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Oil & Gas

Guyana to sell 5 million barrels of oil in 2020 -energy chief

Guyana is this year expected to lift and sell five million barrels of crude oil being extracted from the Liza-1 well from the ExxonMobil-led consortium under the banner of Esso Exploration and Production Guyana Limited (EEPGL), Director of government’s Department of Energy, Dr Mark Bynoe said Tuesday. “I am happy to say that Guyana is entitled to approximately five million ...

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Guyana fast-tracked negotiations to prevent ExxonMobil-controlled consortium’s pull-out over Venezuela’s threat -PM

Prime Minister Moses Nagamootoo Tuesday night condemned a Global Witness report that concludes that the 2016 ExxonMobil deal amounts to a US$55 billion giveaway, instead saying that government fast-tracked negotiations to prevent the company from pulling out due to Venezuela’s claim. Nagamootoo criticised Global Witness’ call for a suspension of oil production to pave the way for renegotiation of the ...

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As global anti-corruption watchdog calls for renegotiation of oil contract, independent probe believes ExxonMobil likely withheld vital information from Guyana gov’t

Even as the United Kingdom-headquartered international natural resource anti-corruption watchdog, Global Witness, calls for a renegotiation of the Stabroek Block agreement with ExxonMobil to secure at least a 69 percent equal share of oil revenue, an independent probe has found that ExxonMobil appeared to have withheld vital information about another oil discovery before signing the controversial 2016 agreement. The UK-headquartered ...

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Caretaker gov’t status endangers environmental watchdog budgeted monitoring capacity

Guyana’s environmental watchdog’s capacity-building efforts to monitor its quickly developing oil and gas sector are being stymied by this South American nation government’s inability, due to its caretaker status stemming from the no-confidence motion, to approve funding the agency. The Environmental Protection Agency’s (EPA) Executive Director, Dr Vincent Adams, addressing a Guyana Manufacturers and Services Association (GMSA) business luncheon on ...

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Greenidge lashes out at former petroleum advisor; international anti-corruption organisation

Former Foreign Affairs Minister, Carl Greenidge has slammed former presidential advisor on petroleum, Dr Jan Mangal and an international anti-corruption organisation, Global Witness, for plotting against the incumbent coalition ahead of the March 2, 2020, general elections. Greenidge sought to discredit Mangal before thousands of supporters at an election campaign rally held Monday night at Esplanade, New Amsterdam. “The claim ...

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ExxonMobil ups Guyana recoverable resources to more than 8 billion oil-equivalent barrels, makes discovery at Uaru

IRVING, Texas – ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion oil-equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block. The new recoverable resource estimate includes 15 discoveries offshore Guyana through year-end 2019. The Uaru discovery ...

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Nigel Hughes laments failure to pass oil laws, regulations

Petroleum industry lawyer, Nigel Hughes has flayed the incumbent David Granger-led administration for not putting much-needed legislation and regulations in place to govern Guyana’s oil and gas sector ahead of production and exportation. He was Tuesday night addressing a symposium organised by the Youth and Oil Association under the theme “Empowering our future, developing our resources, and strengthening policies”. Mr. ...

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