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Tag Archives: ExxonMobil

Oil spill insurance pegged at US$600 million “per event” – Jagdeo

The ExxonMobil-controlled consortium that is exploring and producing crude oil in the offshore Stabroek Block has agreed to take out a US$600 million insurance “per event” to cater for any oil spill clean-up, even as talks continue for a US$2 billion parent company guarantee, Vice President Bharrat Jagdeo said Wednesday. He told a news conference that consortium named Esso Exploration ...

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ExxonMobil makes two more oil discoveries offshore Guyana

IRVING, Texas – ExxonMobil today said it made two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana. The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of the Liza field. ...

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Guyana pushing ExxonMobil for cheap natural gas-generated electricity, higher pay for Guyanese

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 ...

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Guyana’s oil revenues will decline in short term; ExxonMobil won’t stop production in Guyana

Plummeting demand for oil as a result of the Coronavirus (COVID-19) pandemic and an oil price war are expected to see Guyana earning less than the US$300 million it had expected to rake in annually from the Liza Phase 1 project and force ExxonMobil to push back developing other oil reservoirs, an analyst said. ExxonMobil spokeswoman in Guyana, Janelle Persaud ...

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OPINION: Oil contract: priorities were never about money, but access and security

By GHK Lall As the flurry of articles cascade on citizen and country relative to the NGO report on the negatives and failures embedded in the ExxonMobil deal, I hear and read of much passion, more quarrelsome noises, and the usual selective acceptance and rejection of a whole host of surrounding facts. Those facts are the realities with which Guyana ...

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Guyana fast-tracked negotiations to prevent ExxonMobil-controlled consortium’s pull-out over Venezuela’s threat -PM

Prime Minister Moses Nagamootoo Tuesday night condemned a Global Witness report that concludes that the 2016 ExxonMobil deal amounts to a US$55 billion giveaway, instead saying that government fast-tracked negotiations to prevent the company from pulling out due to Venezuela’s claim. Nagamootoo criticised Global Witness’ call for a suspension of oil production to pave the way for renegotiation of the ...

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As global anti-corruption watchdog calls for renegotiation of oil contract, independent probe believes ExxonMobil likely withheld vital information from Guyana gov’t

Even as the United Kingdom-headquartered international natural resource anti-corruption watchdog, Global Witness, calls for a renegotiation of the Stabroek Block agreement with ExxonMobil to secure at least a 69 percent equal share of oil revenue, an independent probe has found that ExxonMobil appeared to have withheld vital information about another oil discovery before signing the controversial 2016 agreement. The UK-headquartered ...

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Greenidge lashes out at former petroleum advisor; international anti-corruption organisation

Former Foreign Affairs Minister, Carl Greenidge has slammed former presidential advisor on petroleum, Dr Jan Mangal and an international anti-corruption organisation, Global Witness, for plotting against the incumbent coalition ahead of the March 2, 2020, general elections. Greenidge sought to discredit Mangal before thousands of supporters at an election campaign rally held Monday night at Esplanade, New Amsterdam. “The claim ...

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ExxonMobil ups Guyana recoverable resources to more than 8 billion oil-equivalent barrels, makes discovery at Uaru

IRVING, Texas – ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion oil-equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block. The new recoverable resource estimate includes 15 discoveries offshore Guyana through year-end 2019. The Uaru discovery ...

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Guyana exports first million barrels of oil after “significant” financial risk

The first one million barrels of crude oil produced in Guyana is about to leave aboard a tanker for an ExxonMobil refinery where impurities and contaminants will be removed to set a standard for oil being produced from the Liza well located offshore, officials said. “There was also this great, big tanker that tonight (Friday)/tomorrow (Saturday) is going to load ...

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