 Oil Producing Countries in 2023. Previously, we looked at the top …
  • Eco targeting early 2025 start-up of drilling in Orinduik November 19, 2023 5:41 pm I News Guyana Canadian-based oil company Eco (Atlantic) Oil & Gas Limited, which at one point held just 15 per cent shares in the Orinduik block, is set to become the majority owner of the block and is eyeing the start of exploration drilling in the Orinduik block …
  • Back to Front: Exploitative International JVs, limited access to financing and gaps in a well-intentioned local content law hinder Guyana’s SME growth potential November 19, 2023 5:20 am Kaieteur News Nov 19, 2023 News By Svetlana Marshall To front or not to front? Kaieteur News – That’s the billion-dollar question facing Guyanese businesses. Eager to tap into the South American country’s booming oil and gas industry, cash-strapped local enterprises  …

Featured Oil & Gas Articles

TotalEnergies working with Nigerian authorities to contain pollution in the wake of offshore oil spill

by | Nov 23, 2023 | Egina, Headline, Nigeria, Nigerian Maritime Administration and Safety Agency (NIMASA), NIMASA, Oil & Gas, Oil Spill, OML 130, TotalEnergies | 0 Comments

TotalEnergies has joined forces with several Nigerian organizations, including the Nigerian Maritime Administration and Safety Agency (NIMASA), to address and manage the potential impacts of a crude oil spill that took place during loading operations a…

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TotalEnergies working with Nigerian authorities to contain pollution in the wake of offshore oil spill

by | Nov 23, 2023 | Egina, Headline, Nigeria, Nigerian Maritime Administration and Safety Agency (NIMASA), NIMASA, Oil & Gas, Oil Spill, OML 130, TotalEnergies | 0 Comments

TotalEnergies has joined forces with several Nigerian organizations, including the Nigerian Maritime Administration and Safety Agency (NIMASA), to address and manage the potential impacts of a crude oil spill that took place during loading operations a…

read more

‘Herculean effort’ needed to unleash CCUS at scale, but repurposing North Sea oil & gas infrastructure offers a boon for Europe

by | Nov 23, 2023 | ccus, decarbonization, emission reduction, Energy Transition, Europe, Headline, Long read, net zero, North Sea, Oil & Gas, Subsea7, xodus | 0 Comments

Xodus has unveiled a new whitepaper, which was produced in partnership with Subsea7 and designed as a tool for assessing the relative cost efficiency of carbon capture, utilization, and storage (CCUS) projects and the timeline for their viability.
The…

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Following incident, Balticconnector pipeline capacity getting a boost to strengthen regional gas system

by | Nov 23, 2023 | Balticconnector, Elering, energy security, estonia, finland, Gas Pipeline, Gasgrid Finland, Headline, Oil & Gas | 0 Comments

Gasgrid and Elering have revealed an increase in the technical capacity of the Balticconnector interconnection point.
The post Following incident, Balticconnector pipeline capacity getting a boost to strengthen regional gas system appeared first on Off…

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New UK player joining North Sea oil project ahead of field development plan submission

by | Nov 23, 2023 | Buchan, FPSO Western Isles, Greater Buchan Area, Headline, Jersey Oil & Gas, Long read, Neo Energy, North Sea, Oil & Gas, Serica Energy, UK | 0 Comments

Jersey Oil & Gas has agreed to sell a partial stake in an asset on the UK Continental Shelf (UKCS) to Serica Energy.
The post New UK player joining North Sea oil project ahead of field development plan submission appeared first on Offshore Energy.

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While pursuing more renewable power, Türkiye boosts gas production with new Black Sea platform

by | Nov 22, 2023 | Algeria, black-sea, decarbonization, Energy Transition, Headline, Long read, Natural Gas, Oil & Gas, Premium content, renewable-energy, renewables, Sakarya, Sakarya field, TPAO, Turkiye, Türkiye Petrolleri A.O., Türkiye Petrolleri A.O. (TPAO) | 0 Comments

Türkiye believes that more oil and natural gas, especially LNG, go hand in hand with decarbonization and the buildout of green energy.
The post While pursuing more renewable power, Türkiye boosts gas production with new Black Sea platform appeared fir…

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