ExxonMobil has decided to press ahead with the development of the Liza field in the Stabroek block offshore Guyana, the US major said in a press release on Friday.…
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.
Seatrium has been awarded a contract for yet another FPSO vessel destined for Guyana’s Stabroek block.
READ MORESeatrium has secured topside integration work for the Guyana-bound FPSO Errea Wittu.
READ MORERussell Boodoo of TOSL Engineering talks about the company’s role in supporting Trinidad's energy transition.
READ MOREAs 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 MOREPeter Ghany, managing director of ESAU Oilfield Supplies, talks to TOGY about the the ways plants are compensating for curtailments in gas supply in Trinidad and…
READ MORETOGY talks to Richard P. Young, the chairman of the Trinidad and Tobago International Financial Centre (TTIFC), about the market’s competitive advantages, the…
READ MORESaipem has signed an engineering, procurement, construction and installation contract with ExxonMobil for work associated with the offshore Liza venture, the Italian…
READ MORETechnipFMC said on Tuesday it had been contracted to perform the subsea work for the Liza project in offshore Guyana, where recoverable oil reserves are estimated at…
READ MORETOGY talks to Adrian Achan, general manager of AdON Group, about the company’s core maintenance activities, diversifying into the lubricants markets and looking to…
READ MOREUS independents Hess Corporation and Murphy Oil announced fourth-quarter losses on Wednesday, yet remain optimistic about the new year.
Arkansas-based driller Murphy…
READ MOREExxonMobil has officially labelled the Liza discovery offshore Guyana a commercial oil find, marking the first-such event for the country in 50 years.
According to…
READ MOREDrilling results from ExxonMobil’s Liza-2 well offshore Guyana have confirmed the presence of as much as 1.4 billion boe in recoverable resources, the company said in…
READ MOREGuyana’s Minister of Natural Resources Raphael Trotman talks to TOGY about ExxonMobil’s large offshore discovery in the Stabroek block in 2015 and how it will…
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