Tullow Oil has agreed to sell its operating interest in the offshore Orinduik block in Guyana to independent Eco Guyana Oil and Gas, the London-based multinational oil…
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…
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A new era for the Lobito terminal
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Spanish energy giant Repsol has begun an environmental study on the offshore Kanuku block in Guyana after drilling two non-commercial exploration wells, Upstream Online…
READ MOREGuyana has extended its deadline for its much-anticipated oil and gas bid round to September 12, 2023, Reuters reported on Wednesday.
The move is due to the…
READ MOREJonathan Walker, head of dispute and risk management at M. Hamel-Smith and Company, talks to The Energy Year about trends in oil and gas investment relevant to risk…
READ MORETrinidad and Tobago and Suriname have signed an MoU aimed at energy co-operation, the countries announced at a signing ceremony on Thursday.
Suriname’s President…
READ MOREMikaiel Dookie, managing director of Ecotox Environmental Services, talks to The Energy Year about how Trinidad’s evolving renewables scene is changing its market for…
READ MORECGX Energy and partner Frontera Energy have completed drilling the Wei-1 exploration well in the Corentyne block offshore Guyana, the Canadian E&P partners announced on…
READ MOREWendy Seow, general manager of the La Brea Industrial Development Company (LABIDCO), talks to The Energy Year about how the company is boosting sustainability and…
READ MOREChinese EPC company Bomesc Offshore Engineering Company has signed a contract with Japanese shipbuilding entity MODEC to build FPSO modules for ExxonMobil’s Errea…
READ MORETrinidadian Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister the Hon. Stuart Young talks to The Energy Year about Trinidad and…
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