On many levels, 2020 was a pretty horrific year, “a year like no other”, according to Mike Beveridge, managing director of energy investment firm Simmons Energy, a division of Piper Sandler. It’s easy to see why. A dip into a negative WTI contract prices, Brent troughing at $23/b – the indicators were all pretty grim.... Continue Reading →
CGX picks Maersk rig for Guyana well
Maersk Drilling has been awarded a contract by CGX Resources, operator and joint venture partner with Frontera Energy, for the semi-submersible rig Maersk Discoverer for exploration drilling in the Corentyne Block off Guyana. Frontera Energy and CGX Energy, joint venture partners in the Petroleum Prospecting License for the Corentyne block, separately announced on Thursday that... Continue Reading →
Royston Wraps Engine Overhaul on Stena DrillMAX Drillship
Marine engineering and propulsion company Royston has said it has recently completed engine overhaul work onboard Stena Drilling's drillship Stena DrillMAX, ahead of the rig's departure for work in Guyana. "Work on the 228m length ‘Stena DrillMAX’ saw a 48,000 running hours service on a Wartsila W16V32 engine carried out by a team of engineers... Continue Reading →
CGX taps $19 million loan from Frontera for Guyana projects
Canadian oil and gas companies Frontera Energy and CGX Energy have entered into a term sheet for a $19 million loan that will enable CGX to continue to finance its share of costs related to the Corentyne, Demerara, and Berbice blocks off Guyana. Frontera said that the loan would also allow CGX to further finance... Continue Reading →
Disappointed ExxonMobil forced to curb output on Guyana FPSO
Oil major ExxonMobil has revealed its disappointment with the performance of the Liza Destiny FPSO, operating on the Liza field off Guyana, following technical issues, which forced it to reduce output to a minimum. Offshore Energy has reported on this issue several times since the problems started in January 2021. The technical issue was related... Continue Reading →
ExxonMobil still testing Liza FPSO after compressor repairs
Oil major ExxonMobil is in the final stages of testing the flash gas compression system on the Liza Destiny FPSO following technical issues and subsequent repairs. As previously reported, ExxonMobil started experiencing technical issues with the gas compressor on the SBM Offshore-owned FPSO Liza Destiny, which is working on the Liza field offshore Guyana, in January 2021. The... Continue Reading →
The 2 Nations Driving The Recovery In Offshore Oil
Offshore oil and gas drilling is set for a rebound this year following a major 2020 pullback when exploration and production companies deferred many activities due to the pandemic and the collapse in oil prices. Lower lifting and breakeven costs at the most prolific offshore oil regions off Brazil and Guyana are setting the stage for... Continue Reading →
ExxonMobil nearly ready to start up Guyana FPSO compressor
Oil major ExxonMobil is preparing to start up a gas compressor on SBM Offshore’s Liza Destiny FPSO, operating offshore Guyana, this week following a technical issue that started in January 2021. As previously reported, ExxonMobil started experiencing technical issues with the gas compressor on the SBM Offshore-owned FPSO Liza Destiny, which is working on the Liza field located offshore... Continue Reading →
CNOOC hits record oil and gas production in 2020
Annual oil and gas reserves and production by Chinese oil and gas player CNOOC Limited have hit a new record high while costs decreased to a ten-year low. In 2020, CNOOC focused on large and medium-sized oil and gas discoveries and strived to improve the success ratio of exploration. During the year, 16 commercial discoveries... Continue Reading →
First Crude Cargo from Guyana to India Sets Sail
(Reuters)The first cargo from new oil producer Guyana to the world's third-largest crude importer, India, departed this month from a production facility off the South American nation's coast in a vessel chartered by trading firm Trafigura, data from Refinitiv Eikon showed on Tuesday. India has asked refiners to speed up the diversification of imports to cut... Continue Reading →
Brazil Energy Insight 