Oil & Gas

Vice President Bharrat Jagdeo and Leader of the People’s National Congress Reform (PNCR), Aubrey Norton are odds over the proposed drastic reduction of a parliamentary oversight committee of Guyana’s oil earnings. Mr. Norton said the 22-member broad-based Public Accountability and Oversight Committee provided for in the existing Natural Resource Fund Act represents many interests  to ensure that the oil revenues ...

The ExxonMobil-led consortium is expected to increase its production from the Liza-1 well after a new flash-gas compressor system is installed during the last quarter of this year, even as the co-venturers prepare to drill more exploration wells in the coming months, Hess Corporation announced on Wednesday. Hess, which  has a 30 percent stake in the Esso Exploration and Production ...

Guyana is on the verge of signing an agreement with ExxonMobil for its Payara Development Plan that would provide for hefty fines for flaring and the dumping of untreated water back into the sea, Minister of Natural Resources Vickram Bharrat said Friday. He told News-Talk Radio Guyana 103.1 FM/Demerara Waves Online News that the actual fines were still under discussion ...

ExxonMobil has made its 18th discovery offshore Guyana at the Redtail-1 well which will add to the previously announced estimated recoverable resource of more than 8 billion oil-equivalent barrels on the Stabroek Block, a development that has been welcomed by the Guyana government. “Our Stabroek Block exploration program continues to identify high-quality reservoirs in close proximity to previous discoveries, establishing ...

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 , ...

Guyana has put a “hold” on the international bidding process for oil companies to lift and sell its share of crude oil sales from one of ExxonMobil’s several oil fields offshore the north-east coast of South America, Vice President Bharrat Jagdeo announced Friday. He said the now one-week-old administration, which was sworn in five months after a disputed general election, ...

The Guyana government plans to open negotiations with United States (US) oil giant ExxonMobil to purchase natural gas to push industrialisation and provide cheap electricity to the nation as well as entrench local content requirements to ensure Guyanese are not paid lower salaries than in other countries, Vice President Bharrat Jagdeo told a news conference on Friday. Claiming that the ...

Guyana has asked Canada for help in reviewing the Payara oil field project before government approves the development plan to allow for ExxonMobil to issue its Final Investment Decision (FID), President Irfaan Ali said Tuesday. “We are in the process of engaging an international expert to do that review on the work that has been done so far,” he said. ...

The newly-elected Guyana government would be making a decision by month-end on the Payara oil field that could pave the way for ExxonMobil to issue its Final Investment Decision (FID) on moving to the production-development stage, Minister of Natural Resources Vickram Bharrat said. “We are hoping to resolve the Payara issue very soon…I would say by the ending of this ...