Natural Resources

IRVING, Texas – ExxonMobil today said it made two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana. The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of the Liza field. ...

President Mohamed Irfaan Ali on Thursday announced key appointments to Guyana’s Local Content Panel, which is expected to conduct expansive consultation and review and devise recommendations that will inform the country’s Local Content Policy. “I strongly believe that Guyanese must play an integral role and benefit from the fortunes of the sector,” President Ali was quoted as saying in an ...

The Guyana government has decided to scrap the prequalification process in a fresh round of request for proposals for a company to sell the country’s crude oil from the Liza Phase One well. The request was published in notices published in the daily newspapers by the Department of Energy of the Ministry of Natural Resources. Minister of Natural Resources , ...

by Samuel Sukhnandan The Russian Aluminium (RUSAL)-controlled Bauxite Company of Guyana Inc. (BCGI) has expressed an interest in reopening after suspending its operations in February this year and firing hundreds of workers, citing industrial unrest and damage to property. The company’s Country Representative and General Manager Mr Vladimir Permyakov met with a high-level team of ministers and other government officials on Monday, where they ...

First Bauxite LLC (FBX) has indicated to government that it would build an aluminium smelter in Guyana if natural gas, a cheap source of electricity generation, could be brought from hydrocarbon fields located offshore, Finance Minister Winston Jordan said. “They said if we can bring natural gas in sufficient quantities, they are prepared to put a smelter right there in ...

By Deonarine Ramsaroop, Rafeek Khan and Dr. David Singh Guyana now stands at the winners’ podium for its non-renewable natural resources. Its oil and gas reserves are causing a growth rate of 16.3% between 2018 and 2021, double that of Ethiopia the next fastest growing economy. Indeed, the country’s brown economic output is set to explode. In a few short ...