Guyana Oil and Gas News

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.

ExxonMobil has issued a Request for Information (RFI) to identify suppliers who can provide Platform Support Vessels (PSV) and Fast Support Vessels (FSV) services next year.

The Environmental Protection Agency (EPA) has approved the contentious US$1.3 billion gas-to-energy project, including ExxonMobil’s development of a natural gas transport pipeline, a materials offloading facility and natural gas liquids plant.

Introduction While the fiscal rules of Guyana’s PSA indicate the sources of its oil revenues yield,  the finds/discoveries indicate the quantity, quality and trend in petroleum reserves accumulation and its reporting.

Introduction As part of the revisit of my  previous evaluation of publicized modelled calculations of Guyana Government Take ratios, I had observed last  week that, just over two years ago [August 2020] the Inter-American Development Bank, IADB, and also much more recently, in August of this year, 2022,  Rystad Energy, published modelled calculations of Guyana Government Take along with projections of Guyana Government revenue flows and related operational and investment matters,  over a decade and more going forward to 2025-7 and beyond into the 2030s.

As it announced that the auctioning of some 14 offshore blocks will not take place until next year, government yesterday disclosed that the new model oil and gas Production Sharing Agreement (PSA) will see big changes such as the upping of royalty from 2% to 10%, corporation tax of 10% and a  limiting of the amount of blocks for companies.

In a move which experts are dubbing a scheme to get out of decommissioning its wells, ExxonMobil and Shell recently agreed to sell more than 23,000 of their wells in California in the US.

ExxonMobil will not be using the Netherlands-headquartered SBM Offshore to build its fifth planned FPSO as it has signed a contract with Japanese floating oil and gas production systems provider, MODEC to build the vessel to support its planned Uaru project.

Introduction In today’s column I report on the results of modeled projections of the Guyana Government Take ratio.

Unsurprisingly, the announcement by the Government of Guyana earlier this week that it had been notified by EXXON Mobil of two new offshore oil discoveries created no discernable ripples here, the details of the release on the new discovery issued by the Ministry of Natural Resources failing to generate anything close to the sense of national excitement that erupted in 2015 when the public disclosure of the first oil find was made.

Over US$493 million was paid into the Natural Resources Fund during the period of July 1 to September 30, 2022, according to the Ministry of Finance.

Introduction In today’s column, the focus of this intended re-visit of my previous evaluations of the Guyana Government Take and Reported Hydrocarbon Reserves shifts its attention to my reporting of published measures of the Take ratio for Guyana.