Guyana Oil and Gas News

ExxonMobil on Tuesday declared a US$56 billion net profit for 2022 as Guyana continues to feature as its premium investment and the company boasted of its excellent relationship with the government here and it expects to bring its third oil platform  earlier than anticipated.

Introduction As I advanced last week, clearly my proposal for the authorities to establish a national oil company, NOC, based on NRGI precepts, does not ipso facto constitute a recommendation favouring the creation of a state-owned and or joint venture, JV, oil refinery. 

Guyana is in talks with Qatar, Britain, the United Arab Emirates and India on the possibility of directly allocating offshore blocks for oil and gas exploration in parallel with a bidding round this year, President Irfaan Ali said on Monday in Trinidad, according to Reuters.

The United States Embassy here says it continues to encourage  partnerships between businesses in both countries and recommends due diligence in the selection process.

Introduction In last week ‘s column I had referenced the circumstance whereby, following sporadic social media and press reports ascribing to the Authorities an intent to build modular oil refineries, I have been encouraged by readers to pursue two  separate but linked tasks.

The government estimates that the oil and gas sector expanded by 124.8 percent last year and should continue on this path in 2023 with the addition of the Prosperity Floating Production Storage and Offloading (FPSO) oil platform.

Even as it continues aggressive exploration in the offshore Stabroek Block, Esso Exploration and Production Guyana Limited (EEPGL), ExxonMobil’s local subsidiary, has sought project approval for its Whiptail project, marking it the sixth development out of its more than 30 discoveries since 2015.

The Environmental Protection Agency (EPA) has released the impact assessment for the Urau oil field Development Project and ExxonMobil estimates that the cost of the Urau Development Project will be close to US$12.7 billion.

For over 30 years scientists at ExxonMobil have accurately projected the warming effects of fossil fuels on the planet, even as the company downplayed climate science while cautioning against any drastic move away from hydrocarbon usage, according to a recent study, the New York Times yesterday reported.

A bankruptcy judge in Houston, Texas on Wednesday allowed a Hess Corp.

Japanese company MODEC has identified a Chinese shipyard to provide the hull and living quarters for the floating production, storage and offloading (FPSO) vessel that will serve ExxonMobil’s Uaru field offshore Guyana, according to upstreamonline.com.

This month marks three years since oil production began here for which this country has received some 15 million barrels in profit but there is still no Petroleum Commission to regulate the sector despite solemn promises by senior officials of the current administration.

Three years since it was first completed and submitted, followed by promises that it will be made public, government says that the IHS Markit audit of ExxonMobil’s US$460 million pre-contract costs is still being reviewed by the company.

Justice Nareshwar Harnanan yesterday ruled that the Environmental Protection Agency (EPA) breached its statutory duty by issuing environmental permits to Schlumberger-Guyana Inc.

The two United States companies that have been selected to build the Wales gas to shore plant – CH4 Guyana Inc and Lindsayca Inc – have teamed up with SOL Guyana to bid to set up an oil refinery here.

By Janette Bulkan On 1 December, Winrock International and The Architecture for REDD+ Transactions (ART) published the news on their websites that Winrock’s Architecture on REDD+ Transactions (ART) had issued the world’s first TREES credits to Guyana, a total of 33.47 million carbon credits.

Introduction Today’s column serves three main objectives. First, to address Guyana’s creaming curve, which dramatizes its remarkable exploration successes in locating Guyana’s hydrocarbons resources, found largely offshore to date.

Oil and gas Guyana launches licensing round for 14 oil blocks: With President Irfaan Ali stressing the need to expeditiously move to develop the country’s oil and gas resources, the government on Friday launched the licensing round for 14 offshore oil blocks.   

Introduction In today’s column I shall address, respectively, the second [USGS Assessment] and third lines [bullish expert opinions] which underpin my own “strongly bullish stance” on Guyana’s likely recoverable petroleum resources that I have assumed to hold over the long run.

Guyana and India discussed cooperation on a broad range of matters including oil and gas when the two sides held the fourth session of their foreign office consultations in Georgetown on Monday.