Oil Price An appeals court has suspended an order issued by a lower court that could have seen supermajor Exxon lose its license to operate the Liza-1 offshore well that yields about half of the country’s oil output. According to its contract with the Guyanese government, the consortium that operates the Liza-1 well and explores in the whole Stabroek block,
Oil Price Exxon and its partners in the offshore Stabroek Block in Guyana made almost $6 billion from their operations there, Reuters has reported, citing official documents. According to the documents—audited financial results—Exxon, Hess Corp., and CNOOC earned a combined $5.8 billion from the Guyana business in 2022. Exxon’s individual share from the total was $2.74 billion, the Chinese state
Oil Price Hess Corporation (NYSE:HES) beat Wall Street estimates in its first-quarter earnings report released on Wednesday and added another discovery in offshore Guyana to its production portfolio, though the good news failed to boost share prices in early morning trading. Despite first-quarter oil prices that were some 20% lower than in 2022, Hess reported Q1 earnings of $346 million, or
Oil Price The government of Guyana, the newest and hottest oil production spot in the world, has pushed back the deadline for receiving bids in the country’s first-ever offshore licensing round by three months. Initially, Guyana invited bids by April 14, 2023, when it launched in December last year its first licensing round for 14 offshore blocks. In a statement to the
World Oil (Bloomberg) – Guyana is planning another auction of prospective oil-field leases next year as the world’s fastest-growing economy seeks to maintain the pace of development, Vice President Bharrat Jagdeo said. The country’s first auction is expected to take place by the end of May after being delayed by a few weeks as the government finalizes contract terms and
Oil Price Guyana, one of the world’s hottest frontier oil plays, is expected to have its new oil production sharing agreement (PSA) model ready in time for its auction that runs through mid-April, according to Guyana’s VP. The oil and gas industry has been eagerly waiting for Guyana to draft new contract terms that have been a long time in
Nasdaq HOUSTON – Exxon Mobil Corp. XOM.N is preparing to approve its fifth oil production project in Guyana and is considering taking additional exploration acreage, the head of its Guyanese operations, Alistair Routledge, told Reuters in an interview. The efforts would add significantly to the $30 billion committed thus far by Exxon and Guyana partners Hess Corp HES.N and CNOOC Ltd 0883.HK. The latest
Oil Price Guyana’s next oil tender will be conducted under new rules that significantly increase the country’s share of the oil revenue. This is according to Guyana’s vice president, who said this week that the government will offer 14 offshore blocks in its next auction, of them three deepwater and 11 shallow ones. “We decided that to get the
Oil Price The impoverished tiny South American country of Guyana has emerged as one of the continent’s top oil producers and is poised to become a leading global energy exporter. Since 2015 an Exxon Mobil-led consortium has made a swathe of high-quality oil discoveries in offshore Guyana in the 6.6-million-acre Stabroek Block, with the latest announced in July 2022. It
World Oil ExxonMobil has made a final investment decision for the Yellowtail development offshore Guyana after receiving government and regulatory approvals. The company’s fourth, and largest, project in the Stabroek Block is expected to produce approximately 250,000 bpd starting in 2025. “Yellowtail’s development further demonstrates the successful partnership between ExxonMobil and Guyana, and helps provide the world with another reliable
Oil Now U.S. energy company Hess Corporation revealed on Monday that it has allocated a whopping US$2.6B towards its 2022 Exploration and Production budget. Interestingly, the American explorer said the majority of this expenditure will go towards projects in Guyana and the Bakken. Hess said the $2.6 billion budget is allocated as follows: US$1,150 million (44%) for production, US$1,000 million (39%) for offshore Guyana developments and US$450 million (17%) for exploration and
Oil Now South American oil giant, Brazil, and Guyana, the world’s hottest exploration hotspot with an incredible string of discoveries in the Stabroek Block, are poised to deepen their bilateral relations. Towards this end, Guyana’s President, Dr. Irfaan Ali held a teleconference on Monday with his counterpart President of the Federative Republic of Brazil, Jair Bolsonaro, to discuss his
