Guyana Oil and Gas News

ExxonMobil yesterday said that gas flaring has been reduced to pilot levels after the safe reinstallation of the flash gas compressor on the Liza Des-tiny Floating, Production, Storage and Offloading (FPSO) oil platform and a final phase of testing will take place this week.

Government has advertised for an internationally recognised auditing firm to provide consultancy services for a cost-recovery audit and validation of this country’s profit share from the agreement Guyana shares with ExxonMobil and partners over the last two years.

BOGOTA (Reuters) – Colombia has provisionally approved U.S. oil company ExxonMobil Corp’s plan to develop a pilot project for hydraulic fracturing, known as fracking, in the country’s Valle Medio del Magdalena basin, the oil regulator said on Wednesday.

Even as plans continue for bringing gas to shore, ExxonMobil is working on amending the existing development plan for the offshore Liza-1 production area as it relates to commercial issues and expects to hand the document to government soon, the company says.

Introduction My long-standing recommendation to establish a National Oil Company, NOC, intentionally rejects the notion of linking this policy recommendation with the establishment of a state-owned (or joint venture, state-private) downstream “oil refinery”.

Anticipating “significant progress” in the partnership with government in advancing the gas-to-shore project here, ExxonMobil yesterday announced that the associated gas availability from the Liza fields has been changed from 35 million standard cubic feet per day (mmscfd) to 50 mmscfd. 

President Irfaan Ali on Wednesday projected that there will be at least seven oil producing platforms in Guyana’s waters by the end of 2027 and said foreign capital was crucial to converting the country’s natural resources into wealth.

Introduction Today’s column addresses the third and final policy choice that I anticipate Guyana will have to make in this decade.

Before any gas-to-shore project is embarked upon, a detailed feasibility study is needed along with an analysis of whether renewable energy might not be a better option, according to former presidential advisor on petroleum Dr Jan Mangal.

ExxonMobil yesterday announced that the repaired and upgraded flash gas compressor and silencers for the Liza Destiny floating production, storage and offloading (FPSO) platform have arrived offshore Guyana for reinstallation.

Introduction Following last week, today’s column continues to provide recommendations in regard to the  three crucial key policy choices that I identify, which will be confronting the Government of Guyana, GoG, in the coming decade.

As the global price for crude oil continues to rise steadily, Guyana has received the highest rate since petroleum production began offshore in December of 2019, averaging US$61 per barrel on its latest and fifth lift of one million barrels.

Introduction Since Guyana’s first commercial oil discovery in 2015, I have steadfastly urged a “strongly bullish outlook” on its potential petroleum resources.

HOUSTON,  (Reuters) – Exxon Mobil Corp today unveiled plans to grow dividends and curb spending with projections that were muted from previous years after the top U.S.

With projections for the production of 220,000 barrels of oil per day from 2023 and 500,000 by 2025, ExxonMobil yesterday said that the Houston, East Bank Demerara shore base alone will not suffice and has advertised for firms to show their onshore support services capabilities.

Testing has begun on the faulty flash gas compressor which had to be resent to the manufacturers in Germany last month, ExxonMobil stated yesterday while reiterating that flaring continues daily offshore at some 16 million cubic feet of gas per day.

Introduction Today’s column shifts focus from determining direct impacts on oil production, price, government revenue and their consequential effects on GDP arising from the 2020 general crisis (as I have portrayed this process) on Guyana’s infant oil and gas sector towards gauging impacts, going  forward, on the leading transnational producer grouping in this sector: ExxonMobil and partners. 

Admitting that it blundered on critical aspects of the petroleum sector, the opposition yesterday offered support to the government for a united stand in dealing with ExxonMobil to correct deficiencies and it also launched a scorching attack on plans for a gas to shore project at Wales.

(Reuters) – Exxon Mobil Corp’s global oil and gas reserves tumbled by a third last year as the COVID-19 pandemic slammed global oil prices and demand, the company said yesterday.

ExxonMobil yesterday said that the reassembly of the Liza Destiny oil platform’s flash gas compressor has been completed and is now being prepared for testing at the MAN Energy Solutions workshop in Germany.