Ronald Solomon, Caribbean area manager for Baker Hughes, a GE company (BHGE), talks to TOGY about the company’s current and upcoming projects, and the opportunities…
READ MOREGuyana's Energy Industry
in figures
Hydrocarbons reserves:10 billion boe
Date of first oil:December 2019
Guyana: The Launch of a New Era
Guyana’s oil and gas industry represents a massive opportunity for the nation to kickstart its economy and diversify its energy mix as the world transitions away from fossil fuels. While the country’s oil and gas potential was traditionally minimal, discoveries following ExxonMobil’s substantial find in the offshore Stabroek block in 2015 have put the country on the investment map. Since then, the country has pursued exploration activities and considerably raised its proven reserves, further underlining the country’s nascent potential.
To meet rising production and protect the South American country’s interests in its resources, the Ministry of the Presidency established the Department of Energy in August 2018 to oversee handing PSCs and enforce regulations in the development of the hydrocarbons industry. The World Bank and International Monetary Fund have provided strong support for Guyana to establish clear policies and mechanisms to transfer knowhow to local entities and ensure sustainable growth.
The country plans to use funds gained through oil and gas sales to update its power generation sector and move away from reliance on bunker fuel and diesel, build associated infrastructure such as pipelines and refineries and foster a sustainable forestry sector based on the country’s heavily forested ecosystem. However, to diversify its economy, the country must first set down a feasible roadmap and policy framework to ensure its rich resources directly benefit the country and lead to maintainable development of industry.
As an established global petrochemicals exporter, Trinidad is well positioned to take the lead as a green commodity producer.
READ MORETechnipFMC has won a contract valued at up to USD 1 billion from ExxonMobil for works on the Whiptail project off Guyana.
READ MORESaipem has received authorisation to proceed on EPCI work for ExxonMobil's Whiptail development offshore Guyana.
READ MOREPetrobras has announced a new oil discovery in the ultra-deepwater Potiguar Basin offshore Brazil.
READ MOREPGS has won a "large" 3D seismic campaign in the South Atlantic Margin for a multi-client company.
READ MOREModec has selected TMC Compressors to supply a large-capacity marine compressed air system to its FPSO Errea Wittu.
READ MORE-
A new era for the Lobito terminal
INTERVIEW
Most popular
Rod Henson, country representative of Esso Exploration & Production Guyana (EEPGL), talks to TOGY about the dynamics of working in Guyana’s new oil and gas industry,…
READ MOREGuyana and Canada’s province of Newfoundland and Labrador have signed an MoU to co-operate on “responsible oil and gas development,” the two governments announced…
READ MORENigel Baptiste, managing director of Republic Bank, talks to TOGY about constraints in financing upstream projects, how to boost competitiveness and expand the economy,…
READ MOREMark Bynoe, director of Guyana’s Department of Energy, talks to TOGY about the department’s priorities, the regulatory and legislative areas that must be…
READ MOREGuyana will put off planned block auctions to allow more time for the newly established Department of Energy to settle into its role as an oil and gas regulator,…
READ MORETrinidad and Tobago and Guyana will collaborate on energy industry development under an MoU signed Wednesday by the countries’ heads of state, local media…
READ MORESuper-major Total has exercised its option to purchase a 25% working interest in the Orinduik block offshore Guyana for USD 12.5 million, local media reported Thursday.…
READ MOREThe Orinduik block located offshore Guyana is estimated to contain gross 2P reserves of 2.91 billion boe, independent player Eco Atlantic Oil & Gas said in a company…
READ MORETullow Oil expects to begin a drilling campaign in Guyana’s offshore Orinduik block in Q3 2019, international media reported Thursday.
The drilling will be the…
READ MOREWHOSE PLATFORM IS THIS?
ASK US
- Do you have a question for The Energy Year about oil and gas?
- If we know, we’ll tell you.
- If not, we’ll ask the experts in the field.