Guyana Oil and Gas News

With the first lift of crude oil scheduled to be completed tomorrow offshore, Guyanese authorities are confident that Guyana is in a position to manage the industry.

The Guyana Defence Force with support from US oil company ExxonMobil last night put on a 15-minute fireworks display to herald the arrival of first oil last month.

With global oil prices rising and falling as part of a continued “boom-bust” cycle, Guyana is being advised to embrace “observer’ status within the club of oil producers referred to as OPEC+.

After an initial burst of excitement about its oil discoveries here, UK explorer Tullow is writing down its finds here and does not expect to drill other exploratory wells in Guyana’s waters this year.

A Guyanese offshore laboratory technician will go down in history as the  person to test the first sample of Guyanese crude oil as it came through the Liza Destiny Floating, Production, Storage and Offload-ing (FPSO) vessel.

Chartered accountant Tameshwar Lilmohan says that the prognosis for renegotiating the much-criticised 2016 Production Sharing Agreement (PSA) with ExxonMobil’s subsidiary is very bleak and Guyana’s best chance would be to seek a “good faith and conscionable review” for fair and equitable terms from the partners to the deal.

Every Guyanese would own shares in a national oil company established to manage revenue from the sale of Guyana’s oil under a Change Guyana government, the party’s Presidential Candidate, hotelier Robert Badal, has said.  

Expressing optimism of victory at the upcoming elections, the opposition People’s Progressive Party/Civic (PPP/C) yesterday launched their campaign to regain office, with General Secretary Bharrat Jagdeo launching blistering attacks on the government for their failings and presidential candidate Irfaan Ali saying that under his leadership, the country will be transformed.

Two weeks after the historic first draw of crude oil in the Stabroek Block, offshore Guyana, production stood at approximately 500,000 barrels.

The Environmental Protection Agency (EPA) will invite expressions of interest from international professionals to staff its oil and gas unit after recent efforts to recruit locals failed to produce suitably qualified and experienced persons.

The Department of Energy (DoE) will sign a contract later this month with the firm which successfully bid to help overhaul the legislative framework to regulate Guyana’s burgeoning oil and gas industry, Director Dr Mark Bynoe has said.

The UK‘s Tullow Oil plc yesterday announced that the Carapa-1 exploration well, drilled on the Repsol-operated Kanuku licence offshore Guyana, has encountered approximately four metres of net oil pay based on preliminary interpretation but that this is below pre-drill estimates.

The commencement by ExxonMobil less than a fortnight ago of oil recovery from what is now firmly categorized as a “world class” oil find inside its Stabroek Block, while promising to yield lucrative medium to long term returns, it set to bring even quicker returns to the global standing of the company as a world super major.

BATEMANS BAY/MELBOURNE,  (Reuters) – Tens of thousands of holiday makers fled seaside towns on Australia’s east coast today ahead of advancing bushfires, as military ships and helicopters began rescuing thousands more trapped by the blazes.

The UK‘s Tullow Oil plc today announced that the Carapa-1 exploration well, drilled on the Repsol-operated Kanuku licence offshore Guyana, has encountered approximately four metres of net oil pay based on preliminary interpretation but that this is below pre-drill estimates.

The Department of Energy (DE)  has  awarded a consultancy to Bayphase Ltd for the evaluation of plans for the development of ExxonMobil’s Payara oil field.

For a few days beginning on Friday December 20th when ExxonMobil announced its first ‘lift’ from its Liza 1 well in the Stabroek Oil Block to Monday December 23 when the news broke that a fifteenth oil discovery had been made at the Mako-1 Well southeast of the Liza field in the same Stabroek Block, Guyana grabbed the international headlines in a manner that it had never done previously.

Even as the global oil industry’s attention was fixed on developments like the continually unfolding reality of Guyana’s huge and potentially game-changing oil discoveries, the international community was considering the recent United Nations Climate Change engagements as significant disappointments if not failures in terms of delivery of any real progress in its climate change pursuits.   

In what is one of the earliest concrete recommendations from the manufacturing sector  regarding how the  Sovereign Wealth Fund (SWF) garnered from the country’s oil and gas earnings can be used to strengthen the other sectors of the country, the Guyana Manufacturing & Services Association (GMSA) says that it would wish to see resources from the Fund target the aggressive pursuit of the establishment of a value-added manufacturing sector, underpinned by deployment of a “cluster approach” by local small and medium-sized enterprises (SME’s).

The Department of Energy (DE) yesterday announced that subject to the completion of a contract, Shell Western Supply and Trading Limited has been selected to buy Guyana’s first three oil cargoes.