ExxonMobil has made a seventh oil find in the Stabroek block offshore Guyana, the super-major announced on Wednesday.
The Pacora-1 exploration well has struck around…
READ MOREHydrocarbons reserves:10 billion boe
Date of first oil:December 2019
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.
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READ MOREExxonMobil has made a seventh oil find in the Stabroek block offshore Guyana, the super-major announced on Wednesday.
The Pacora-1 exploration well has struck around…
READ MORETotal has acquired interests in two blocks offshore Guyana and separately sold a 25% stake in Block 11B/12B offshore South Africa to Qatar Petroleum, the company…
READ MOREExxonMobil has discovered oil offshore Guyana, the super-major announced on Friday.
The Ranger-1 well in the Stabroek block, where ExxonMobil made the giant Liza…
READ MORESBM Offshore has struck a deal with 12 international banks for the project financing of the Liza FPSO, the company announced Wednesday.
The loan is for USD 720…
READ MOREHerbert George, National Infrastructure Development Company (NIDCO) chairman, talks to TOGY about the company’s recent restructuring efforts and ongoing projects.…
READ MORERaffie Hosein, head of the department of chemical engineering and senior associate professor of petroleum engineering at the University of West Indies (UWI), talks to…
READ MOREExxonMobil’s Guyana affiliate Esso Exploration and Production encountered 23 metres of oil pay at the Turbot-1 offshore well, the super-major announced on…
READ MORETotal has purchased an option to buy a 25% stake in Orinduik block offshore Guyana for USD 12.5 million, licence partner Eco Atlantic announced on Tuesday.
The…
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READ MOREAnthony Brash, Well Services Petroleum Company managing director, talks to TOGY about challenges associated with the fall in oil prices and regional aspirations.…
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