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Dutch floater specialists, SBM Offshore—the company that has secured a contract with ExxonMobil Guyana, for the construction of several Floating, Production, Storage and Offloading Vessels (FPSO)—has reported double digit profit margins, earning more than $1.4B already for this year. This, in addition to a still to be accessed loan facility for another US$1.1B—the good news... Continue Reading →
Energy services company Shawcor has entered into a detailed letter of intent with Saipem for the proposed Payara development project located in the Stabroek block offshore Guyana. Shawcor said on Thursday that the letter of intent was awarded to its pipe coating division. Continue reading
Italian oilfield contractor Saipem has been awarded a subsea contract by ExxonMobil for the proposed Payara development project located in the Stabroek block offshore Guyana at a water depth of around 2000 metres. The contract scope includes subsea structures, risers and flowlines, Saipem said on Thursday. Saipem was earlier awarded subsea contracts for the first... Continue Reading →
Shares of Tullow Oil and Eco Atlantic fell sharply Wednesday morning after the two companies announced the two discoveries recently struck offshore Guyana contained heavy oil with high sulfur percentage. Tullow announced the two discoveries – Jethro 1 and the Joe-1 in its Orinduik block in August and September, respectively. As previously reported, the Jethro-1 well hit 55 meters... Continue Reading →
SBM Offshore announced on Thursday that ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (EEPGL) has awarded the company contracts to perform front end engineering and design (FEED) for a third floating production, storage and offloading vessel (FPSO) in Guyana. The FPSO, to be named Prosperity, will be designed to produce 220,000 barrels of oil... Continue Reading →
The ExxonMobil-operated Liza-1 development, located in the Stabroek Block offshore Guyana, is now expected to start production through the Liza Destiny FPSO in December 2019, which is earlier than expected. The Liza field sits in the giant Stabroek block, which covers almost 27,000 square kilometers, circa 200 kilometers offshore Guyana. ExxonMobil has struck more than... Continue Reading →
GlobalData revealed that a total of 38 oil and gas discoveries were made globally in Q3 2019. South America and Europe led globally with the highest number of oil and gas discoveries during the third quarter (Q3) of 2019, with eight discoveries each during the quarter, according to GlobalData. Out of eight discoveries in South... Continue Reading →
Following its recent two oil discoveries, Tullow Oil and its partners in the Orinduik block located offshore Guyana are reviewing multiple prospects on the block and working to approve the budget for the 2020 drilling campaign. Tullow is the operator of the Orinduik block with a 60% Working Interest while Total and Eco Atlantic have... Continue Reading →
October 16, 2019 SBM Offshore is pleased to announce that it completed the project financing of FPSO Liza Unity for a total of US$1.14 billion. The project financing was secured by a consortium of nine international banks. The Company expects to draw the loan in full, phased over the construction period of the FPSO. The financing will... Continue Reading →
Veolia Water Technologies said its VWS Westgarth subsidiary has been awarded a multimillion dollar contract by SBM Offshore for the supply of a seawater treatment package for the Liza Unity floating production, storage and offloading unit (FPSO), to be deployed in the Stabroek block offshore Guyana. The award is for the design and procurement of... Continue Reading →
Brazil Energy Insight 