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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 →
When asked where the hotspots for 2020 exploration might be, Brown said, “Brazil is the obvious answer”, noting that an increasingly diverse operator mix – including Equinor and Shell among those joining Petrobras in exploring the deepwater pre-salt – will be key to success in the region. “Brazil is on the verge of a revival... Continue Reading →
Large oil companies Exxon Mobil, Hess Corp, CNOOC, BP, Chevron, Total, and Eni are expected to present bids to buy the first three cargoes of Liza crude offered by Guyana's government, the South American country's director of energy said on Monday. A consortium of Exxon, Hess, and China's CNOOC has discovered more than 6 billion... Continue Reading →
Guyana has invited companies interested in purchasing the first three deliveries of the government's share of the country's looming oil production to present bids this week, the government said in a statement on Sunday. The government will later seek proposals from companies interested in a longer-term contract to market Guyanese crude, the statement said. Continue... Continue Reading →
atings agency S&P Global on Friday downgraded Tullow Oil's long-term credit rating to 'B' from 'B+', days after the Africa-focused company's Chief Executive Officer stepped down and it scrapped its dividend. The London-listed company, which failed to meet production targets due to weak performance by flagship assets in Ghana, has been plagued by technical problems at its... Continue Reading →
U.S. producers Exxon Mobil Corp and Hess Corp plan to export the first-ever shipments of crude oil from Guyana between January and February, a milestone for Latin America's newest oil producer, sources with knowledge of the plans said. A consortium including both companies and a unit of China's CNOOC Ltd have so far discovered more... Continue Reading →
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 →
