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ExxonMobil’s Payara development, for which approval seems imminent, will see a commitment of US$3.6B this year from the oil major, says Norwegian business intelligence firm, Rystad Energy. Meanwhile, a model from the Inter-American Development Bank (IDB), in its recent report titled ‘Traversing a Slippery Slope: Guyana’s Oil Opportunity’, pegs the cost of the Payara field... Continue Reading →
ExxonMobil has secured approval for its Payara project in the Stabroek Block offshore Guyana and an agreement, which would also cater for stiff fines for flaring violations and a commitment that reservoir water be treated to international standards before dumping, should be signed soon, Minister of Natural Resources Vickram Bharrat has said. “We are coming... Continue Reading →
To adjust and transform to cleaner sources of energy, the world’s largest oil and gas firms could sell or swap oil and gas assets of more than $100 billion, Rystad said. Rystad said on Tuesday that oil and gas majors were revising their long-term oil price and demand outlook and that they need to streamline... Continue Reading →
Sept 22, 2020 Oil and gas project sanctions, especially in the offshore segment, are expected to rebound next year compared to the COVID-19 ravaged 2020, and even exceed the pre-pandemic levels from 2022 onwards, energy market analysts from Rystad Energy have said. Rystad on Tuesday somewhat upgraded its expectations for 2020 too, and now expects... Continue Reading →
Sept 21, 2020 Norwegian marine seismic services company Shearwater GeoServices said Monday it had been awarded a contract by Malaysia's Petronas for work offshore Suriname. The award is for a large towed streamer 3D seismic survey over Petronas' Block 52, offshore Suriname. The four-month survey project is scheduled to start in Q4, 2020. "This new... Continue Reading →
Sept 18, 2020 The United States and Guyana will begin joint maritime patrols aimed at drug interdiction near the South American country’s disputed border with crisis-stricken Venezuela, the U.S. secretary of state and Guyana’s new president said on Friday. The agreement comes as U.S. oil major Exxon Mobil Corp, as part of a consortium with... Continue Reading →
Sept 9, 2020 Hess Corp's chief executive on Wednesday said he is optimistic the recently elected government of Guyana will issue by the end of September a production license for the third phase of a major offshore oil project. The South American nation has become one of the most important new oil and gas discoveries in the... Continue Reading →
U.S. oil company ExxonMobil has made an oil discovery at the Redtail-1 well, offshore Guyana, Hess, Exxon's partner in the prolific Stabroek Block has said. This is the U.S. oil major's 18th discovery offshore Guyana in the same block and will add the previously announced gross discovered recoverable resource estimate for the block of more than... Continue Reading →
Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top U.S. oil company to make deep cuts to its staff and projects. Wall Street investors are even starting to worry about... Continue Reading →
Guyana’s neighbour Brazil, recognising that the new oil-producing country is poised for major transformational development in coming years, has committed once again to working with authorities here on major road, port and energy projects. During a virtual briefing with Roraima Senator Chico Rodrigues on Tuesday, Brazil’s Minister of Economy Paulo Guedes said the country wants... Continue Reading →
