Guyana
News
September 02, 2024
The nation’s economy grew by 49.7% in the first half of 2024, with the oil sector accounting for 67% of that growth, Ali said Saturday on a live webcast. Guyana produced an estimated 113.5 MMbbl of oil from January to June, and the oil sector is projected to grow by 56.4% this year, he added.
News
August 11, 2024
Equinor's exit from Suriname is part of a broader strategy, having exited about 20 countries in recent years, including South Africa, Mexico, and Russia, the latter due to the invasion of Ukraine.
News
August 08, 2024
PETRONAS has achieved success offshore Suriname with the Sloanea-2 appraisal well in Block 52, which was drilled in June. This accomplishment has bolstered PETRONAS’ prospects in the basin and opens the possibility of developing a standalone Floating Liquified Natural Gas (FLNG) project at the field in the future.
News
August 01, 2024
The tale of the Guyana discovery isn’t about taking swashbuckling risks for a huge payoff. Exxon, it turns out, is as much a financial engineering company as an oil explorer. It hedged its bets, reduced its exposure and bought itself an option to make a fortune on an unlikely outcome.
News
Hess increases oil and gas production on Guyana, Bakken success amid Chevron, ExxonMobil arbitration
July 31, 2024
Net production was 494,000 boepd in the second quarter of 2024, compared with 387,000 boepd in the second quarter of 2023, primarily due to higher production in Guyana and the Bakken. In the third quarter of 2024, E&P net production is expected to be in the range of 460,000 boepd to 470,000 boepd, primarily reflecting planned downtime in Guyana and Southeast Asia.
Article
July 2024
During the past 12 months, Guyana and Suriname have started to become a fulcrum of energy development in the Americas. While they are both found in the same region, these two countries still have different oil and gas stories to tell. Major production growth is imminent in Guyana, while Suriname is still a few years away from first oil but with significant future potential from recent discoveries.
News
July 22, 2024
Recent discoveries in Namibia’s Orange basin suggest it could hold up to 3 Bbpe of oil and 8.7 Tcfg, and the country’s total oil reserves could be nearly equal to Guyana’s at around 11 Bbbl. Excitement around the newly discovered resources is high, and though oil and gas production still lie ahead, Namibia has become a leader in African oil and gas investment.
News
July 16, 2024
Hammerhead aims to start production in 2029, boosting Guyana's oil production capacity to over 1.4 MMbpd. Exxon, along with partners Hess Corp and China's CNOOC, expects Hammerhead to produce between 120,000 and 180,000 bpd, which is less than the 250,000 bpd from its largest vessels offshore Guyana.
News
July 11, 2024
The case with Exxon, which claims to have a right of first refusal over Hess’s biggest asset offshore Guyana, will likely take at least until the fourth quarter, meaning the FTC’s review will extend several more months. The agency plans to announce its decision when the arbitration is finished, said the people, who asked not to be named discussing an internal agency matter.
News
July 07, 2024
Georgetown aims to acquire, process, and interpret high-quality 3D seismic data to aid in the exploration and development of oil and gas resources in the Guyana-Suriname basin. This data will also be used for future bidding and licensing rounds.
News
July 03, 2024
a three-person arbitration panel has been finalized to address ExxonMobil's claim against Chevron's $53 billion purchase of Hess Corp over oil-rich assets offshore Guyana. This marks a significant step in resolving the uncertainty surrounding the merger, which Chevron and Hess hoped to complete in early 2024.
News
June 29, 2024
Returning expatriates are emerging as one of the early beneficiaries of Guyana’s oil boom, which is calling back some of the country’s nearly 40% who moved overseas. Their entrepreneurial ventures will play a key role in determining whether the world’s newest petrostate can grow into a diversified economy.
News
June 27, 2024
CGX Energy Inc. and Frontera Energy Corporation, joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the “License”), has submitted a Notice of Potential Commercial Interest for the Wei-1 discovery to the Government of Guyana, which preserves the Joint Venture’s interests in the License.
News
ExxonMobil to expand oil production offshore Guyana with new multi-billion-dollar Hammerhead project
June 25, 2024
Exxon filed an environmental authorization application with the government Monday for an investment that’s expected to boost the country’s overall production capacity to nearly 1.5 MMbpd, about the same as OPEC member Nigeria.
News
June 25, 2024
MPF5 was launched from the SWS dry dock following the successful completion of planned construction activities, including hull erection, equipment installation and piping outfitting.
News
June 24, 2024
Guyana has been urging the Exxon-led consortium to develop its offshore natural gas reserves. Exxon plans to complete an appraisal of the natural gas findings by early next year and explore commercialization options.
News
June 23, 2024
ExxonMobil has started appraisal drilling at its Lau-Lau 2 well site in the prolific Stabroek Block offshore Guyana, where it had previously discovered over 300 ft of oil at the Lau-Lau 1 well. The Maritime Administration Department announced that this appraisal, conducted by the drillship MODU Noble Sam Croft, will run from June 16 to July 31, 2024.
News
June 23, 2024
The arbitration process to determine whether ExxonMobil can block the $53 billion sale of Hess Corp to Chevron is stalled due to the incomplete appointment of a third arbitrator, according to people familiar with the matter.
News
June 13, 2024
The sophisticated system is designed to protect floating production storage and offloading platforms (FPSOs) and other high-value assets against a wide range of marine risks, even in the most challenging marine environments.
News
May 28, 2024
The transaction still needs to get past the U.S. Federal Trade Commission as well as the ongoing arbitration case brought by Exxon over control of Hess’ interest in the oil field offshore Guyana. Exxon has said the proceedings may drag into 2025.
News
May 21, 2024
From 2020 to 2023, Guyana's crude oil production grew by an average of 98,000 bpd annually, making it the third-fastest growing non-OPEC producer. This surge has driven substantial economic growth, with a 62.3% GDP increase in 2022, the highest globally, according to the IMF.
