Guyana Archives - Page 7 of 9

ExxonMobil moves forward with $10 billion Guyana offshore oil project

April 5, 2022

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

Hess unveils US$2.6B budget for 2022; majority to be invested in Guyana, Bakken

January 26, 2022

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

South America’s oil giant and upcoming star looking to forge strategic partnership

January 12, 2022

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

BREAKING: Guyana scores big again as Exxon hits two more discoveries

January 5, 2022

Oil Now ExxonMobil and the Government of Guyana today announced 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

Guyana relaxes proposed local content terms in oil bill draft

December 16, 2021

Reuters Guyana’s government on Thursday delivered to the National Assembly the draft of a local content bill that will regulate its nascent oil industry, proposing requirements beginning at 5% by the end of 2022 for activities to be carried out by contractors and licensees. The proposed policy, seen by Reuters, relaxed some of the minimum requirements that a previous bill

Guyana seeks a 135-mile subsea gas pipeline to extend its energy win streak

October 20, 2021

World Oil HOUSTON (Bloomberg) –Guyana will likely become one of South America’s top oil producers over the next four years, but the world’s newest petrostate increasingly sees gas as the bedrock for growing its domestic economy. Work will begin on constructing a major gas-fired power plant in 2022 on the expectation that a 220-kilometer (135-mile) pipeline will be built, according

Guyana grants Saudi Aramco unit one-year contract to market crude

September 17, 2021

Reuters GEORGETOWN – Guyana has granted a unit of Saudi Arabian Oil Co, known as Aramco, a one-year contract to market the government’s share of the crude produced in the South American country, Vice President Bharrat Jagdeo told Reuters. The country in early September had awarded Aramco a contract to market a cargo scheduled for Sept. 21-22. Natural Resources Minister

ExxonMobil makes new discovery off Guyana’s coast

July 28, 2021

Nasdaq Exxon Mobil Corp XOM.N said on Wednesday it has made a new discovery at Longtail-3 in the Stabroek Block offshore Guyana, as the U.S. oil major develops one of the world’s most important new oil and gas blocks in the last decade. Exxon operates the 6.6-million-acre Stabroek Block as part of a consortium that includes Hess Corp HES.N and China’s CNOOC Ltd 0883.HK.

ExxonMobil makes 19th oil discovery off Guyana’s coast

April 27, 2021

Reuters Exxon Mobil Corp on Tuesday made its 19th discovery offshore Guyana at the Uaru-2 well in the Stabroek Block, as the U.S. energy firm continues to develop one of the world’s most important new oil and gas blocks in the last decade. The company, however, did not specify how much the new find would add to the previous gross

Exclusive: Elliott Management invests in small Guyana oil explorer – sources

November 24, 2020

Reuters NEW YORK/LONDON – Activist hedge fund Elliott Management Corp has invested at least $30 million in Cataleya Energy, a small firm focused on oil exploration in Guyana, the world’s newest oil and gas hot spot, two people familiar with the matter said. The deal reflects rising interest in Guyana, a small South American country of 750,000 whose oil discoveries

Guyana backs Exxon deal, slams ‘malicious’ NGO study- oil and gas 360

Exxon says its latest discovery offshore of Guyana is not financially viable

November 17, 2020

Reuters An oil exploration campaign led by Exxon Mobil Corp XOM.N at the Tanager-1 well in the Kaieteur block off Guyana’s coast discovered hydrocarbons but it does not appear to be financially viable on its own, a spokesman for the company said on Tuesday. As part of a consortium with Hess Corp HES.N and China’s CNOOC Ltd 0883.HK, Exxon has made 18 discoveries totaling

The Oil And Gas Situation: Bleak In The U.S., Surprisingly Positive In Latin America

May 5, 2020

Forbes How bad is the situation for the oil and gas industry in the U.S. right now? Let’s take a look at some compelling recent data points: On Friday, ExxonMobil posted its first quarterly loss since 1999. On Thursday, Royal Dutch Shell cut its dividend for the first time since the 1940s. In it’s most recent weekly rig county update, Enverus reports that “As of April 29, the

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