Category Archives: Oil Exploration

Guyana’s 60-year struggle for cheap, adequate and reliable – By Ralph Ramkarran

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The economy Guyana inherited at Independence in 1966 has remained largely unchanged. Throughout the period Guyana was a primary producer of bauxite, sugar, rice, timber and gold. The fortunes of some industries have improved while those of others have declined, and a few added, like fisheries.

The absence of cheap, adequate and reliable electricity was recognized as one important reason for the failure to industrialize.   In this new era, as in the past, Guyana can never attain its full economic potential unless the production and delivery of electricity is vastly improved.          Continue reading

GUYANA: OIL: Multi-billion-dollar ‘Port of Vreed-en-hoop’ facility in the works

OilNOW –  28 July 2021

Guyanese company NRG Holdings Inc. plans to establish a multi-billion-dollar multi-purpose port facility dubbed the ‘Port of Vreed-en-hoop’ that will feature a major shore base at Foreshore, Plantation Best on the West Bank of Demerara.

The intended development will fill the gap for oil and gas support services to meet the rapidly expanding offshore operations while providing a range of services geared towards economic development onshore.    These will be carried out with the local economy benefitting from employment, duties and taxes, ancillary goods and services and capacity-building.

READ MORE  https://oilnow.gy/featured/multi-billion-dollar-port-of-vreed-en-hoop-facility-in-the-works/

GUYANA: OIL: Exxon makes another major oil discovery offshore

ExxonMobil finds more oil at Whiptail

(ExxonMobil image)
(ExxonMobil image)

[Stabroek News -28 July 2021] – ExxonMobil today said it has made an oil discovery at Whiptail in the Stabroek Block offshore Guyana, its 21st major find here and adding to its nine billion barrels of recoverable resources.

In a statement, Exxon said that the Whiptail-1 well encountered 246 feet (75 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling, it said, is also ongoing at the Whiptail-2 well, which has encountered 167 feet (51 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling continues at both wells to test deeper targets, and results will be assessed for future development, Exxon said.

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OPINION: Guyana should adopt a natural resources fund that mirrors Norway

Arthur Deakin

By Arthur Deakin – OilNOW

Historically, countries that discover large amounts of natural resources, such as oil or gold, tend to create a Sovereign Wealth Fund to manage their newfound wealth. Guyana, which recently discovered 9 billion barrels of proven oil reserves, is following that same path.

The structure of this new fund, known locally as the Natural Resources Fund (NRF), will fundamentally impact how effectively the country spends and saves its oil monies.

READ MORE https://oilnow.gy/featured/guyana-should-adopt-a-natural-resources-fund-that-mirrors-norway-not-kazakhstan/

GUYANA OIL: GYSBI denies claims made by local workers

July 21, 2021  Kaieteur News –

The Guyana Shore Base Incorporated (GYSBI) denies the claims that were made by local workers in the company, who voiced several issues that they said they were being faced with.

In a release yesterday, GYSBI responded to the articles stating, that it is not a foreign company and is working hard to improve the lives of its 432 employees and the country of Guyana. Out of the company’s 432 employees, 6% are expat employees and the other 94% are local workers, with Guyanese holding many key senior management positions.

This publication carried two articles over the past week with the headlines: “Locals complain about being paid less than expats for doing the same job at GYSBI” and “Shore base employees fired after complaining.”      Continue reading

OPINION: The Gas to Energy Project: More questions than answers?

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The Environmental Protection Agency (EPA) published a Public Notice on June 25, 2021 stating that an Environmental Impact Assessment (EIA) was required for the “Gas to Energy Project” led by Esso Exploration and Production Guyana Limited (EEPGL). EEPGL is a wholly owned subsidiary of ExxonMobil, the 10th largest Fortune 500 company with 72,000 employees worldwide.

The Guyana Environmental Protection Agency (EPA) also provided a schedule of virtual as well as face to face consultations for citizens and other concerned stakeholders to contribute to a “scoping” exercise – which the EPA says will contribute to determining the scope for the Environmental Impact Assessment (EIA) for the project.      Continue reading

GUYANA: Report on QC Alumni Association Oil and Gas Symposium– by Dr. Terrence R. Blackman

By Terrence R. Blackman, Ph.D. – OilNOW – 18 July 2021

On June 09, 2021, ExxonMobil announced newly identified, high-quality hydrocarbon-bearing reservoirs below the original Longtail-1 at Longtail-3 offshore Guyana. The well, located approximately two miles (3.5 kilometers) south of the Longtail-1 well, was drilled in more than 6,100 feet (1860 meters) of water.

This announcement has brought into sharper focus the ideas emerging from the recently concluded Memorial Day Weekend symposium on Navigating the Opportunities and Imperatives in Guyana’s Oil and Gas Economy, presented by the Queen’s College of Guyana Alumni Association, NY Chapter (QCAANY)…Read More

Guyana in search of investors for landmark gas to energy project – OilNOW

OilNOW

OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

The Guyana government is inviting Expressions of Interest (EOI) for joint participation with the administration and ExxonMobil affiliate Esso Exploration and Production Guyana Limited (EEPGL) in designing or utilizing the outputs from its Natural Gas Liquids (NGL) and Liquified Petroleum Gas (LPG) and related facilities. These structures are being built as part of the government’s landmark estimated US$900 million Gas-to-Energy project set to come on stream by 2024.    Continue reading

GUYANA: Indian company makes first purchase of Guyana’s oil

OIL: Exxon: Liza Destiny

Jul 03, 2021 – Kaieteur News – Indian Oil Corporation Limited, a State owned refinery has just purchased its first million barrels of Guyana’s light sweet crude oil from the Liza project. According to international news entity, Reuters, the shipment will arrive on August 8 at India’s Paradip port aboard the Greece-flagged tanker, Militos, and is to serve the purpose of a trial cargo as the governments of India and Guyana attempt to negotiate an oil supply contract.

This marks the first time that an Indian state refinery has purchased Guyanese crude. In March, Private refiner, HPCL-Mittal Energy Limited, purchased a million barrels.        Continue reading

Oil price climbing to a point where Guyana can rake in record revenues

An oil supply shortfall is coming and with OPEC+ expected to provide just a fraction of the demand, barrels from producers outside of the alliance, such as Guyana, would be needed even more. Already, dated Brent has soared past $75 a barrel – a two year high – as inventories continue to fall and demand picks up.

This scenario has seen analysts predict the return of a $100 a barrel oil price which would be the highest since Guyana began producing crude at the Liza Phase 1 Development in December 2019. This would see the Guyana government raking in around US$100 million per oil lift.        Continue reading