Category Archives: Oil Exploration

Guyana: No advances on oil revenues- Finance Minister Jordan

Risky taking advances on projected revenues  – sufficient money in the treasury 

Stena Carron: Drilling at Liza 3

Finance Minister Winston Jordan on Monday ruled out Guyana taking advances from oil revenues to help stimulate the economy, warning that to do so would be fraught with danger in a country where there is already sufficient money in the treasury but limited human resources to spend.

“It’s no sense going taking advance on potential revenues to be had post 2020 when you can’t spend it in the open and transparent manner that it should be done,” he said when asked by Demerara Waves Online News.    Continue reading

Oil deal with Exxon…Guyana to get two percent royalty; 50 percent of profits

Oil deal with Exxon…Guyana to get two percent royalty; 50 percent of profits

Exxon-Mobil- Deep Water Champion Oil Exploration Rig

It is now final. Guyana is to receive a two-percent royalty on gross earnings and 50 percent of the “profits” of the oil proceeds when production starts in 2020.

Extraction from the offshore Liza field is expected to commence in 2020 at an initial rate of 100,000 barrels of crude per day in the first phase, with a Floating Production Storage and Offloading (FPSO) vessel providing the main infrastructural support for the project, a statement from the Ministry of Natural Resources said on June 1, 2017. Continue reading

Guyana’s oil may worth US$160B by 2020 – Surveys

Guyana’s oil may worth US$160B by 2020 – Surveys

If Guyana were to begin oil production now, the oil found so far would be worth anywhere between US$100B and US$108B. That calculation is based on the recent range of oil prices which bounce between US$50 and US$54 per barrel with consideration of the fact that ExxonMobil estimated Guyana’s oil found so far to be about two billion barrels.

However, with the figures being projected by experts, it seems as if the productions in the year 2020 augers well for Guyana.    Continue reading

“We are committed to your country”- CEO of Hess oil exploration partner with ExxonMobil

 “We are committed to your country”- CEO of Hess oil exploration partner with ExxonMobil

President David Granger emphasised environmental protection during discussions with Chief Executive Officer (CEO) of HESS Corporation, Mr. John Hess at State House

President David Granger on Wednesday met with Mr. John Hess, Chief Executive Officer (CEO) of HESS Corporation, the exploration company that holds a 30 percent interest in Exxon Mobil’s offshore drilling operations in the Stabroek Block.    Continue reading

Oil & Gas: Prospects for Guyana: Highlights – Moray House Trust – video

Published on 20 Mar 2017

Moray House Trust held its first symposium on the topic, ‘Oil and Gas: The prospects for Guyana’ in March 2017. These are some highlights from the evening.

Another find confirms Guyana’s oil deposits larger than envisaged

Another find confirms Guyana’s oil deposits larger than envisaged

March 31, 2017. Kaieteur News

The Stena Carron drillship

Another discovery by United States (US) oil and gas giant – ExxonMobil, has confirmed that Guyana’s oil deposits are larger than what was previously envisaged by experts.

The Stena Carron drillship has moved back to the Liza area to drill the Liza-4 well. (File Photo)

The ExxonMobil Corporation, as promised, yesterday announced positive results on its sixth well – Snoek – located offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara.   Continue reading

Guyana’s Natural Resources Minister, Raphael Trotman Woos Toronto’s Guyanese-Canadians

Guyana’s Natural Resources Minister, Raphael Trotman Woos Toronto’s Guyanese-Canadians

 March 8, 2017 – Caribbean Graphic

Natural Resources Minister – Raphael Trotman

Guyana’s Natural Resources Minister, Raphael Trotman was in Toronto over the Mach 4-5 weekend to attend a Mining Conference. During his brief visit, Trotman took the time to address a March 4 audience of Guyanese-Canadians at a Stakeholder Engagement Session titled “Guyana Rising From Potential to Prosperity”, which was held at Toronto’s Westmount Event Centre. The session was held primarily to update members of the diaspora on the progress of the rich oil find and the potential it has for the future of Guyanese at home and abroad.

With expectations soaring in the event of the expected revenues from oil, Trotman in his excellent presentation and very well received address, said the Government has identified several infrastructural projects, including the construction of the road from Linden to Lethem, building a deep water port at Crab Island, Berbice and at least two hydro power plants.   Continue reading

Guyana: Exxon Mobil briefs Media on Development in the Oil Sector – video

GINA Guyana

Exxon Mobil briefs Media on Development in the Oil Sector

Guyana needs clear strategy on spending oil earnings- UK envoy

 Guyana needs clear strategy on spending oil earnings- UK envoy

British High Commissioner to Guyana, Greg Quinn.

Britain says while Guyana appears to be progressing towards commercial oil production, there appears to be no clear indication on how the South American nation will spend some of the revenues.

High Commissioner to Guyana, Greg Quinn said Guyanese stakeholders need to discuss how the money should be spent on the social sectors and infrastructure while putting some of the earnings in a Sovereign Wealth Fund.    Continue reading

ExxonMobil’s development plans in Guyana – video

ExxonMobil’s development plans in Guyana – video

Published on Feb 22, 2017 

Ever wondered how Hydrocarbons formed? Are you curious about ExxonMobil’s development plans in Guyana? Then check out this video.

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