ABB has signed a contract with Japanese engineering entity MODEC to deliver topside and hull electric systems for an FPSO bound for the Uaru oil field in Guyana, the…
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.
TechnipFMC 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 MORECNOOC has filed for arbitration to assert its right to first refusal on Hess' stake in Guyana's Stabroek block, joining…
READ MOREJumbo Offshore has signed a contract with Japanese vessel builder MODEC for pre-installation of the mooring spread of an FPSO bound for Guyana, the Netherlands-based…
READ MOREAnthony Brash, managing director of Well Services Petroleum Company, talks to The Energy Year about the company’s main recent drilling projects and key factors the…
READ MOREThe Venezuelan government has launched a referendum asking its citizens to vote on the nation’s claim to the oil-rich Essequibo region that is now controlled by…
READ MORESaipem has been awarded an EPCI contract by ExxonMobil for works at its Whiptail oilfield project on Guyana’s prolific Stabroek block, the Italian engineering and…
READ MORESean Patience, managing director of Cargo Consolidators Agency (CCA), talks to The Energy Year about where the company is seeing demand for its freight forwarding…
READ MOREExxonMobil has begun production at the Payura play in Guyana ahead of schedule, the US energy giant announced on Tuesday.
The Prosperity FPSO is expected to reach…
READ MORECGX Energy and partner Frontera Energy have made an additional find on the Corentyne block offshore Guyana, the Canadian E&P company announced on Thursday.
The…
READ MOREExxonMobil and its partners have made another discovery on the Stabroek block in Guyana, Reuters reported on Thursday.
According to the country’s energy ministry,…
READ MOREAnnand Jagesar, CEO of Staatsolie Maatschappij Suriname, talks to The Energy Year about Suriname’s plans for growing its oil and gas sector while remaining a…
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