Category Archives: Oil Exploration

GUYANA: Significant year ahead for local oil exploration activities – Westmount Energy

The Stena DrillMAX, one of the six drill ships offshore Guyana
The Stena DrillMAX, one of the six drill ships offshore Guyana

– Westmount Energy predicts
– says Guyana one of the few areas for ‘blue-chip’ interest in high-impact exploration

THE year 2021 is shaping up to be significant for exploration and appraisal operations in the Guyana-Suriname basin, with more than 12 exploration and appraisal wells scheduled for Guyana alone, Westmount Energy has said.

Westmount Energy, a holding company for a group of subsidiaries, which operate in the oil and gas-related industries, owns an indirect interest in the Canje block via a 7.7 per cent shareholding in JHI Associates, which in turn, owns a 17.5 per cent stake in the exploration project.      Continue reading

OIL: Exxon-Mobil: Sixth drillship arrives in Guyana’s waters

The Noble Sam Croft drillship [Photo courtesy of Noble Sam Croft]

–awaiting additional resources to commence drilling

GUYANA’S waters is now home to six drill ships, with the recent arrival of Noble Corporation’s Sam Croft, which will be servicing the operations of global oil giant, ExxonMobil, and its affiliates.

The Guyana Chronicle was reliably informed that the vessel arrived recently in Guyana’s waters and is currently at a staging area within the Stabroek Block of Guyana’s Exclusive Economic Zone.        Continue reading

GUYANA: Exxon’s “enormous pressure” on government; good local content and taxi drivers – By GHK Lall

OIL – EXXON-MOBIL – PAYARA

The Vice President opened his mouth and showed that he is not up to the job of dealing in the big leagues with the big boys. He laments about “enormous pressure” from Exxon to justify his government’s abject failure to seize the moment and rearrange this country’s prospects from greedy Exxon. He kowtowed embarrassingly with that limp one of getting more for Payara.

To the Hon. Vice President, I say this: it is nothing, not near what it should be. Again, I say this to the VP and Guyana, Exxon is a wounded giant, flopping around and hanging on to Guyana for dear life; it is beached on Guyana’s shores, and any swift kick to the behinds of its rapacious leaders will make them rear up in alarm.        Continue reading

OPINION: Guyana: All oil today – all disturbing – By GHK Lall

Kaieteur News – Something rare is done in this space: I focus on recent oil developments and emphasize what disturbs. Gas-to-shore project is the first, local content second, and third is, who really is for the Guyanese people. Should the latter be found, I could use the enlightenment.

A Tuesday news item in KN noted Guyana’s Natural Resources Minister sharing that ExxonMobil is readying to conduct studies on a likely gas-to-shore project here. I would have been surprised if the company was not doing so, not engaging in some preliminary undertaking as to the significance for its prospects.      Continue reading

GUYANA: Govt. examining new rules for spending oil money – Finance Minister

Dr. Ashni Singh

– all transfers, spending to be reflected in Budget — Dr. Ashni Singh

Mar 25, 2021 – Kaieteur News – Despite having an enacted Natural Resource Fund (NRF), with in excess of US$267M deposited in the New York Federal Reserve Bank, the Guyana Government does not intend to utilize any expenditure under the current protocols, but is instead currently examining new rules under which the fund would operate.

This is according to Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh. He, during a live Globespan 24X7 broadcast on Monday last, disclosed that the administration is currently examining the matter and is studying it closely and considering the options.        Continue reading

Guyana’s shore base lacks skilled workers to meet oil industry needs – GYSBI GM

GYSBI General Manager, Sean Hill

Hill shared these critical points during a panel discussion at the Guyana Basins Summit (GBS) last Thursday. This was a virtual three-day oil and gas conference, which concluded on Friday. It was aimed at delivering networking and valuable insight into the region’s potential, its challenges and the road ahead.    Continue reading

Suriname rakes in US$500M annually from oil sector, through robust policies

 Staatsolie :Annand Jagesar

 Mar 21, 2021  Kaieteur News – Guyana’s neighbour to the east, Suriname, is able to rake in US$500M annually from its lucrative oil sector. This achievement was not made by luck, but rather through robust policies and measures to ensure that the Surinamese government is in a position to reap significant benefits from the petroleum industry.

Annand Jagesar, the acting Chief Executive Officer and Managing Director of Suriname’s national oil company, Staatsolie, had revealed these figures during his presentation to the Guyana Basin Summit (GSB).    Continue reading

GUYANA: President Ali; VP Jagdeo discuss Berbice deepwater port with CGX; investors

President Irfaan Ali (right) and Vice President Bharrat Jagdeo.

 Mar 19, 2021 – Kaieteur News – The construction of a deep-water harbour in Berbice is currently engaging the attention of Head of State, President, Irfaan Ali, Vice President, Bharrat Jagdeo, and Canadian oil company, CGX Guyana, along with investors.

This is according to Minister within the Ministry of Public Works with responsibility for the Energy Sector, Deodat Indar, in a live broadcast interview on Monday, facilitated by Globespan24X7.  Continue reading

GUYANA: OIL: ExxonMobil on track to triple production capacity in Stabroek Block

The Liza Unity nearing completion in the Keppel Shipyard in Singapore.

 Mar 18, 2021 – Kaieteur News – ExxonMobil and its production partners in the Stabroek Block are on track to triple its production capacity offshore Guyana, as its second Floating Production, Storage and Offloading Vessel (FPSO)—Liza Unity—vessel nears completion.

The massive 220,000 barrels per day (bpd) FPSO is being constructed at the Keppel shipyard in Singapore with SBM Offshore announcing on Tuesday March 16, that the topsides lifting campaign for the Liza Unity FPSO was recently completed.      Continue reading

OIL: Despite higher Govt. take; stricter policies; oil companies still flock to Suriname

Map showing location of Suriname’s Block 58 and Guyana’s Stabroek Block

Guyana was not the only South American country that struck black gold offshore last year. In fact, our neighbour to the east, Suriname, had announced three consecutive oil finds in its Block 58 in early 2020.

Following this discovery, international oil companies immediately began to flock Suriname, says the former Chief Executive Officer (CEO) of Suriname’s Staatsolie, Rudolf Elias. What Elias thought pertinent to highlight in a Kaieteur Radio interview, is that although the Suriname government has a higher take from its oil resources, and despite the fact that it imposes stricter policies, oil companies are running to set up shop in Suriname waters.      Continue reading