Oil & Gas

India’s Cabinet on Friday approved signing of a 5-year memorandum of understanding with Guyana for cooperation in the hydrocarbon sector including sourcing of crude oil, the Business Standard reported. “The proposed MoU covers the complete value chain of the hydrocarbon sector, including sourcing of crude oil from Guyana, participation of Indian companies in exploration and production (E&P) sector of Guyana, ...

President Irfaan Ali on Tuesday announced that Guyana has requested the United Kingdom (UK) government to consider mounting a joint lobby to Lloyd’s of London insurance company to reduce its risk assessment of this country’s maritime space due to the border controversy with Venezuela. “Together, we will have to speak to Lloyd’s so that they can understand the nuances, the ...

Natural Resources Minister Vickram Bharrat on Tuesday said his ministry’s Senior Petroleum Coordinator, Gopnauth ‘Bobby’ Gossai-who was punished for unauthorised negotiation of the reduction US$214 million from ExxonMobil’s cost bank to US$3 million- did so due to inexperience. “I will not attempt to discredit any of my staff; if it was fatal but it was not,” he told a news ...

ExxonMobil started production on Tuesday at Payara, Guyana’s third offshore oil development on the Stabroek Block, bringing total production capacity in Guyana to approximately 620,000 barrels per day. The Prosperity floating, production, storage and offloading (FPSO) vessel is expected to reach initial production of approximately 220,000 barrels per day over the first half of next year as new wells come ...

The United Kingdom-based BB Energy Trading Limited and JE Energy Limited have won bids to market Guyana’s crude from the three Floating Production Storage and Offloading (FPSO) vessels, Minister of Natural Resources Vickram Bharrat said Thursday. “It’s the first time we will get a premium,” he told Demerara Waves Online News Under the one-year contract to each company, BB Energy ...

Vice President Bharrat Jagdeo on Thursday announced that 25 companies have submitted bids to market Guyana’s crude, and that government has selected three of them to open negotiations. “We’re very, very pleased now moving from paying marketing commission to zero in the last set of people. Now, this set is paying us a price above the international market,” he told ...

The Guyana Revenue Authority (GRA) on Wednesday definitively ruled out any possibility of the US$214 million in disputed audited costs for expenses incurred from 1999 to 2017 being changed, leaving the door open now for the company to move to arbitration.  “The Authority wishes to categorically re-iterate that it stands by its advice to the Ministry of Natural Resources and ...

Opposition parliamentarian David Patterson and two other colleagues Thursday night rubbished earlier claims by Vice President Bharrat Jagdeo that ExxonMobil officials denied that they ever told a meeting with A Partnership for National Unity+Alliance For Change (APNU+AFC) parliamentarians that the company had agreed to reduce disputed audited costs from US$214 million US$3 million. Mr Jagdeo related that after learning of ...

Vice President Bharrat Jagdeo on Thursday said ExxonMobil denied claims by opposition parliamentarian David Patterson that government had decided to reduce the audited costs from US$214 million to US$3 million. Government reiterated that, through the Guyana Revenue Authority (GRA), it was challenging the US$214 million in costs that Esso Exploration and Production Guyana Limited (EEPGL) as part of the US$1.67 ...

A day after the National Procurement and Tender Administration Board (NPTAB) failed to say what experience the one-year-old Tepui Group Inc. has in construction that resulted in the award of an GY$865.5 million contract to build a pump station, a crane operator died in an incident at a shore-base that is under construction at Providence, East Bank Demerara. The Guyana ...