Oil & Gas

IRVING, Texas – ExxonMobil said today it made an oil discovery offshore Guyana at the Mako-1 well southeast of the Liza field, marking the 15th discovery on the Stabroek Block. The discovery adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block. Mako-1 encountered approximately 164 feet (50 meters) of a ...

President David Granger Friday night said he expected increased jobs and assured that oil revenues would be spent wisely, shortly after ExxonMobil announced that it earlier in the day began commercial oil production from the Liza field offshore Guyana. “The petroleum sector will stimulate increased employment and expand services,” he said in an address to the nation. He announced that ...

IRVING, Texas – ExxonMobil Friday announced that oil production has started from the Liza field offshore Guyana ahead of schedule and less than five years after the first discovery of hydrocarbons, which is well ahead of the industry average for deepwater developments. Production for Liza Phase 1 to reach full capacity of 120,000 barrels of oil per day in the ...

The Guyana Manufacturers and Services Association (GMSA) recommends that the country’s entitled portion of refined oil be sold locally at a cheaper price in order to lower the cost of electricity especially to businesses. GMSA President, Clinton Williams noted that many of the “long-standing jeopardies” are closely linked to the high cost and unreliability of electricity, resulting in poor performance ...

General Secretary of the People’s Progressive Party, Bharrat Jagdeo on Thursday said if his party wins the March general elections, his government will block the company selected for a trial sale of Guyana’s first three million barrels of oil. “Now let me make it clear that any company that ties up an arrangement now, we have made a decision that ...

Lawyers, accountants, real estate agents, used car dealers and registered charities were Wednesday highlighted as “most vulnerable” to money laundering, even as the Guyana government boasted of making headway in reducing the country’s “high” risk for financial crimes. National Risk Assessment (NRA) Coordinator, Alicia Williams said a 2016-2017 National Risk Assessment found that, “the most vulnerable sectors were the attorneys-at-law, ...

Head of the Ministry of the Presidency’s Department of Energy, Dr. Mark Bynoe Wednesday night said the architects of Guyana’s local content policy would not be swayed by politicians who seek to galvanise support from among ordinary people at election time. Bynoe indicated that local content policymakers were under constant political pressure to generate jobs and other opportunities in a ...

The Ministry of the Presidency’s Department of Energy on Monday denied breaching the procurement process for sale of Guyana’s first three million barrels of oil aimed at what officials say is the removal of impurities and setting of standard for Guyana to get the best price for its oil. “This is sale; this is not the procurement of a good ...

The United Kingdom-headquartered oil company, Tullow Oil, may take another year before it actually decides what it will do with its two oil discoveries offshore Guyana. A senior company official informs News-Talk Radio Guyana 103.1 FM/Demerara Waves Online News that it will cost a lot more money to extract the oil commercially. The industry source explains that’s because of the ...

At least half a dozen traders from Houston, Geneva and London are set to alight on tropical Guyana this weekend to bid on some of the first oil cargoes produced by the tiny South American nation, Bloomberg reported. Guyana has no experience in trading oil — and it’s looking to learn the basics from its very first buyer. The government ...