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Oil & Gas

Guyana exports first million barrels of oil after “significant” financial risk

The first one million barrels of crude oil produced in Guyana is about to leave aboard a tanker for an ExxonMobil refinery where impurities and contaminants will be removed to set a standard for oil being produced from the Liza well located offshore, officials said. “There was also this great, big tanker that tonight (Friday)/tomorrow (Saturday) is going to load ...

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GDF needs patrol vessels, helicopters for oil sector

The Guyana Defence Force (GDF) is asking for money to buy helicopters and boats to meet the challenges of an oil and gas state, even as President David Granger says the country’s oil-rich maritime zone faces a serious threat. “As the force continues this transformative process, ocean patrol vessels for the coast guard are necessary, helicopters for the air corps ...

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APNU+AFC urges youths to prepare for thousands of construction jobs

The incumbent A Partnership for National Unity+Alliance For Change (APNU+AFC) Wednesday night promised to generate thousands of jobs in the construction of bridges and houses should it be reelected at the March 2, 2020 general elections. This was made known to about 200 party faithfuls by APNU+AFC’s Volda Lawrence at a public meeting held at Uitvlugt, West Coast Demerara. Lawrence ...

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ExxonMobil flares 1.2 billion cubic feet of natural gas in start-up

ExxonMobil has so far flared more than 1.2 billion cubic feet of natural gas since beginning commercial oil production on December 20, 2019 offshore Guyana, something at which this South American country’s environmental watchdog initially expressed surprise. The Environmental Protection Agency (EPA) Executive Director, Dr. Vincent Adams, asked to confirm what oil industry stakeholders have told News-Talk Radio Guyana 103.1 ...

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Change Guyana promises Guyanese shareholding in oil sector, “special funds” for welfare

Change Guyana (CG) political party on Tuesday made a number of promises to ensure a “fair share ” of the country’s oil and gas resources are provided to ordinary Guyanese, while at the same time taking back all idle oil blocks and holding annual auctions with significant signing bonuses. “All blocks for which investors’ commitments have not been delivered to ...

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Major oil discovery offshore Suriname

Reproduced from World Oil HOUSTON – Apache and Total announced a significant oil discovery at the Maka Central-1 well drilled offshore Suriname on Block 58. The well was drilled using the drillship Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest. Maka Central-1 successfully tested for the presence of hydrocarbons ...

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Oil prices jump after top Iranian general killed by US

Reproduced from the BBC News Oil prices have risen sharply after the killing of a top Iranian general in Iraq. Analysts warned the action could escalate tensions in the region and affect global oil production. The price of Brent crude jumped by more than 4% to hit $69.50 a barrel at one point, the highest since mid-September. It came after General ...

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Irfaan Ali not banking on oil money to restart economy

The opposition People’s Progressive Party (PPP)—citing a decline in consumer spending, high unemployment and increased government borrowing—says if it wins the March general elections, it will not depend on oil revenues alone, but rather, tap into multiple revenue streams to boost the economy. PPP presidential candidate Irfaan Ali said his administration’s strategy would not depend on oil and gas revenue, ...

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Tullow finds high-quality oil offshore Guyana

The United Kingdom-headquartered Tullow Oil on Thursday announced that it discovered oil at the Carapa-1 well with very low sulphur content, unlike its previous discovery that was heavy. The Irish publication, Independent, reported that rig site testing has indicated that the oil has a sulphur content of less than 1pc. Mark MacFarlane, chief operating officer at Tullow Oil, said: “The ...

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Poverty fight, oil industry governance feature in politicians’ New Year messages

Politicians in Guyana broke the New Year promising to use Guyana’s expectedoil wealth to fight poverty, while ensuring the emerging petroleum sector is properly governed. Incumbent President, David Granger assured that oil revenues, estimated to begin at US$300 million per year in 2020 from the Liza Phase 1 oil field, would be used to combat poverty among all Guyanese regardless ...

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