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

  • Economy set to grow 47.5 per cent this year January 27, 2022 1:04 pm Guyana Chronicle –on account of oil, advancements in rice industry, gold mining, construction DRIVEN by increased production in Guyana’s burgeoning oil and gas sector and projected improvements in the performances of traditional mining and construction, Guyana’s economy is …
  • Gas to energy project to receive $20.8b - -oil revenues this year projected at US$957.6m January 27, 2022 8:06 am Stabroek News With a massive $20.8b earmarked for the planned gas to energy project, the historic tapping of US$607.6m in oil revenues is the major financier of the 2022 budget and the government is projecting a further US$957.6m in petroleum revenues this year. …
  • 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; …

Featured Oil & Gas Articles

Guyana moving ahead with new model PSA

A review of Guyana’s 1986 Petroleum (Exploration and Production) Act is underway as the country moves to modify and modernize the document which is the basis for a number of Petroleum Agreements it has signed with oil companies exploring offshore. This is according to Director of the Department of Energy, Dr. Mark Bynoe, speaking at a news conference […]

The post Guyana moving ahead with new model PSA appeared first on OilNow.

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‘We are not discussing renegotiation of contract’ – Dr. Bynoe

Head of Guyana’s Department of Environment (DoE), Dr. Mark Bynoe, says that renegotiation of the Production Sharing Agreement (PSA) between US oil major ExxonMobil and the South American country is not currently being discussed and reiterated that such a course of action could send the wrong signal to investors. Speaking at a press conference held […]

The post ‘We are not discussing renegotiation of contract’ – Dr. Bynoe appeared first on OilNow.

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Commercial choices and developmental linkages for Guyana’s promising oil economy

Government preferences should take into account wider factors than those considered by private investors. This is because governments are concerned with the linkages between petroleum production and the rest of the economy. Also, governments are or should be responsible for the interests of future generations. The key depletion choice is usually considered to be whether […]

The post Commercial choices and developmental linkages for Guyana’s promising oil economy appeared first on OilNow.

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Shell leads cash race but Exxon catching up

(Reuters) – Royal Dutch Shell widened its lead over Exxon Mobil as king of cash among the world’s top oil and gas companies last year but its U.S. rival could catch up with its investment drive in new production. The five leading firms, known as oil majors, more than tripled profits and doubled cash generation […]

The post Shell leads cash race but Exxon catching up appeared first on OilNow.

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GIPEX postponed: organizers eyeing Q3 2019

The Guyana International Petroleum Exhibition (GIPEX), originally scheduled to be held in March 2019, has been postponed to the 3rd quarter of the year. The inaugural event, held from February 7 to 9, 2018, at the Guyana Marriott Hotel, was organized by UK-based Valiant Business Media in partnership with the Government of Guyana and a […]

The post GIPEX postponed: organizers eyeing Q3 2019 appeared first on OilNow.

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Total pulls staff out of Venezuela after US sanctions

(AFP) French oil and gas firm Total has evacuated its staff from Venezuela where its accounts have been blocked due to US sanctions, the company’s chief executive said Thursday. “The accounts are blocked thanks to US decisions,” CEO Patrick Pouyanne said during a presentation of Total’s annual financial results. “The other practical problem is that, […]

The post Total pulls staff out of Venezuela after US sanctions appeared first on OilNow.

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Total makes significant gas discovery off South Africa

Total Petroleum is reporting that it has made a significant gas condensate discovery on the Brulpadda prospects, located on Block 11B/12B in the Outeniqua Basin, 175 kilometers off the southern coast of South Africa. In a release on Thursday, Total said that the Brulpadda well encountered 57 meters of net gas condensate pay in Lower […]

The post Total makes significant gas discovery off South Africa appeared first on OilNow.

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ExxonMobil gunning for more oil at Yellowtail as Guyana foray continues

Twelve discoveries and more than 5 billion barrels of oil later, US oil major ExxonMobil’s story in Guyana is still being written and analysts believe that more oil lay in the chapters ahead. Fresh off of its 11th and 12th discoveries announced on Wednesday, the company within weeks will begin a new drill campaign in […]

The post ExxonMobil gunning for more oil at Yellowtail as Guyana foray continues appeared first on OilNow.

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