Oil & Gas

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. ...

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 ...