Tag Archives: ExxonMobil

Guyana: Oil Production: Exxon’s Liza Phase 2 to cost US$6B

Texas-headquartered ExxonMobil on May 02, 2019 said that it is steaming ahead with its Guyana operations, pumping US$6B into the second phase of the

File photo: In November 17, 2017, SBM Offshore started the conversion of the Bahamas-flagged Tina, a crude carrier, into the Liza Destiny FPSO.

Liza development. The decision followed recent Government and regulatory approvals of the second phase development.

Guyana is expected its first commercial oil early next year with the floating platform, Liza Destiny, to be here in the third quarter of this year.

“Liza Phase 2 will produce up to 220,000 barrels of oil per day and further capitalize on the significant development potential of the Stabroek Block, where ExxonMobil estimates producing more than 750,000 barrels of oil per day by 2025,” ExxonMobil disclosed yesterday in a statement.    Continue reading

Guyana: Oil and Opportunity: We are fighting the wrong enemy

By Leonard Gildarie

Leonard Gildarie

This is an all-too-familiar song. We are missing a game-changing opportunity to dance to the music. I cannot emphasise it more. We are instead, sitting in a corner, refusing to ask that pretty girl who is side-eyeing for a dance.

Forty years down the line, we will wonder, and possibly regret: what if the courage was mustered and she was asked?

We have some remarkable opportunities to make hay while the sun shines, but we are lapsing big time. Of course I am talking about OIL.

This past week, Kaieteur News published a front page photo depicting the developing situation in Houston, where oil-related activities are all happening at Muneshwers and Schlumberger, an area bought out from Gafoors, and where over US$100M has been plugged into a facility.          Continue reading

U.S. Diplomats Push for Business Climate Change in Guyana

 The Trump administration is all about forcing open overseas markets for U.S. businesses.

Guyana;s Oil Boom

With the oil giant ExxonMobil preparing to drill and export oil off the coast of Guyana, U.S. diplomats are working to empower U.S. businesses to develop industries in the small South American country, where an anticipated oil boom is expected to generate unprecedented profits.

According to the State Department’s 2018 Investment Climate Statement, Guyana is becoming an attractive location for international investors. Future drilling by ExxonMobil “would generate billions in revenue for the country and could potentially transform the social, political, and economic landscape,” the State Department reported.

Given the anticipated oil boom, many investors hope to ride a wave of oil and oil-related wealth to newfound riches. “Foreign investment is likely to greatly increase in the coming years,” U.S. Ambassador to Guyana Sarah-Ann Lynch recently commented. “Guyana has vast untapped resources, so the potential is enormous.”            Continue reading

Guyana Politics: Voters will reject the do-nothings who dominate the PPP today – by Cheddi (Joey) Jagan

Joey Jagan

Dear Editor,  [Letter by Cheddi (Joey) Jagan]

With oil money coming, the political stakes could not be higher, as most of our citizens know and feel that they could be cheated of their God given rights to the opportunities and wealth of our Republic. Some of our “experts” decry the financial and technological arrangements which we have with ExxonMobil, finding fault and opposing this great investment – these malcontents should understand that over the next  two years, ExxonMobil will invest over 35 Billion US dollars in worldwide oil exploration  without a clear prospect of oil recovery and with the price of oil not yet $60 a barrel, the investments are not always profitable.

We in Guyana, should be proud and excited that the largest oil company in the world is investing real money into our economy – this will eventually attract other good foreign investments and trade to our Republic in areas like agro-industry, mineral extraction, our water potential, our fishing potential, our forest potential and other new avenues to make up for lost time and lost opportunity.      Continue reading

A power struggle at this time will be disastrous for Guyana — Mohamed Hamaludin

A power struggle at this time will be disastrous for Guyana — MOHAMED HAMALUDIN

An intense drama is unfolding in Guyana, the former British colony on the northern shoulder of South America, where huge oil discoveries will transform the economy and propel its 750,000 citizens into an era of wealth.

The government of President David Granger, ruling with a thin majority, was stunned Dec. 21 after a member of a junior coalition partner backed a no-confidence vote in the first-ever such political development in the nation which was granted independence on May 26, 1966.

Meanwhile, the Venezuelan navy menaced two oil exploration vessels doing work for ExxonMobil, the main oil company searching Guyana’s waters nearly 200 miles off the Essequibo region, escalating a border dispute more than a century old.                   Continue reading

OPINION: Guyana – a gathering place for all except locals – By GHK Lall

OPINION: Guyana – a gathering place for all except locals

There they are operating under different foreign flags in local waters: Norwegian ships charting and collecting; multinational ExxonMobil readying and salivating; American State Department (and outgoing US Ambassador) shifting and solidifying partnership gears through comforting sounds.  As if not to be left out of the festivities, Caricom countries and the British (I think) have spoken favorably.

And I would be remiss if I were to forget the ubiquitous Middle Kingdom from the Far East casting about left and right for an opening to extend its burgeoning dreams of a far-flung global empire. Suddenly, little Guyana, once backward Guyana, is everybody’s best friend, and everyone is seeking some loving.          Continue reading

Presidential Decree: Venezuela orders naval force to protect ‘its waters’

Photo: President Nicolas Maduro (L) speaks with Oil Minister Manuel Quevedo during a ceremony in Caracas, Venezuela, Aug. 28, 2018. | Photo: Reuters

The critics of the oil contract and reality – Adam Harris

The critics of the oil contract and reality

Feb 25, 2018  – Kaieteur News Columnist – Adam Harris

Guyana is changing and this is because of the news of the oil discovery.

The change has been subtle, but Friday’s Mashramani float parade exposed the impact the find has had on the country. There were many overseas-based Guyanese who came home, many more than on previous occasions.

There was a time when people were not coming. They were mortally afraid of the level of criminal activity. That began to change when the criminals who were causing the mayhem got removed from the face of the earth. If one expected the people to return in their numbers, that changed with the divisive politics that prevailed.     Continue reading

Shell made mistake by pulling out of Guyana’s oil basin

Shell made mistake by pulling out of Guyana basin

By Bert Wilkinson – Caribbean Life News

Now that Guyana’s oil and gas basin has been deemed as one of the hottest and most exciting prospects in the world, Shell Oil has to be regretting its decision to withdraw as an investment partner with United States giant ExxonMobil, which has so far drilled six successful wells offshore Guyana worth about 3.2 billion barrels of oil, officials said Monday, Jan. 29.  Continue reading

Large oil companies head to Guyana’s rich oil, gas basin – By Bert Wilkinson

Large oil companies head to Guyana’s rich oil, gas basin

BY BERT WILKINSON

Three of the world’s largest oil and gas companies are preparing to bid for offshore blocks near to where United States oil giant ExxonMobil found large amounts of sweet light crude oil off the Caribbean Community nation’s coast two years ago officials said Friday.

Resources Minister Raphael Trotman said a high level team from California-based Chevron Corp is expected in the country next week to discuss an application for an offshore bloc while British Petroleum and Brazil’s Petrobras have also signaled plans to apply for blocs.      Continue reading

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