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(Reuters) Latin America's oil frontiers are back in the spotlight with auctions coming up in Brazil, Guyana, and the Andean region that are expected to attract bids from major oil firms despite a global call to end fossil fuel development. Brazil is set to receive bids on Friday for offshore oil reserves that analysts say are some of the most promising... Continue Reading →
(Offshore) Wood Mackenzie’s Global Upstream Outlook 2022 predicts a 9% increase in investments next year to more than $400 billion. The consultants expect more than 40 projects with resources of more than 50 MMboe to be sanctioned, with low-breakeven, low-carbon deepwater projects dominating greenfield final investment decisions. Fraser McKay, vice president upstream research, said: “Companies will allocate... Continue Reading →
Energy intelligence provider Wood Mackenzie, a Verisk business, believes that the oil and gas sector will continue to rebound in 2022, but the positive outlook will be tempered by concerns about its future. In its Global Upstream Outlook 2022, Wood Mackenzie points out the upstream industry must respond to the implications of the pledges made at COP26 and... Continue Reading →
(ON) Organizations such as the Paris-based International Energy Agency (IEA) have recommended that there be no new petroleum exploration projects if the world is to avoid more catastrophic effects of climate change. But another report by two recognized organizations is advising that countries take a cautious approach in this respect, or they could face damaging... Continue Reading →
(Reuters) - Exxon Mobil Corp (XOM.N) outlined a major new investment in Guyana amid government calls for delivering economic benefits to residents from deepwater oil and gas discoveries helping turn the South American nation into an oil powerhouse. A coming onshore supply base will expand jobs and boost local fabrication for future projects starting with its fourth... Continue Reading →
ExxonMobil’s search for more hydrocarbons offshore Guyana continues with a new campaign targeting the Lau Lau-1 well site located at the prolific Stabroek Block where it has found more than 10 billion barrels of oil equivalent since 2015. The Noble Sam Croft will be engaged in drilling activities at this new prospect which is situated... Continue Reading →
U.S. energy major ExxonMobil has finalized its corporate plans, which increase spending to $15 billion on greenhouse gas emission-reduction projects over the next six years while maintaining disciplined capital investments in its portfolio. Exxon has also increased its annual dividend payment for the 39th consecutive year. As explained by ExxonMobil on Wednesday, the plans support... Continue Reading →
(Kaieteur News) Should the Stabroek Block partners receive the requisite government approvals for its fourth project called Yellowtail in a timely fashion, start-up is poised to commence as early as 2025. But following this, Guyana should expect to see one floating, production, storage, and offloading (FPSO) vessel being added to its offshore armada every year.... Continue Reading →
French-American multinational, TechnipFMC recently landed a multi-million dollar contract to supply the subsea equipment for ExxonMobil’s fourth project in the Stabroek Block at the Yellowtail Development area. Based on its analysis of this contract alongside its record of others in the industry over the years, Rystad Energy recently noted that it ranks among the top... Continue Reading →
Guyana is getting ready to raise requirements on oil operators to protect the nation against spills and future removal costs of production platforms, the head of its environmental agency told Reuters. Guyana currently requires financial assurance, a type of insurance, to cover emergency responses to accidents. Financial assurance is also used at times in some... Continue Reading →
Brazil Energy Insight 