Guyana Oil and Gas News

Dear Editor, In expressing my opinion yet again on the flawed oil contract between the Guyanese governments and ExxonMobil (EM), I would like to include one of the most strident voices against the way in which it was done, in the form of Mr Christopher Ram.

Introduction Regulations made under the Petroleum Exploration and Production Act require the application for a prospecting licence to be accompanied by a statement giving particulars of the applicant’s financial status while in the case of a production licence, the application must give full information as to the applicant’s financial status.

CARACAS/HOUSTON,  (Reuters) – Chevron Corp said yesterday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime.

Dear Editor, The Guyana government has been receiving severe criticism from Guyanese and non-Guyanese alike for the terms and conditions of the agreement executed with Exxon.

CARACAS,  (Reuters) – Chauffeured around in a sleek black pick-up, the head of Venezuela’s oil industry, Major General Manuel Quevedo, last month toured a joint venture with U.S.

RIO DE JANEIRO,  (Reuters) – Scientists aboard a Greenpeace ship have documented the existence of coral in an area off the northern coast of Brazil and plans by French major Total plans to drill for oil should be banned, the environmental organization said on Monday.

LONDON,  (Reuters) – Saudi Aramco is the world’s most profitable oil company, Bloomberg reported on Friday, but its huge earnings and cash flows may still fail to justify its desired $2 trillion valuation.

Two other oil companies, Repsol and CGX, are gearing up to begin offshore drilling operations here by the end of this year.

Introduction In the course of his presentation of Budget Speech 2018 delivered on November 27, 2017, the Minister of Finance announced that the Government of Guyana would be partnering with the Islamic Development Bank (IsDB/the Bank), through the Malaysia Agricultural Research and Development Institute (MARDI), to update the expertise and technology in rice production through a Reverse Linkage Project to the tune of US$863,000.

With its parent company based in Nigeria, Century Tamara Energy Services (CTES) has been battling the stigma of the West African nation’s notoriety for scams as it seeks to gain a foothold in Guyana’s developing oil and gas sector.

Dear Editor, The oil contract contains a loophole that may tempt the oil companies to get around the 14.25% of revenues minimum limit cited by some analysts.

MANAMA,  (Reuters) – A new discovery off the coast of Bahrain is estimated to contain at least 80 billion barrels of tight oil, the kingdom’s biggest ever find, its oil minister said on Wednesday.

LIMA,  (Reuters) – Pedro Pablo Kuczynski’s critics call it his last act.

The 14th national biennial science fair continued yesterday with judges examining entries from schools all across the country ranging from a recycling bin that distributes rewards to the multi-purpose use of the tangy gooseberry fruit.

With seven major discoveries since 2015 and boasting deep-water seismic technologies ahead of their competitors, ExxonMobil has announced that it has identified new oil leads here and will continue to pursue them throughout this year.

TOTALTEC Oilfield Services Limited (TOTALTEC) successfully completed its second equity finance raising from a large international investor, price undisclosed, on the 28th February.

SOL Guyana Inc on March 27th launched Shell’s new motor oil formulation – the fully synthetic Helix Ultra range of premium lubricants manufactured from natural gas with patented Shell PurePlus Technology.

HOUSTON,  (Reuters) – For decades, many Latin America’s oil-producing nations have often shunned investment from foreign firms, instead keeping their vast reserves under the tight control of governments and state-run oil companies.

If government believes or has evidence that there are illegalities in ExxonMobil’s and partners’ operations offshore, it will make an impromptu visit despite the contract saying that the minister must give seven days’ notice, Minister of Natural Resources, Raphael Trotman says.

Although government favours the presence of oil majors here for strategic purposes, it is also welcoming the interest being shown by Guyanese companies in the country’s remaining oil blocks, according to Natural Resources Minister Raphael Trotman, who says it is also important that local firms have a stake in the developing oil and gas sector.