ExxonMobil’s new oil discovery off Guyana could underpin future development

U.S.-headquartered energy giant ExxonMobil has made a significant new oil discovery at the Stabroek block, which boosts the block’s hydrocarbon resources, fortifying the oil major’s existing portfolio of extensive development opportunities offshore Guyana. The new oil discovery, made at the Fangtooth SE-1 well on the Stabroek block, was disclosed on Wednesday, 25 January 2023, by ExxonMobil’s partner... Continue Reading →

January 26, 2023 0

Hess Tops Wall St Profit Forecasts, Discovers More Oil Offshore Guyana

Energy producer Hess Corp. on Wednesday beat Wall Street estimates for fourth-quarter profit on higher crude prices, and said it had found more oil offshore Guyana. Western sanctions against major energy producer Russia and the decision of producer group OPEC+ to cut output by 2 million barrels per day pushed up Brent crude prices by... Continue Reading →

January 25, 2023 0

Hess Expects Higher 2023 Spending with Focus on Guyana, Bakken

(Reuters) U.S. oil and gas producer Hess Corp on Tuesday forecast higher Exploration & Production (E&P) capital and exploratory budget of $3.7 billion for 2023, of which more than 80% would be allocated to Guyana and North Dakota's Bakken shale field. The company forecast 2022 E&P capital and exploratory expenditures of about $2.7 billion. The... Continue Reading →

January 24, 2023 0

Trinidad Weighs Direct Negotiations to Allocate Oil, Gas Areas

(Reuters) Trinidad and Tobago will consider direct negotiations with energy companies for oil and gas exploration, possibly moving away from a competitive bidding round system, Prime Minister Keith Rowley said on Monday. The talks follow difficulties attracting new companies to its recent shallow and deepwater bidding rounds, which have led the government to renegotiate terms... Continue Reading →

January 24, 2023 0

Guyana in Talks with Qatar, UK, UAE and India on Offshore Oil Blocks

(Reuters) Guyana is in talks with Qatar, Britain, the United Arab Emirates, and India on the possibility of directly allocating offshore blocks for oil and gas exploration in parallel with a bidding round this year, President Irfaan Ali said on Monday. South America's newest crude producer has emerged as the world's fast-growing oil region with... Continue Reading →

January 24, 2023 0

Upstream Spending To Rise To $485 Billion In 2023

Over the past three years, the majority of U.S. energy companies have avoided spending big to expand production in the aftermath of the 2020 oil crisis, prioritizing returning more cash to shareholders in the form of dividends and share buybacks. Most oil and gas companies have only announced small increases in their capital spending for... Continue Reading →

January 23, 2023 0

Suriname’s Oil Boom Hits A $10 Billion Snag

(OP) A series of high-quality oil discoveries in Block 58 offshore Suriname combined with investment bank Morgan Stanley estimating that the block contains 6.5 billion barrels of oil sparked optimism that Suriname will replicate Guyana’s immense oil boom. This is bolstered by evidence that the U.S. Geological Survey grossly underestimated the Guyana-Suriname Basin’s oil resources. Disappointingly, after... Continue Reading →

January 23, 2023 0

CGX, Frontera JV Spuds Wei-1 Offshore Guyana

A CGX Energy Inc. and Frontera Energy Corporation consortium has started drilling the Wei-1 well, on the Corentyne block, approximately 200 kilometers offshore from Georgetown, Guyana. To remind, under the Corentyne block license terms, the joint venture was previously required to spud Wei-1, the second of two commitment wells on the block, by November 27,... Continue Reading →

January 23, 2023 0

Oil Rig That’s Treading Water Is Costing Petrobras $1 Million a Day

(Bloomberg) -- The conflict between Brazil’s ambitions to become a more responsible environmental steward while also ramping up lucrative oil exports has turned into an early test for President Luiz Inacio Lula da Silva. Off the coast of northern Brazil where the Amazon River enters into the South Atlantic, state-controlled oil giant Petroleo Brasileiro SA... Continue Reading →

January 21, 2023 0

Strohm wins second TCP contract for Exxon Mobil

(OM) Strohm’s "Jumper on Demand" model has secured a second contract with Exxon Mobil to supply more than 24 of its jumpers for the Uaru Field development offshore Guyana in the Americas. This latest award, which is subject to government approval of the project and a final investment decision, follows closely on the heels of a similar campaign... Continue Reading →

January 20, 2023 0

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