Category Archives: Oil Exploration

Guyana: From Cinderella to Princess – By Adam Harris – commentary

Kaieteur News – Adam Harris

It never fails to amaze me that when people are doing well they suddenly attract so many others. An individual who wins the lottery suddenly has relatives and friends, he never dreamed of. Prior to the lottery, he was left to himself, with hardly anyone giving him a second look.

There was the case of a grass cutter who won $100 million some years ago. While he was a grass cutter, he was ignored by just about everyone. At the time, he worked with the then head of Canadian Bank Note in Guyana, Simon Wall.    Continue reading

OIL: Guyana to receive its first share of Liza oil by February 2020 – IMF

According to the International Monetary Fund (IMG), Guyana can expect to lift its first entitlement of one million barrels of crude oil as early as February 2020. Kaieteur News understands that this will occur at approximately 60-day intervals. This would also indicate that oil production is highly likely to start before the end of 2019.

The financial institution noted that while Guyana has opted to take its share of production from the Stabroek Block’s Liza One field, and market same on its own behalf, there are some crucial factors which have to be considered in the process.        Continue reading

Middle East: Saudi oil attacks push prices up by highest price surge since 1988

Price of Brent crude surges by more than $12 a barrel as 5% of world’s oil supply is wiped out

Saudi Oil Attack

The Saudi oil attacks have triggered the steepest crude market price surge in 30 years and stoked fears for the global economy.

The attacks on Saudi Arabia’s oil infrastructure led to the biggest jump in global prices since 1988 by wiping out 5.7m barrels of production a day – 5% of the world’s oil supply.

The price of Brent crude surged by more than $12 (£9.60) a barrel within seconds as trading began in London, quickly climbing to highs of $70.88 – a rise of more than 19% – before settling lower in a day of record-breaking oil trading. By Monday evening oil was trading at nearly $69, up 15% on the day.                Continue reading

Guyana: Oil Exploration: ExxonMobil makes another oil strike 

By Guyana Chronicle – 

…this time at Tripletail-1 well offshore Guyana

Director, Department of Energy, Dr. Mark Bynoe, today, announced that ExxonMobil made an oil discovery on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. This well was being drilled by the Tom Madden drillship.

This discovery adds to the previously announced 13 wells with an estimated recoverable resource of more than six billion oil-equivalent barrels on the Stabroek Block.          Continue reading

Guyana: Oil Exploration: Tullow makes its second oil discovery

By Staff Reporter –  

….. discovers oil in Joe-1 well

UK- based oil company, Tullow, on Monday September 16, 2019  announced that it has made its second oil discovery offshore Guyana.

Director, Department of Energy, Dr. Mark Bynoe, today, announced that UK-based Tullow Oil plc’s (Tullow) Joe-1 exploration well has successfully opened a new Upper Tertiary oil play in the Guyana basin, the Ministry of the Presidency said.

This is second discovery of oil in two different wells operated by Tullow, in less than six weeks.        Continue reading

Why it is so hard to get USD in Trinidad & Tobago – By Marla Dukharan

  • How does the foreign exchange earnings system in Trinidad and Tobago work?

Flag: Trinidad & Tobago

Like any country, Trinidad & Tobago earns foreign exchange from a variety of sources – from remittances sent from overseas, from investments we as a nation (private and public sectors) have made abroad, from tourism and other services we export, from foreigners who invest in our country (FDI) for example, but mostly our foreign exchange earnings come from our (net) exports of LNG and other energy related products such as gasoline and diesel, and petrochemicals such as ammonia and methanol.

As Charts 1 and 2 show, in 2018, 86% of our total exports came from the energy sector. This was the highest level of export concentration on energy since 2011, and shows that instead of becoming more diversified, our economy has become more energy dependent. Why did this happen?

READ MORE:  Why-it-is-harder-to-get-USD-in-TT-than-anywhere-else in the Caribbean 

Maduro orders treason charges against Guaido over Guyana claim

President Nicolas Maduro

Maduro’s order, which was swiftly followed up by the announcement of an investigation by attorney general Tarek William Saab, ratchets up the stakes in Venezuela’s political crisis, just as Guyana is about to debut as an oil producer from offshore acreage in the disputed territory.

ExxonMobil plans to produce 120,000 b/d of crude starting in March 2020 from the Stabroek block, rising to 750,000 b/d in 2025, a volume that nearly matches Venezuela’s shrunken output.      Continue reading

Maracaibo – Venezuelan El Dorado Hits Rock Bottom – By Katrin Kuntz | Der Spiegel

Venezuela: Click to Enlarge

Maracaibo used to be the Dallas of Venezuela; its wealth fueled by oil. But today, residents are fighting for survival and the city is experiencing an exodus. The collapse of Maracaibo is emblematic of what may lie in store for the country at large.

Katrin Kuntz | Der Spiegel International

The day on which residents of Maracaibo destroyed their own city out of sheer desperation began relatively normally, considering the circumstances. It was March 10, 2019, and for the preceding three days, the power had been out across almost the entire country. Fernel Ricardo, a resident of Maracaibo, the second-largest city in Venezuela, remembers how his city took one ste p closer to the abyss that day.            Continue reading

Exxon-Mobil: First Oil: Liza Destiny arrives in Stabroek Block

The Liza Destiny, Guyana’s ‘First Oil’ production vessel has arrived in the Stabroek Block after traveling nearly 11 thousand nautical miles from the Keppel Shipyard in Singapore, ExxonMobil announced Thursday.

The floating production storage and offloading (FPSO) vessel journeyed for 42 days, after a June commissioning ceremony at which First Lady, Sandra Granger renamed it “Godmother”.

After clearing customs, the vessel will be moored to the seabed (known as spread mooring) in preparation for production, storage and offloading of Guyana’s oil.          Continue reading

Exxon Forum in Toronto: Hundreds of Guyanese benefit from Oil Investments

By Staff Reporter – 

The large Guyanese audience at the forum

…Exxon Senior VP tells Guyanese in Toronto

SENIOR Vice President of ExxonMobil in charge of exploration and new ventures, Michael Cousins, told a gathering in Toronto on Sunday 18th August  2019, that the sanctity of contract should be respected and that the investment being made by his company to recover oil here will see major transformation in Guyana with some 1357 Guyanese already benefitting from jobs.  

The top official was at the time responding to a question posed from the audience during a town hall meeting on Guyana’s Oil and Gas Development hosted by the Canadian Council for the Americas at the Leparc Banquet Hall in Thornhill, Ontario. Canada.

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