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Tullow Oil and its joint venture partners in the Orinduik Block located offshore Guyana have elected to enter the next exploration phase of the Orinduik Petroleum Agreement signed on January 14, 2016, and have submitted their official notice to the Department of Energy of the Government of Guyana. The JV Partners are Eco Atlantic (15%... Continue Reading →
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on... Continue Reading →
Exxon Mobil Corporation XOM is planning to commence a 31-well exploration campaign offshore Guyana, per Argus. The company has submitted requests to the Environmental Protection Agency of Guyana for this drilling program, which will be executed in the Stabroek, Kaieteur and Canje blocks. Drilling from these three blocks is not expected to have any significant impact... Continue Reading →
This year, ExxonMobil announced its 11th and 12th oil finds in the small South American country of Guyana. The estimates of recoverable crude in the country now stand at roughly 5 billion barrels. On a per capita basis, this would put Guyana among the top 10 oil producers in the world. Whether the people of Guyana... Continue Reading →
Exxon Mobil (XOM.N) is accelerating its biggest asset sales in decades with plans to divest up to $25 billion of oil and gas fields in Europe, Asia and Africa as it sharpens its focus on a handful of mega projects at home and abroad, banking sources said. The vast programme, which will see Exxon effectively... Continue Reading →
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 →
Brazil Energy Insight 