Guyana Oil and Gas News

With first oil just months away and around six billion barrels of oil equivalent in the offshore Stabroek Block alone, the Director, Department of Energy, Dr. Mark Bynoe on Saturday said that a local oil refinery is not feasible at this point. 

United States Ambassador to Guyana Sarah-Ann Lynch has warned that the tenor of some of the ongoing advocacy for the local content policy for the oil and gas sector may make foreign investors feel unwelcome.

Guyana’s first oil production vessel, the Liza Destiny, has arrived in the Stabroek Block, a development in ExxonMobil’s preparation for first oil by 2020.

Introduction Two weeks ago in Toronto, Canada, the organisation Caribbean Council of the Americas (CCA) in a public advertisement invited the Guyanese community and “other interested parties in the greater Toronto area to learn about all and gas exploration and development in Guyana.”

Currently in the throes of a ‘pitch’ for both public and private sector financial support to field teams for forthcoming Robotics competitions in Dubai and South Korea, respectively, the organisation STEMGuyana, will be keeping an eye on the help that the British oil company, Tullow Oil, has been extending to the furtherance of science and mathematics education in Ghana by hosting that country’s first ever STEM Share Fair.

The first batch of Guyanese operations and maintenance (O&M) technicians hired by ExxonMobil Guyana for the Floating Production, Storage and Offloading (FPSO) vessel are set for  Advanced Systems Training at the Cape Brenton University in Canada.

With first oil months away, government has assured that its “fit for purpose” local content policy will be completed before then and has promised “considerable focus” on capacity development.

There have been several lofty predictions of gross revenues that the Guyana government is likely to receive.

Another 50 Guyanese youths yesterday graduated from TOTALTEC Oilfield Services training,   taking the total up to 250 since the company was birthed early last year and  prompting Prime Minister Moses Nagamootoo to say it is the most “tangible manifestation” yet of local content in the industry.

Part 74 Introduction A couple of weeks ago, Column 73 examined a statement by Dr.

Hess Corporation’s investment in Guyana’s offshore Stabroek Block has resulted in the company emerging as the best-performing US oil firm this year and, along with its partners, it is poised to reap US$22 billion ($4.5 trillion) in profits from its initial two projects here, the Wall Street Journal (WSJ) reported yesterday.

Guyana is better off with more operators and countries involved in its oil fields, British High Commissioner to Guyana Gregory Quinn has said in wake of UK-based Tullow Oil’s recent offshore oil discovery.

Eight young Guyanese working with ExxonMobil and its subcontractors are proud that they have been afforded the opportunity to work towards transforming their country.

The representatives of 15 Guyanese companies will be participating in an oil and gas conference and exhibition in Aberdeen, Scotland, next month.

Following its recent discovery of oil in commercial quantities offshore Guyana, the United Kingdom-headquartered Tullow Oil will shift operations from its Trinidad base to local shores and plans for its first shore base here are in the pipeline.

ExxonMobil has relocated its local offices to the seven-storey Duke Street, Kingston building it has rented from businessman Rizwan Khan.

Against the backdrop of this week’s announcement of Tullow Oil’s potentially huge discovery in its Orinduik block, upbeat international reporting on the country’s longer-term oil prospects seem set to equal, if not exceed, the boisterous celebratory soundings, which less than five years ago, had followed ExxonMobil’s May 2015 disclosure of Guyana’s first major oil find.

The prevailing political climate arising from the outcome of last December’s no-confidence vote in the National Assembly could result in further downward revision of the originally envisaged 4.6% growth projection for 2019, according to the Mid-Year report released on Wednesday by the Ministry of Finance.

UK petroleum company, Tullow, yesterday announced the discovery of oil in commercial quantities in the Orinduik Block, underlining the vast resources in the Guyana Basin and increased projected wealth for the country.

Director, Department of Energy, Dr. Mark Bynoe, this morning, announced that UK-based Tullow Oil Plc’s wholly owned subsidiary Tullow Guyana B.V.