Category Archives: Oil Exploration

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.

Guyana: ExxonMobil says Liza to flow at 100,000 barrels per day

Guyana: ExxonMobil says Liza to flow at 100,000 barrels per day

Jan 29, 2017  Kaieteur News –  17 production wells planned

Trinidad (Oil and Gas Journal)- ExxonMobil Corp.’s giant Liza discovery offshore Guyana will have an average production of 100,000 b/d of oil when it begins flowing in 2020 according to the company’s Country Manager Jeff Simons.

Country Manager Jeff Simons

It also expects to produce 165 MMscfd of natural gas that will be mainly used for re-injection into the wells.
Speaking last week at the Energy Chamber of Trinidad and Tobago’s annual energy conference, Simmons said the company will use a floating production, storage, and offloading (FPSO) unit to produce the oil and would then export it, and raised the possibility of it being refined in nearby Trinidad and Tobago.   Continue reading

Guyana: Sovereign Wealth Fund will have effective budget stabilizing feature – Trotman

Sovereign Wealth Fund will have effective budget stabilizing feature – Trotman

— To also cater for environmental protection, funding of social protection projects

Natural Resources Minister, Raphael Trotman

While the intention to create a Sovereign Wealth Fund has earned the APNU+AFC administration much praise, there remains concern by some that the nation is yet to know what will be the specific features of the Fund.
Hoping to bring some clarity to the matter recently was Natural Resources Minister, Raphael Trotman. He told Kaieteur News that the Fund will have several features, one of which will be for budget stabilization.

“One must first understand that the Sovereign Wealth Fund is just a generic name. Most funds of this kind have several features which ours will have as well. However, the main characteristic of this Fund is to save money for the future generation which would be garnered from our oil wealth.”      Continue reading

Guyana exploring feasibility of oil refinery

Guyana exploring feasibility of oil refinery; T&T former Energy Minister virtually rules out refining at Petrotrin

Pedro Haas

Guyana has decided to begin examining the feasibility of establishing an oil refinery, as several local and foreign companies continue to express an interest in setting up such a facility here in response to increasing oil finds offshore.

Minister of Natural Resources, Raphael Trotman said consultant, Pedro Haas has been hired through the New Producers Group of the Royal Institute of International Affairs ‘Chatham House’ to help government determine whether an oil refinery should be built in Guyana. Haas is Director of Advisory Services at Hartree Partners LP,  a global merchant commodities firm specializing in energy and its associated industries.    Continue reading

Guyana’s Oil – Rex Tillerson got burned in Venezuela. Then he got revenge.

Rex Tillerson got burned in Venezuela. Then he got revenge.
By Nick Miroff, January 16, 2017
Rex Tillerson

Rex Tillerson

Rex Tillerson hadn’t been CEO of ExxonMobil very long when the late president Hugo Chavez made foreign oil companies in Venezuela an offer they couldn’t refuse. Give the government a bigger cut, or else.

Most of the companies took the deal. Tillerson refused.

Chavez responded in 2007 by nationalizing ExxonMobil’s considerable assets in the country, which the company valued at $10 billion. The losses were a big blow to Tillerson, who reportedly took the seizure as a personal affront.

Continue reading

Exxon-Mobil discovers more oil in offshore Guyana

Photo: ExxonMobil at work in the Liz-1 well in the Stabroek Block  exxon-well

— ExxonMobil announces positive results from Payara-1 well

Guyana Chronicle – January 13, 2017

EXXONMOBIL has announced positive results from its Payara-1 well offshore Guyana. Payara is ExxonMobil’s second oil discovery on the Stabroek Block and was drilled in a new reservoir. The Payara-1 well targeted similar aged reservoirs that were proven successful at the company’s Liza discovery.“This important discovery further establishes the area as a significant exploration province,” said Steve Greenlee, president of ExxonMobil Exploration Company.
“We look forward to working with the Government and our co-venturers to continue evaluating broader exploration potential on the block and the greater Liza area.”    Continue reading

Agriculture, gold…and oil, elevating Guyana’s international image

Agriculture, gold…and oil, elevating Guyana’s international image

By Kiana Wilburg – Kaieteur News – December 25, 2016

The impressive performance of Guyana’s gold and agriculture sectors coupled with the highly anticipated wealth to accrue from the oil industry, have all served to boost the nation’s image on the international stage.

Under new political guidance, these sectors are poised to not only transform Guyana’s growth structure but also guarantee the improvement in the nation’s management capabilities as well as its financial stability.
Here is an in-depth look at these sectors as well as their performance in recent times.      Continue reading

Guyana 411 – December 23, 2016 – Focus on Natural Resources – video

GINA logoGuyana 411 – December 23, 2016 – Focus on Natural Resources

Exxon-Mobil’s President Rex Tillerson scrubs Guyana visit

 Exxon-Mobil’s Tillerson scrubs Guyana visit

December 15, 2016  – Caribbean News Now – By Bert Wilkinson

tillersonThe man Donald Trump, the controversial U.S. President-Elect, has nominated to be his administra­tion’s secretary of state has been forced to scrub a visit to Guyana this week after he was formally named as the person for one of the more powerful positions in the cabinet.

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