Guyana Archives - Page 7 of 9

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

Exxon, Guyana head toward uncertain future

March 20, 2020

Houston Chronicle GEORGETOWN, Guyana — They are the odd couple of the global oil patch: Guyana is a poor former British sugar colony. Exxon Mobil is America’s largest oil company. They came to depend on each other after a series of extraordinary oil discoveries off Guyana’s coast transformed the small South American country’s fortunes and boosted the oil company’s assets

Guyana elects leader as vast oil boom dawns

March 3, 2020

Houston Chronicle GEORGETOWN, Guyana (AP) — Guyana voted for a new government on Monday in a bruising fight for control of a tiny South American country whose oil revenues in the next decade could make it one of the wealthiest in the hemisphere. A consortium comprised of ExxonMobil and partners, Hess Oil of the US and CNOOC of China began

‘The new frontier of oil’: Latin America’s newest crude-producing nation to hold pivotal election

February 28, 2020

CNBC An upcoming election in one of the smallest and poorest countries in South America is set to decide on a new government to oversee the highest amount of oil per person of any country in the world. Guyana, a country of about 750,000 which shares a border with Brazil, Suriname and Venezuela in the northeast of South America, will hold a general

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