Category Archives: Oil Exploration

Guyana’s light, sweet oil will be priced against North Sea benchmark

December 8, 2019 – 9:59 am

Dec 08, 2019  News

Over six billion barrels of oil equivalent have been discovered in the Stabroek Block offshore Guyana. This oil will be priced against an oil price benchmark that is based on oil from the North Sea basin, a prolific hydrocarbon province located in Northwestern Europe.

Map of discoveries made on Stabroek Bloc.

Esso Exploration and Production Guyana Limited (EEPGL) is the lead operator. It has a 45 percent working interest, while Hess Guyana Exploration Ltd has 30 percent interest and CNOOC Petroleum Guyana Limited has 25 percent interest.

The price of a barrel of North Sea crude is calculated based on a competitive set of crudes extracted from fields in the North Sea.    Continue reading →

By guyaneseonline | Also posted in Business, Commentary, Economics/Finance, Geography, Government, Guyana, International News | Tagged | Comments (0)

Guyana Oil: ExxonMobil Liza Project in Guyana – video

December 5, 2019 – 12:22 am

Guyana project overview – This Update was filmed on April 4, 2019

ExxonMobil initiated oil and gas exploration activities in Guyana in 2008, collecting and evaluating substantial 3-D seismic data that led to the company safely drilling its first exploration well in 2015, Liza-1.

The Liza prospect is located approximately 120 miles (193km) offshore Guyana in the Stabroek block, which is operated by ExxonMobil affiliate Esso Exploration and Production Guyana. Esso Exploration owns 45% interest in the block, while Hess Guyana Exploration owns 30% and CNOOC Nexen Petroleum Guyana owns the remaining 25%.      Continue reading →

By guyaneseonline | Also posted in Business, Economics/Finance, Education, Guyana, Guyana infrastructure, International News, Science, Technology | Tagged , , , | Comments (0)

Guyana: Oil Exploration: ExxonMobil applies to drill 31 more wells

December 4, 2019 – 12:21 am

By 

ExxonMobil’s local subsidiary Esso Exploration and Production Guyana Limited (EEPGL) has applied to the Environmental Protection Agency for authorization to drill some 31 wells in three offshore blocks.              Continue reading →

By guyaneseonline | Also posted in Business, Government, Guyana | Tagged , | Comments (3)

Guyana: ExxonMobil targets US$10B from Stabroek Block by 2025

December 3, 2019 – 11:25 pm

 Dec 03, 2019  News

EXXON-Mobil Drillship

Analysts believe that Guyana is currently the King of ExxonMobil’s portfolio and that the sulphur finds recently reported by Tullow which caused its shares to plummet were overblown and that the more recent hammerhead find by ExxonMobil is in fact profitable.

In fact, the company is looking to extract at least US$10B from its planned production at the Liza I, II and Payara developments.

According to market reports, analysts yesterday reported that despite the geopolitical risks involved in developing Guyana’s offshore potential considering nearby’s Venezuela’s claim to the Essequibo region, the region will be a long-term cash cow.    Continue reading →

By guyaneseonline | Also posted in Business, Government, Guyana, International News, Personalities, Politics | Tagged | Comments (5)

Stanley Ming developing US$200M oil and gas shore base at Parika

November 22, 2019 – 12:14 am

– in partnership with UK company

Stanley Ming (seated at left) at the InterOil booth
Stanley Ming (seated at left) at the InterOil booth
By 

Continue reading →

By guyaneseonline | Also posted in Business, finance and trade, Guyana, Personalities | Tagged , , | Comments (0)

Award of Kaieteur, Canje Oil Blocks… Former Natural Resources Minister Robert Persaud explains

November 18, 2019 – 2:20 pm

Award of Kaieteur, Canje Oil Blocks…I only operated as a bridge between GGMC and Ramotar –  says Former Natural Resources Minister Robert Persaud 

Robert Persaud

By Kiana Wilburg  – Nov 18, 2019  News    

When it comes to the award of oil blocks pre- oil discovery, former Natural Resources Minister, Robert Persaud contends that he never had a central role to play.

