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(oilnow.gy)Guyana is set to witness the startup of its fourth oil development, Yellowtail—one of the largest investments ever made in the country. Priced at US$10 billion, this project is spearheaded by ExxonMobil and its Stabroek Block partners Hess and CNOOC. The Yellowtail project will feature the ONE GUYANA floating production storage and offloading (FPSO) vessel,... Continue Reading →
(oilnow.gy) SBM Offshore’s Chief Executive Officer, Øivind Tangen confirmed that the upcoming Jaguar floating production storage and offloading vessel (FPSO) will be executed with the same team and expertise that handled the Liza Unity FPSO. “We inherently bring all the learnings from [Liza] Unity and the execution of [Liza] Unity into that project,” said Tangen said in an... Continue Reading →
Japan’s Modec has made further progress in the construction of a hull for a floating production, storage and offloading unit (FPSO) that will be deployed at ExxonMobil’s fifth oil development in the Stabroek block, offshore Guyana. The company announced the completion of the hull assembly of the FPSO Errea Wittu, 40 days ahead of schedule.... Continue Reading →
By Alex Kimani (oilprice.com) Over the past two decades, the shale revolution largely pushed aside interest in the exploration and development of offshore hydrocarbons. The combination of hydraulic fracturing and horizontal drilling enabled the United States to significantly increase its production of oil and natural gas from tight oil formations, with the Shale Patch accounting for 36% of... Continue Reading →
(oilnow.gy) Guyana is emerging as a significant threat to OPEC’s dominance, according to the International Energy Agency’s (IEA) 2024 World Energy Outlook, released on October 16. The IEA predicts that OPEC’s market share will drop from its current 34% to 33% by 2030, its lowest level since the 1980s, before rebounding to 40% by 2050. ... Continue Reading →
(PN) The FPSO market saw a 50% increase in investments — from US$6 billion to US$9 billion — related to the surface capital of new projects in 2023, a trend that is expected to continue in 2024. The data was presented this week by Rystad Energy. This growth is largely concentrated in South America, especially... Continue Reading →
(Reuters) - Energy firms TotalEnergies, Qatar Energy, Petronas , Cybele Energy, Delcorp and International Group Investment have reached agreements with Guyana over terms of production sharing deals to explore five oil and gas offshore blocks, the energy ministry said on Wednesday. A tender launched in 2022 for areas in shallow and deep waters led to... Continue Reading →
(oilnow.gy) ExxonMobil’s Liza find back in 2015 unlocked a treasure trove of oil and gas discoveries in Guyana’s Stabroek Block. Now, in 2024, the number stands at 45 discoveries and Exxon aims to take this even higher. “I believe Guyana will go down as one of the most successful deepwater developments in the history of... Continue Reading →
(Reuters) - A pipeline that would allow Guyana to bring natural gas produced by an Exxon Mobil-led (XOM.N), opens new tab consortium to shore has been connected to two of the project's floating production platforms, Exxon's head for Guyana was reported as saying on Wednesday. The "Gas-to-Energy" project by Guyana's government aims to feed a 300-megawatts power... Continue Reading →
(Reuters) Guyana on Tuesday received bids from major energy companies seeking a 12-month marketing contract to trade the government's share of crude produced in the country, the country's National Procurement and Tender Administration Boardsaid. A total of 27 offers were received, the board said, including bids by Shell, TotalEnergies, Chevron, ADNOC, Gunvor, Vitol, PetroChina, CNOOC... Continue Reading →
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