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(Reuters) - Guyana, which has jumped into the forefront of offshore oil exploration, is using its inland forests to tap carbon markets, in a business the government sees as more profitable than using the acreage for mining or agriculture, Vice President Bharrat Jagdeo said on Wednesday. The South American country, one of the fastest growing... Continue Reading →
(Reuters) Guyana expects to finalize a new oil production-sharing agreement model on time for an auction that will collect bids through mid-April, the country's vice president told an energy conference on Tuesday. The South American country has emerged as one of the hottest offshore areas in decades with as much as 25 billion barrels of... Continue Reading →
Italy’s oilfield services provider Saipem has entered into two new credit facilities totalling approximately €860 million (almost $925.2 million) with a pool of leading national and international banks to further strengthens its financial structure and liquidity. Saipem made the announcement about these two new credit facilities on Monday, 13 February 2023. The Italian giant says... Continue Reading →
(Reuters) - As oil industry officials from around the world descend on Guyana for a conference to showcase its potential as an oil power, the biggest player in its oil boom still has decisions to make on its future in the South American country. Liam Mallon, president of Exxon Mobil's oil and gas production business... Continue Reading →
By David Boggs, Energy Maritime Associates (OM) The floating production construction market continued to grow in 2022, maintaining a rebound that began in 2021. As we enter a new year, the industry sentiment remains buoyant, with most respondents optimistic about the future. Recently, Energy Maritime Associates conducted its tenth annual Global Floating Production Industry Survey, which... Continue Reading →
(OM) Rystad Energy reported that Guyana had a "stellar 2022" with the announcement of 10 new finds, which included a record nine new discoveries in a calendar year within the Exxon Mobil-operated Stabroek Block and one in CGX’s Corentyne tract. This success yielded estimated new cumulative recoverable resources of about 1.8 Bboe, securing Guyana pole position among countries with... Continue Reading →
(WO) – Keppel Offshore & Marine’s (Keppel O&M) wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a mega Floating Production Storage and Offloading vessel (FPSO) to SBM Offshore in 1Q 2023. This is the third FPSO that Keppel Shipyard is delivering to SBM Offshore and will be chartered to the consortium... Continue Reading →
Despite the global energy crisis, new global oil and gas discoveries in 2022 have driven exploration to the highest value creation in over a decade, reaching a whopping $33 billion at base price, led by major discoveries in Namibia, Guyana, Brazil and Algeria, as outlined by Wood Mackenzie, an energy intelligence group. Wood Mackenzie, a... Continue Reading →
(Reuters) Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and... Continue Reading →
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 →
