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(Argus) Brazilian and Guyanese medium sweet grades have replaced Russian Urals in Europe and are unlikely to face competition from other crude producing Latin American countries, according to Gustavo Hooper, head of trading and shipping at Brazilian independent Prio. "After the changes with the Russia and Ukrainian war, China lost a bit of the market... Continue Reading →
(OP) After boosting oil production to above 500,000 barrels per day in five years, the world’s newest crude oil exporter, Guyana, looks to develop its significant natural gas resources, too. ExxonMobil, whose consortium currently pumps all of Guyana’s crude oil, is positioning itself to explore and understand the natural gas reserves in the country this... Continue Reading →
(Reuters) - Suriname should boost incentives for energy companies looking to develop oil and gas discoveries, said Zamri Baseri, head of Malaysia's Petronas (PETRA.UL) in the South American country. Baseri did not specify the incentives his company is looking for, but lower royalties and taxes, or commercial incentives often hasten investment decisions by energy companies.... Continue Reading →
(OM) Eco Orinduik has informed Guyana’s Minister of Natural Resources of its intention to enter the second phase of the second renewal period of the offshore Orinduik license. There is a commitment to drill one exploration well into the Cretaceous Formation before the license period ends on Jan. 13, 2026. TOQAP Guyana, the joint entity held... Continue Reading →
(OE) Singapore’s Offshore Frontier Solution – a joint venture between MODEC and Toyo Engineering Corporation – has awarded ABB a contract to deliver a complete electrical system and associated digital solutions for Errea Wittu floating production storage and offloading (FPSO) unit. Errea Wittu FPSO will be operated approximately 200 kilometers off the coast of Guyana... Continue Reading →
(Reuters) Guyana said it expects to receive some $2.1 billion from oil exports and $320 million from royalties this year as crude production continues to rise, an increase from the $1.62 billion received in 2023. The South American nation's gross domestic product is expected to increase by 34.3% in 2024, the fifth consecutive year of... Continue Reading →
(OET) Offshore drilling contractor Stena Drilling has confirmed that one of its drillships is on its way to Las Palmas to start its special period survey (SPS). According to Stena Drilling, the Stena Carron drillship has headed to Las Palmas to start its SPS. The company looks forward to the rig’s return to Guyana, where it will... Continue Reading →
(OE) ExxonMobil Guyana has unveiled that the Prosperity floating production storage and offloading (FPSO) unit, used in the Payara project, achieved background flare in 39 days, ahead of the 60-day target. Achieved ahead of schedule outlined in the project’s environmental permit, the accomplishment marks a significant milestone in the company’s commitment to efficient and environmentally... Continue Reading →
(Reuters) The winners of an auction for oil exploration blocks off Guyana's coast were given until the end of the month to submit additional information requested by the government before awarding the contracts, the country's vice president said on Thursday. Following delays, the Guyanese government in September received bids for eight of 14 offshore blocks... Continue Reading →
Jumbo Offshore Installation Contractors B.V. (“Jumbo Offshore”) has been awarded a contract by MODEC Guyana Inc. (“MODEC”) for the pre-installation of the mooring spread of the FPSO Errea Wittu, which will be located offshore Guyana. The FPSO “Errea Wittu”, the name of which means ”abundance”, will have the capacity to store 2 million barrels of... Continue Reading →
Brazil Energy Insight 