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U.S. oil and gas company Hess Corporation has increased its interest in an ExxonMobil-operated block located offshore Guyana on the back of recent oil discovery in the block. Kaieteur block off Guyana; Source: Ratio Petroleum Westmount Energy, one of the partners in the Kaieteur Block, on Monday noted the announcement by Ratio Petroleum that Hess... Continue Reading →
Danish offshore drilling company Maersk Drilling on Wednesday upgraded its financial guidance for the year 2021, on the back of improved contracting performance. "Maersk Drilling continues to demonstrate strong commercial and operational performance. Over the past months, Maersk Drilling has secured several new drilling contracts for execution in 2021, and further, Maersk Drilling has successfully - and... Continue Reading →
(OE)SBM Offshore, one of the world's largest suppliers of FPSOs, has hired the Italian engineering firm Remazel Engineering for the supply of a mooring tensioning system and riser pull-in package for an FPSO being built for deployment at ExxonMobil's Stabroek block in Guyana. Remazel Engineering said that it would supply one of the world’s biggest... Continue Reading →
(OE) U.S. oil major ExxonMobil said on Tuesday it made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana. Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be approximately 9 billion oil-equivalent barrels, ExxonMobil said. Drilling at Uaru-2 encountered... Continue Reading →
(Reuters) India, the world's third-largest crude consumer and importer, has approached Guyana's government about a possible long-term deal to buy the South American country's oil, a Guyanese official said. India has expressed interest in buying one of the 1 million-barrel cargoes Guyana's government is entitled to in order to test the crude in its refineries,... Continue Reading →
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 →
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 →
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 →
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 →
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 →
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