Guyana Archives - Page 6 of 9

Exxon withdraws from small oil exploration block offshore Guyana

September 29, 2023

Oil Price ExxonMobil and its partner Hess Corp have withdrawn from the Kaieteur exploration block offshore Guyana as they pursue more prolific opportunities in the bigger and highly productive Stabroek block. “Our withdrawal from the Kaieteur block has no impact on our commitment to seeking further exploration and development opportunities and to generating additional value for the government and people

Exxon prepares a sixth offshore oil project in Guyana

August 22, 2023

Oil Price Exxon, Hess, and CNOOC are preparing to launch a sixth offshore oil project in Guyana, with $12.93 billion earmarked for its development. This is according to a filing by the Guyanese government cited by Reuters, which also revealed the new project, dubbed Whiptail, will be operational in four years. Earlier this year, the Guyanese government also greenlit another multi-billion-dollar development proposed by

Exclusive: Exxon, Guyana in talks to return unexplored offshore oil areas

June 21, 2023

Nasdaq HOUSTON – Exxon Mobil Corp XOM.Nand Guyana are in talks over which unexplored offshore areas will be returned to the government, people close to the discussions said, as the nascent oil nation seeks to attract new operators to the country. The Exxon-led consortium that controls offshore production in Guyana this year was required to return 20% of unexplored acres, under the original 2016 production contract. he

Exxon narrowly avoids oil production halt in Guyana

June 9, 2023

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,

Exxon and partners made $5.8 billion in Guyana in 2022

May 25, 2023

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

Hess shares gain on earnings, new Guyana discovery

April 27, 2023

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

Guyana pushes back oil licensing round deadline by three months

April 14, 2023

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

Guyana announces additional oil auction at CERAWeek 2023

March 7, 2023

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

One of the world’s hottest oil plays prepares for new auction

February 15, 2023

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

INTERVIEW-Exxon set to order 5th Guyana oil vessel, sizing up more blocks

January 16, 2023

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

Guyana to launch first oil tender under new rules

November 4, 2022

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

Exxon may emerge as the biggest winner in Guyana’s oil boom

October 3, 2022

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

Premium Content