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Oil & Gas

Eco (Atlantic) Oil & Gas raises US$17m in anticipation of expanded drilling offshore Guyana

Reproduced from ProActive Investors Eco (Atlantic) Oil & Gas Ltd has raised US$17 milion of new funds to cover its participation in a possible expansion to the exploration drilling campaign offshore Guyana. It is selling 16.1 million shares to new and existing investors at a price of 80 pence per share, only a small discount to Wednesday’s closing price of ...

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World Bank approves US$20m for Guyana to cope with oil and gas risks

Guyana is to receive a US$20 million World Bank loan for its Petroleum Resources Governance and Management Project to prepare the country to deal with several oil and gas risks. The loan was approved on Friday, March 29. “This Project will enhance the transparency, governance, legal, regulatory and institutional frameworks for the oil and gas sector in Guyana,” the Finance ...

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Guyana part of regional study on substituting refined sugar with “plantation white”

Guyana is among four sugar-producing Caribbean Community (CARICOM) member nations that will be the focus of a regional study on the prospects of substituting imported refined sugar with plantation white, the Caribbean Development Bank (CDB) said Tuesday. The Barbados-headquartered financial institution says it is collaborating with CARICOM to gather evidence to decide on the future of sugar in the regional ...

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GTT sets up oil and gas “big data” unit

The Guyana Telephone and Telegraph Company (GTT) has established an oil and gas unit that is serving oil companies in the secure transmission of data through its submarine fibre optic cable, the company’s Chief Executive Officer Justin Nedd said. “I can tell you we have an oil and gas unit that deals with the folks onshore,” he told a midday ...

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Democratic governance, “independent and active” civil society necessary – US envoy

United States Ambassador to Guyana, Sarah-Ann Lynch Tuesday night cited the need for democracy and an independent civil society to sustain private sector growth and development. “Together with sound, democratic governance and an independent and active civil society, the private sector here has the opportunity to thrive and Guyana has the opportunity to become one of the wealthiest countries in ...

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General elections likely this year – Business Minister

Minister of Business, Dominic Gaskin on Tuesday disclosed that Guyanese might go to the polls later this year to elect a new government of their choice. Addressing a forum on “Oil and Gas Development in Guyana”, at Rice University’s Baker Institute for Public Policy in Houston, Texas, Gaskin noted that elections are usually held every five years unless some constitutional ...

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Stena drillship to spud Jethro-Lobe offshore Guyana

Reproduced from Upstream by Josh Lewis Tullow Oil has contracted a drillship to spud an exploration well on the Jethro-Lobe prospect on the Orinduik Block, off Guyana. Block partner Eco (Atlantic) Oil & Gas confirmed Wednesday the joint venture had secured the drillship Stena Forth for the upcoming exploration well. Eco confirmed the contract secured the drillship for transport at ...

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Tullow advances Guyana drilling programme after major ExxonMobil discoveries

Reproduced from Milbank Monitor Tullow Oil has brought forward its drilling programme in Guyana, where ExxonMobil has racked up discoveries of billions of barrels. The Dublin-listed company originally planned to start drilling wells at the end of this year, but is now set to begin in the second quarter because of the excitement over Exxon‘s nearby discoveries, Tullow CEO Paul ...

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Tax disclosure waivers needed for Extractive Industries Transparency process

As Guyana prepares its first Extractive Industries Transparency Initiative (EITI) report on monies spent by 35 petroleum and mining companies and received by government, a UK-based firm that has been hired to match earnings and expenses says the companies will be asked to authorise the Guyana Revenue Authority (GRA) to release confidential tax information. Hired independent administrator for Guyana’s EITI ...

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Guyana says no more one-on-one oil concession deals, opts for competitive bidding

Guyana is moving full steam ahead to award more oil concessions, but this time it would be done through a competitive system instead of striking one-on-one deals, Head of the Ministry of the Presidency’s Department of Energy, Dr. Mark Bynoe announced Monday. “This is likely to be a bid round” Bynoe told a press conference he shared with British oil and ...

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