Tullow Oil's Orinduik Block offshore Guyana could hold 5,1 billion barrels of oil equivalent in Gross Prospective Resources, best estimate, according to Gustavson Associates, an independent third-party auditor. This is more than a billion-barrel increase previous estimate of Gross Prospective Resources of 3,981 MMBOE in March 2019, for the 1800km2 block sitting 170 km offshore... Continue Reading →
Hess sinks deeper into the red despite higher output
U.S. oil and gas company Hess Corporation sank deeper into the red in the last quarter of 2019 despite higher production levels when compared to the prior-year quarter. Hess on Wednesday reported a net loss of $222 million in 4Q 2019 compared with the net loss of $4 million in the fourth quarter of 2018.... Continue Reading →
DOF Bags Several Deals for OSV Duo
Norwegian offshore vessel owner DOF Subsea has secured several contracts for two of its offshore vessels, with undisclosed clients. DOF subsea said it would carry out for pre-lay and LBL array installation activities in Guyana, subsea installation work in Trinidad and well-head removal work in Canada. All three contract awards will utilize the 104.2 meters... Continue Reading →
Oil producer Hess boosts 2020 spending on Guyana, Bakken ramp-up
U.S. oil and gas producer Hess Corp said it would spend 11% more in 2020 compared with last year, betting heavily on its assets in offshore Guyana and the Bakken shale play. The company said its 2020 exploration and production capital and exploratory budget will be $3 billion, higher than the estimated $2.7 billion allocated... Continue Reading →
ExxonMobil’s latest discovery raises Guyana recoverables above 8 billion barrels
ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion oil equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block. The new recoverable resource estimate includes 15 discoveries offshore Guyana through year-end 2019.... Continue Reading →
CGX wraps up seismic survey over Guyana block
Seismic services provider PGS has completed a 3D seismic program on the northern section of the CGX Energy-operated Corentyne block offshore Guyana. CGX is the operator of the Corentyne Block under a joint operating agreement with Frontera Energy. CGX has a 66.667% participating interest in the block, with Frontera holding the remaining 33.333% interest in... Continue Reading →
IMO’s marine fuel rules sets shipping industry for a comeback in 2020: IHS
The global shipping market is set for a recovery, benefiting from new global rules on marine fuels that came into effect at the beginning of the year after more than a decade of tough market conditions, according to IHS Markit. “Overall, there is strong optimism around demand for shipping in 2020,” said Rahul Kapoor, vice... Continue Reading →
Guyana’s First-Ever Oil Cargo Sets Sail
A vessel carrying Guyana's first-ever shipment of crude set sail on Monday bound for the U.S. Gulf Coast, oil major Exxon Mobil Corp said, marking the tiny South American nation's long-awaited debut as an oil exporter. The Suezmax vessel Yannis P, loaded with about 1 million barrels of Liza light sweet crude was bound for... Continue Reading →
Exxon to Load First Crude from Guyana
The first-ever cargo of Guyana's crude for export is scheduled to begin loading this weekend so the oil can be processed at Exxon Mobil's refining system, the company told Reuters on Friday. Exxon has so far made 15 discoveries of oil reserves in Guyana, turning a risky exploration venture into one of the world's most... Continue Reading →
Tullow: No Guyana Drilling in 2020
London-listed oil company Tullow Oil will most likely not be drilling any wells offshore Guyana in 2020. In its trading update on Wednesday Tullow said it expected to report pretax impairments and exploration write-offs of around $1.5 billion. Tullow's write-offs include Jethro, Joe, and Carapa well costs in Guyana as a result of drilling results, the... Continue Reading →
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