In fact, Persaud described himself to this news agency as being a mere bridge between former President, Donald Ramotar (who was also the Minister of Energy) and the Guyana Geology and Mines Commission (GGMC).

During a guest appearance on Kaieteur Radio’s Programme, Guyana’s Oil and You, Persaud made this comment as he explained the thinking behind the award of two oil blocks, Kaieteur and Canje, just months before the 2015 elections were held.          Continue reading →

By guyaneseonline | Also posted in Business, finance and trade, Government, Guyana, Personalities, Politics | Tagged , | Comments (1)

OIL: Tullow Stock Sinks on Finding High Sulfur Content in Guyana Crude

November 16, 2019 – 12:20 am

Tullow Stock Sinks on Finding High Sulfur Content in Guyana Crude

Paul Burkhardt | World Oil         

JOHANNESBURG (Bloomberg) – Tullow Oil stock fell the most in two decades in London trading after saying it’s reassessing the commercial viability of discoveries in Guyana.

The stock sank as much as 23% on the news that crude from two wells in the South American country was found to be heavy, with a high sulfur content. That’s disappointing to shareholders as the Guyanese discoveries earlier this year had countered concerns over troubled ventures elsewhere.    Continue reading →

By guyaneseonline | Also posted in Business, Guyana, Science, Technology | Tagged , | Comments (6)

Guyana Politics: IMF’s projected 86% growth rate giving Guyanese the wrong impression – says Jagdeo

November 8, 2019 – 1:14 am

 Nov 08, 2019  News – By Kemol King

Bharrat Jagdeo

It is the view of Opposition Leader, Bharrat Jagdeo, that news of an 86 percent economic growth for Guyana after the first year of oil production is not painting the whole picture for the Guyanese public.

During a press conference at his Church Street office on November 7, Jagdeo said, “I’ve seen another set of so-called positive news which says the gross domestic product (GDP) of Guyana will increase by 86 percent next year and within, say five years, we can triple the size of our economy… That sounds really good… [But] does it mean it’s all great news for Guyana?”      Continue reading →

By guyaneseonline | Also posted in Business, Commentary, finance and trade, Government, Guyana, International News, Personalities, Politics | Tagged , , , , | Comments (0)

OIL: Flood of Oil Is Coming, Complicating Efforts to Fight Global Warming – New York Times

November 7, 2019 – 12:16 am

Nov. 3, 2019 – By Clifford Krause – New Your Times

HOUSTON — A surge of oil production is coming, whether the world needs it or not.
The flood of crude will arrive even as concerns about climate change are growing and worldwide oil demand is slowing. And it is not coming from the usual producers, but from Brazil, Canada, Norway and Guyana — countries that are either not known for oil or whose production has been lackluster in recent years.

This looming new supply may be a key reason Saudi Arabia’s giant oil producer, Aramco, pushed ahead last Sunday with plans for what could be the world’s largest initial stock offering ever.

READ MORE:  Flood of Oil Is Coming, Complicating Efforts to Fight Global Warming

By guyaneseonline | Also posted in alternate energy, Business, Commentary, Economics/Finance, Environment, Guyana, Technology | Tagged , , , , , , , , | Comments (6)

JONESTOWN REVISITED: A Peoples’ Tragedy, Lessons Learned – By Lear Matthews

November 6, 2019 – 12:28 am

Lear Matthews

JONESTOWN REVISITED:  –  By Lear Matthews

Emancipate yourself from mental slavery.

None but ourselves can free our mind.

(Robert N. Marley)

November 18th 2019 marks the 41st commemoration of the People’s Temple tragedy in Guyana. Once again I would like to reflect on perspectives of that unconscionable disaster that has not been fully assessed in any known documentary on the subject to date.

Guyana has been in the news again recently, but this time for good reason. Stained by that horrific People’s Temple tragedy in the late 1970’s, according to Exxon-Mobil, oil discovery off the country’s northern coast will top 6 billion barrels by 2020, making it a leading oil producing nation in the region.          Continue reading →

By guyaneseonline | Also posted in Arts / Culture, Commentary, Economics/Finance, History, Personalities, Politics, War and conflict | Tagged , , , , , , | Comments (4)
%d bloggers like this: