ExxonMobil and partners Hess and CNOOC Nexen Petroleum have struck hydrocarbons in Guyana’s offshore Stabroek block for the ninth time, the super-major said in a…
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.
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A new era for the Lobito terminal
INTERVIEW
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Vernon Paltoo, president of National Energy Corporation, talks to TOGY about the company’s asset expansion plans and the development of new projects. A wholly-owned…
READ MOREEPC company Saipem has been awarded a contract by ExxonMobil for work on the Liza phase two development offshore Guyana, international media reported Tuesday.
The…
READ MOREWith the help of international banks, Guyana will establish a sovereign wealth fund by the end of the year to manage expected revenues from oil and gas activities,…
READ MOREDavid Alexander, assistant professor in the petroleum engineering department at the University of Trinidad & Tobago (UTT), talks to TOGY about the energy-related…
READ MOREExxonMobil has revised the estimated recoverable resources in the Stabroek block offshore Guyana up by 25%, the super-major announced on Monday.
Following a series…
READ MOREKevin Ramnarine, Trinidad and Tobago’s former minister of energy and energy industries, talks to TOGY about policy changes that have led to a more attractive and…
READ MOREExxonMobil has awarded SBM Offshore a contract of unspecified value to build and operate the second FPSO at the Liza field offshore Guyana, the Dutch marine services…
READ MORENeil Bujun, managing director of Asco in Trinidad, talks to TOGY about logistics issues in Trinidad and Tobago, how to create efficiencies in the domestic sector,…
READ MOREWell Longtail-1 in the Stabroek block offshore Guyana has struck about 78 metres of net oil deposits, operator ExxonMobil announced on Wednesday.
The find, the…
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