Oil & Gas

-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 ...

The Guyana government is finalising a deal with a Turkish company to rent a 36 megawatt barge, in an effort to satisfy peak electricity demand at a time when several generators are giving trouble, Vice President Bharrat Jagdeo said Thursday. Peak electricity demand in the Demerara-Berbice Interconnected System (DBIS) is just over 170 megawatts but existing generators are pushing just ...

The Greater Guyana Initiative (GGI) is supporting the development of Region Ten’s tourism sector through a Tourism Capacity Building Project, according to a statement issued at the weekend.  The initiative, which was officially launched on March 20, is a partnership between GGI and the Region Ten Tourism Committee (RTTC). This initiative holds significant benefits for the region as it promises ...

Businesses in Guyana would now be able to access a maximum of GB£2.1 billion through UK Export Finance (UKEF), the United Kingdom’s credit agency, than those available from local commercial banks but none of the money can be used in the oil sector, the UK’s Minister for the Americas, David Rutley announced on Tuesday. Chairman of Guyana’s Private Sector Commission ...

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 ...

The United States (US) on Tuesday announced it would reimpose sanctions on Venezuela’s oil and gas sector, effectively blocking trade in those hydrocarbons  because the Nicolas Maduro administration has arrested members of the “democratic opposition” and has barred candidates from running in upcoming presidential elections. Venezuela, in response, said the US action amounted to a deliberate attempt to hit the ...

A Partnership for National Unity+Alliance For Change (APNU+AFC) parliamentarian, Volda Lawrence on Friday  recommended that there be a constitutionally entrenched amount of Guyana’s oil revenues that must be saved for future generations in the Natural Resources Fund (NRF). “This House must now consider a minimum percentage value in the NRF that must remain as inter-generational savings and this must be ...

The Guyana government is calling for private sector investors to propose how they can construct  a centralised gas connection, storage and transport facility for all natural gas accessed and produced by all oil companies operating in Guyana. In its Request for Proposals, the Ministry of Natural Resources, as the procuring entity, asked businesses to say how they would design, finance, ...

Guyana has saved just over US$800 million from more than US$3 billion in oil revenues since production began in 2020, even as the country is set to sell 27 entitled lifts this year now that production has begun at the Payara project, officials said. After government’s total withdrawals of US$1.002 billion in 2023 from the Natural Resource Fund (NRF) based ...

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. ...