DOF Subsea has signed a contract with ExxonMobil for the use of two of its multipurpose support construction vessels for work on Guyana’s Stabroek Block, 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.
Seatrium 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 MOREPetrobras has announced a new oil discovery in the ultra-deepwater Potiguar Basin offshore Brazil.
READ MOREThe Guyanese government has launched a tender for the design and financing of a 30,000-bopd refinery, Reuters announced on Monday.
The state has set a mid-December…
READ MOREEnrique Zepeda, CEO of Transportes Aéreos Pegaso, talks to The Energy Year about the recovery of Mexico’s offshore aviation sector and the differentiators the…
READ MOREMelissa Bond, managing director of ExxonMobil Angola, talks to The Energy Year about how the company is expanding its production success in Angola and its plans for…
READ MORETechnipFMC has signed an EPCI contract with super-major ExxonMobil to connect two FPSOs to onshore facilities in Guyana, the Houston-based technology provider announced…
READ MOREFrontera Energy Corporation and CGX Energy have upped encountered reserves on the Kawa-1 exploration well on the Corentyne block offshore Guyana, the Canadian E&P…
READ MORETechnipFMC has been awarded a contract for six high-pressure and high-temperature flexibles on ExxonMobil’s Yellowtail development in Guyana, the Houston-based…
READ MOREExxonMobil has made its FID on the offshore Yellowtail development in Guyana after receiving state approval, the American super-major announced on Monday.
The USD…
READ MOREExxonMobil has begun production on the second phase of the Liza development on the Stabroeke Block offshore Guyana, the American super-major announced today.
The…
READ MORECGX Energy and its majority stakeholder Frontera Energy Corporation have made a significant discovery at the Kawa-1 well on the Corentyne block in Guyana, the Canadian…
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