Natural Resources

India continues to be interested in a long-term agreement to buy Guyana’s crude oil of 2 million barrels per lift, but Natural Resources Minister Vickram Bharrat said government was sticking to its position that sales must be done competitively. Mr Bharrat also said ExxonMobil, the operator in the Stabroek Block, would have to be consulted about arrangements to accommodate Very ...

The President and Chief Executive Officer of G Mining Ventures, Louis-Pierre Gignac on Wednesday ruled out the renegotiation of a contract with the Guyana government that it inherited in the buyout of fellow Canadian company, Reunion Gold, earlier this year but was confident that the country would earn corporate tax because the Oko West Mine would earn profits due to ...

United States (U.S.) Ambassador to Guyana, Nicole Theriot this week talked up the Wales gas-to-energy project as a pathway to cleaner energy, and sent a strong signal that the American government was poised to approve a loan for the 300 megawatt natural gas-fired power plant. “We’re literally this close to finalising the EXIM loan that underpins the project,” she told ...

Guyana on Wednesday inked a US$1.875 million dollar agreement to begin a high-tech multi-year mineral mapping exercise, the first since 1968, to pinpoint gold deposits and reduce the cost of prospecting, officials said. Natural Resources Minister Vickram Bharrat said the work by the United States company, Global Venture Consulting, is also aimed at finding “critical minerals” such a lithium. He ...

Brazil’s Minister of Mines and Energy (MME), Alexandre Silveira de Oliveira, told CNN after his participation in CNN Talks, this Monday, June 3, that Brazil should mirror the speed with which Guyana began its exploration in the Equatorial Margin. Mr Silveira was asked about a statement, on the 27th, in which he said that Guyana would be “sucking the riches ...

-Whiptail project receives government approvals; production targeted to begin in 2027 -Sixth Stabroek block development will add capacity of 250,000 barrels of oil per day -$12.7 billion of additional investment in Guyana’s growing economy SPRING, Texas – ExxonMobil has made a final investment decision for the Whiptail development offshore Guyana, after receiving the required government and regulatory approvals. Whiptail, the ...

Guyana plans to export its excess natural gas to Brazil and several Caribbean countries and eventually fuel a bauxite smelter and gold refinery,  President Irfaan Ali announced on Monday. “Based on pure interest by investors, we are already seeing the second phase of gas coming in will already have to support a second power plant,” he told the government-backed Guyana ...

Opposition Leader Aubrey Norton said Alliance For Change’s (AFC) David Patterson would continue be the opposition coalition’s spokesman on oil and gas. Mr Norton on Thursday told a news conference that Mr Holder, an engineer, would be Shadow Minister of Natural Resources which includes  oil and gas, but Patterson would continue to speak on the subject in the National Assembly. ...

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, ...

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 ...