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This tiny nation on the north coast of South America is about to become the world’s newest petrostate—and potentially the richest. In 2015, ExxonMobil made what one of its executives described as a “fairy tale” discovery in the vast Stabroek exploration block off the Guyanese coast. Since then, it’s found so much oil that by... Continue Reading →
Tullow Oil has made an oil discovery at its Jethro-1 exploration well, drilled on the Orinduik license offshore Guyana. The Jethro-1 was spud in early July, using the Stena Forth drillship. It was drilled to a Total Depth of 4,400m meters in approximately 1,350 meters of water. Tullow said on Monday that evaluation of logging... Continue Reading →
Dutch FPSO provider SBM Offshore has revealed that a Chinese yard has started building its third Fast4Ward FPSO hull. Fast4Ward is SBM Offshore’s program aimed to standardize the FPSO construction and delivery process, thus reducing cost and speeding up the time to the market by up to 12 months. Continue reading
International energy logistics provider Peterson has been awarded a major contract with Repsol’s Guyana subsidiary for work on an offshore well. Peterson said on Tuesday that it was selected as the main logistics contractor for the Carapa-1 exploration and drilling project. The company will provide Repsol with integrated supply base operations management, logistics, and pipe... Continue Reading →
The Government of Guyana has approved resequencing of CGX Energy’s work program in the offshore Corentyne block. The block is operated by CGX’s wholly-owned subsidiary CGX Resources. Frontera Energy also holds a stake in the block through a farm-in completed in early May. CGX said last Friday that it had intended to drill one exploration... Continue Reading →
U.S. oil and gas company Hess reported a net loss of $6 million in the second quarter of 2019, compared to a net loss of $130 million for the same period last year on the back of increased oil production and reduced expenses. Hess also decided to trim its full year capex guidance. Hess Corporation... Continue Reading →
Qatar Petroleum is further expanding its international reach as it has signed a deal with Total for a share of rights in two blocks offshore Guyana. The Qatari national oil and gas firm will take hold of 40% of Total’s existing 25% participating interest in the Tullow-operated Orinduik block. Tullow Oil owns a 60% participating... Continue Reading →
Oil and gas company Tullow Oil and its partners have decided to drill an exploration well in Block 47 located offshore Suriname next year. Tullow said in an operational update on Wednesday that together with its Joint Venture Partners it had decided to enter the second phase of operations in Block 47. Continue reading
According to Guyanese Department of Public Information, the Liza Destiny FPSO converted from a VLCC by Keppel, is expected to reach Guyana in September. Owned by SBM Offshore, the Liza Destiny FPSO will be deployed at Exxon-operated Liza field as part of the first phase of the development offshore Guyana. First oil is expected in... Continue Reading →
This is yet another signal that the offshore industry has turned a corner and can reach a potential project commitment total of $123 billion in 2019, surpassing commitments in 2014 of $78 billion, according to Rystad Energy. The Marjan Expansion alone is the largest field to be sanctioned globally since 2014. Later this year, the... Continue Reading →
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