Category Archives: Oil Exploration

Oil will not fall victim to vicious ‘friends and family’ culture – Trotman promises

Oil will not fall victim to vicious ‘friends and family’ culture – Trotman promises

The mining, forestry, and broadcasting sectors, among others, have been victims of an

Minister of Natural Resources, Raphael Trotman

unscrupulous culture. It is a culture which sees the close friends and families connected to government officials benefitting from revenue and/or resources which are intended for the benefit and development of the state and its people.

But this culture is not unique to Guyana. It is particularly prevalent in the oil and gas sectors around the world. As Guyana prepares for this new industry which is poised to bring gushing streams of revenue, Minister of Natural Resources, Raphael Trotman is assuring that the Government is going above and beyond to insulate the oil sector from corruption.    Continue reading

ALL HANDS ON OIL – By Verian Mentis-Barker

ALL HANDS ON OIL

Gyana,oil, Exxon, Hess,CNOOC China, Lisa , Stabroek

When the International Financial News Organs mention the Liza 1 and 2 and the Stabroek oil wells found in the waters of its off-shore, it’s always with Guyana as the subtext.

Just look at the swagger in these headlines of Forbes Financial Magazine, June 30th 2016, in article by Christopher Helman “With Second Big Oil Discovery, Exxon Puts Guyana On The Map”…yeah, putting Guyana on the map…as Economist Magazine  ‘Gusher in Guyana’, article of June 29th 2017 tops it off with sub heading ‘It will take better politicians to resist the corrosive power of petrodollars’

Just for the record….if there is any noble propensity here, it is certainly tempered by a reputation of avarice and narcissism and this is what makes these magnates mount their horses of hubris and ride in to town…not because they are overtaken by any zealous munificence and definitely not because they want to make  Guyana its benefactor… but because they are driven to multiply their riches by oil.   Continue reading

ExxonMobil announces second giant oilfield offshore Guyana…500 million barrels found

ExxonMobil announces second giant oilfield offshore Guyana…500 million barrels of oil found

IRVING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM) today announced it has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels.

These positive well results increase the estimated gross recoverable resource for the Stabroek Block to between 2.25 billion oil-equivalent barrels and 2.75 billion oil-equivalent barrels.     Continue reading

Venezuela’s Perfect Storm for Oil May Be About to Break – By Liam Denning

Venezuela’s Perfect Storm for Oil May Be About to Break – By Liam Denning

“We may be about to see the first sovereign producer to unequivocally fail.”

Map of Venezuela

The oil producer in question is Venezuela, and that assessment comes courtesy of Helima Croft, who is global head of commodity strategy at RBC Capital Markets and formerly worked with both the Council on Foreign Relations and the CIA.

In a global oil market mired in excess inventory and low expectations, Venezuela is the most tangible of wildcards. Its tragic and volatile mix of a failing, oil-dependent economy, political gridlock and simmering unrest is well known at this point.

But things are building to a head, partly due to the relentless logic of the bond market and partly due to the more proprietary logic of U.S. foreign policy.

Read more: https://www.bloomberg.com/gadfly/articles/2017-07-21/venezuela-oil-storm-may-be-about-to-hit-the-market

Guyana ties the knot with ExxonMobil – By Rosaliene Bacchus

Three Worlds One Vision

ExxonMobil Country Manager receives Production License from Guyana Minister of Natural Resources - 15 June 2017

ExxonMobil Country Manager Rod Henson receives Production License
from Minister of Natural Resources Raphael Trotman
Georgetown – Guyana – June 15, 2017
Photo Credit: Guyana Ministry of Natural Resources

On June 15, 2017, Guyana tied the knot with ExxonMobil with the signing of a production license for the extraction of oil and natural gas, located offshore the Caribbean/South American nation with a population of 800,000 people. With this license, together with the Environmental Permit granted on June 1st, ExxonMobil will proceed with the Liza Phase 1 development. Located 120 miles offshore in an area known as the Stabroek Block, the Liza field development includes a subsea production system and a floating production, storage and offloading (FPSO) vessel designed to produce up to 120,000 barrels of oil per day. Exxon and its partners plan to begin production by 2020.

ExxonMobil’s press release on June 16th states: “Phase 1 is expected to…

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The gusher in Guyana Will oil corrupt a small Caribbean state? – The Economist

The gusher in Guyana Will oil corrupt a small Caribbean state?

It will take better politicians to resist the corrosive power of petrodollars
Jun 29th 2017 | GEORGETOWN Print edition | The Americas- The Economist Magazine

Oil rigs and production

SOUTH AMERICA’S only English-speaking country is one of its poorest. But perhaps not for much longer: Guyana has struck black gold. By 2020 ExxonMobil, the world’s biggest private oil firm, expects to be pumping oil in Guyanese waters, with Hess and Nexen, its American and Chinese partner firms.

In the past two years they have found reserves of around 2bn barrels. Five more promising prospects will be drilled by 2018, and then perhaps a dozen more. Guyana could be producing 120,000 barrels per day by 2020, and more than 400,000 by the mid 2020s.    Continue reading

Guyana’s oil find more massive than established – former T&T Energy Minister

Guyana’s oil find more massive than established – former T&T Energy Minister

Kevin Ramnarine

 “You may well have another North Sea at your doorstep,” said former Trinidad and Tobago Energy Minister, Kevin Ramnarine earlier this year. This was at a symposium hosted by the Guyana Oil and Gas Association (GOGA).

Commercial extraction of oil on the shores of the North Sea dates back to 1851; it continues today with new discoveries being made. The North Sea has several oil bearing wells claimed by the United Kingdom, Norway, Germany and the Netherlands.   Continue reading

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

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