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Oil & Gas

Tullow shares fall most in 21 years on Guyana oil-quality concern

Reproduced from Bloomberg Tullow Oil Plc fell the most in two decades in London trading after saying it’s reassessing the commercial viability of discoveries in Guyana. The stock sank as much as 23% on the news that crude from two wells in the South American country was found to be heavy, with a high sulfur content. That’s disappointing to shareholders ...

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Bulk of oil wealth to trickle down to ordinary Guyanese -Granger

President David Granger promises that the bulk of Guyana’s oil revenues will trickle down to ordinary people and some will be used to revive the country’s village economies and social programmes. “We will put the benefit, we will put the profit, we will put the better part of that petroleum revenue to ensure that your children will never be poor ...

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Guyana ramps up plans for selling crude oil

Guyana’s preparations for the start of commercial oil production and lifting is moving apace and these include having a third party aboard the floating production, storage and offloading (FPSO) vessel overseeing the movement of oil, Head of the Ministry of the Presidency’s Department of Energy, Dr. Mark Bynoe said Wednesday. “It is the government’s desire to be pursuing a third-party ...

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Equal pay for drillship workers but unions must understand industry -new oil company

The recently established Unicon Guyana Inc. (UGI), which includes a well-established Ghanaian company, has promised that the workers it will hire, train and place aboard oil rigs will receive equal pay with their foreign counterparts, but trade unions must come to grips with the reality of working conditions aboard drillships. “Specifically, I want to say that once I’m Chairman, UGI ...

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Early first oil depends on weather; several more exploratory wells to be drilled -ExxonMobil

The start of commercial oil production offshore Guyana in December depends on weather conditions, the ExxonMobil’s Vice President and Secretary, Neil Hansen said on Friday. “The target for achieving first oil is December, dependent on favourable weather conditions,” he told a webcast on ExxonMobil’s third-quarter 2019 financial and operating results. “This will place start-up within five years of initial discovery, ...

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Commercial oil production begins offshore Guyana in December, 2019

Hess Corporation, one of the partners in the ExxonMobil-controlled oil operations offshore Guyana, says commercial oil production will begin in December 2019. “In September, we announced our 14th discovery in the Stabroek Block at Tripletail, offshore Guyana and are now targeting December for first oil from the Liza-1 development,” Chief Executive Officer of Hess Corporation, John Hess was quoted as ...

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Change Guyana political party vows to renegotiate oil contracts

The newly-formed Change Guyana (CG) political party on Tuesday vowed to renegotiate all existing contracts with oil companies to get higher royalties and suspend the award of new concessions pending those talks. Addressing CG’s launch at the Pegasus Hotel, prime ministerial candidate, Nigel Hinds made known his party’s position on the issue at a time when there is lingering debate ...

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Stop politically-inspired legal interpretations -Attorney Nigel Hughes

Oil industry lawyer, Nigel Hughes is warning that political interpretations of the Caribbean Court of Justice’s (CCJ) judgements on the no-confidence motion are sending bad signals to investors. “We are now at the advent in the unfolding oil and gas era in which the interpretations of orders of court on matters of political importance are likely to be subject to ...

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