Newrest’s presence in Guyana illustrates its global approach to local empowerment and sustainable growth.
READ MORE
2024 oil reserves:11 billion barrels
Date of first oil:December 2019
2024 oil production:617,000 bopd
Guyana’s oil and gas sector represents a massive opportunity for the nation to kickstart its economy and diversify its energy mix as the world transitions away from fossil fuels. A string of 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.
Petronas has made its eighth gas discovery in Suriname’s offshore Block 52, bringing estimated total resources on the block to…
READ MORE
Olivier Laurac of Newrest talks about scaling integrated remote-site services for mining and oil and gas projects in Latin…
READ MORE
Taimi Nangula Itembu of Zephyr Marine Services talks about positioning the company to capture business from Namibia’s offshore…
READ MORE
Saipem has received a limited order to proceed from ExxonMobil for the Longtail offshore development in Guyana’s prolific…
READ MORE
Chevron has executed an asset swap with PDVSA to expand its heavy oil position in Venezuela.
READ MORE
SBM Offshore has secured a FEED contract from ExxonMobil for an FPSO for the Longtail project in Guyana.
READ MORE
ExxonMobil has accelerated oil and gas projects in Guyana as oil prices surge above USD 110 per barrel.
READ MORE
Newrest’s presence in Guyana illustrates its global approach to local empowerment and sustainable growth.
READ MORE
MODEC has confirmed the award of full EPCI scope to build the FPSO for ExxonMobil’s Hammerhead project in Guyana.
READ MORE
Saipem has received authorisation from ExxonMobil to proceed with EPCI for the Hammerhead offshore development in Guyana.
READ MORE
TechnipFMC has been selected by ExxonMobil to supply subsea production systems for the Hammerhead development in Guyana.
READ MORE
ExxonMobil has sanctioned the USD 6.8 billion Hammerhead oil project in the Stabroek Block in Guyana.
READ MORE
President Irfaan Ali has secured a second term in Guyana, reinforcing political support for the country’s booming offshore oil sector.
READ MORE
ExxonMobil has secured a deepwater PSC in Trinidad, with a potential USD 21.7 billion investment if reserves are confirmed.
READ MORE
ExxonMobil has started production at its Yellowtail project, raising Guyana's national capacity above 900,000 bopd.
READ MORE
Olivier Sadran of Newrest talks about building sustainable global catering operations.
READ MORE
Global catering and hospitality company Newrest is accelerating its expansion across Latin America.
READ MOREWHOSE PLATFORM IS THIS?
ASK US