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The world’s oil and gas explorers have discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015, according to estimates by energy intelligence firm Rystad Energy. Guyana’s success story from 2018 continued in 2019, with ExxonMobil adding four new discoveries within its offshore Stabroek block, with the last one coming in... Continue Reading →
Repsol is the operator of the Kanuku block with a 37.5% stake. Tullow also holds a 37.5% stake with Total holding the remaining 25%. Tullow Oil said on Thursday that the Carapa-1 exploration well had encountered approximately four meters of net oil pay based on preliminary interpretation, and has extended the prolific Cretaceous oil play... Continue Reading →
In surfing, reading the environment and anticipating a wave from a small lump on the horizon can be difficult, but rewarding. This is what SBM Offshore, a Dutch-based FPSO industry specialist which has been building floating production units for 60 years, had done when after a rather dry period for FPSO orders it ordered an... Continue Reading →
Hess rose above the carnage in shale stocks with a more traditional approach to oil exploration – partnering in a massive offshore discovery in a frontier nation. Investors flocked to New York-based Hess in 2019 to participate in Exxon Mobil Corp.’s gigantic Guyana oil find, and avoid cash-burning shale specialists. Hess, which holds a 30%... Continue Reading →
Shares of Tullow Oil dropped by nearly a fifth on Thursday as the oil producer's update on the commercial viability of its new well offshore Guyana disappointed investors. Tullow said the Carapa well in the Kanuku offshore block contains oil with less than 1% sulphur content and is indicated to be 27 degrees API, a... Continue Reading →
From 2015 to now, ExxonMobil has made 15 discoveries of oil wells offshore Guyana. It has always been keen to divulge details to the citizenry about the significance of its oil finds. But the same cannot be said for its gas discoveries. Up to three months ago, the oil operator told the media that it... Continue Reading →
Royal Dutch Shell won the rights to market Guyana's first cargoes of crude oil, the government said on Tuesday, just days after oil production began and launched the impoverished South American country into the ranks of world suppliers. An ExxonMobil-led consortium, which includes Hess Corp and China's CNOOC Ltd, began producing crude from the Liza well on... Continue Reading →
Just a few days after making history with producing Guyana’s first ever oil at its Liza offshore field, ExxonMobil has announced another oil discovery near the field. The U.S. major on Monday said it made an oil discovery offshore Guyana at the Mako-1 well southeast of the Liza field, marking the 15th discovery on the... Continue Reading →
Exxon Mobil and its partners lifted the first commercial crude from Guyana, setting the small South American nation on a path to potentially vast flows of oil revenues. Exxon has a 45% share in the Guyana project, while Hess Corp. has 30% and China’s CNOOC Ltd. 25%. Output from the first phase of the offshore... Continue Reading →
ExxonMobil has said on several occasions that by 2025, Guyana is expected to produce up to 750,000 barrels of oil per day. But it would not achieve this by solely relying on the three Floating Production Storage and Offloading (FPSO) vessels for the Liza Phase One Project, Liza Phase Two and the Payara Project (which... Continue Reading →
Brazil Energy Insight 