OIL AND GAS NEWS

GIPEX postponed: organizers eyeing Q3 2019

2018-02-08

The Guyana International Petroleum Exhibition (GIPEX), originally scheduled to be held in March 2019, has been postponed to the 3rd quarter of the year.

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ExxonMobil, Guyana “Hit the Jackpot”

2018-08-31

ExxonMobil made its ninth discovery offshore Guyana, possibly creating the greatest value of any offshore basin in the Americas. This is the company’s fifth discovery on the Stabroek Block in the past year and proves a new play concept for potential development. The Hammerhead-1 discovery encountered approximately 197 ft (60m) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 13,862 ft (4,225m) depth in 3,373 ft (1150m) of water.

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‘The rush to Guyana will be unprecedented’ – Hughes tells TOTALTEC graduates

2018-12-03

Partner in Guyanese law firm Hughes, Fields and Stoby, Nigel Hughes on Thursday called the third batch of TOTALTEC oilfield operator graduates “pioneers” of Guyana’s nascent oil and gas industry and said that they will be a part of the success that will come to the country as a result.

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U.S. Diplomats Boost ExxonMobil in Guyana

2019-03-14

Since ExxonMobil announced the 2015 discovery of large oil reserves off the coast of Guyana, the small South American country has been buzzing with visions of a coming oil boom that U.S. diplomats say is going to bring tremendous wealth to the people of Guyana, about one-third of whom live below the poverty line.

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Offshore drilling making comeback with low-cost targets like Stabroek

2019-03-28

Producing 120,000 barrels of oil per day from the Permian basin would require a $12.8 billion investment while hitting the same volume from Guyana’s Stabroek Block require just $3.7 billion for the first phase of the Liza Development project.

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CGX Energy and Frontera Energy Receive Approval of Strategic Joint Venture from the Government of The Cooperative Republic of Guyana

2019-05-03

CGX Energy Inc. (OYL.V) ("CGX") and Frontera Energy Corporation (FEC.TO) ("Frontera") announced today that the Government of The Cooperative Republic of Guyana has approved the farm-in joint venture agreement covering two shallow water offshore Petroleum Prospecting Licenses in Guyana , the Corentyne and Demerara blocks.

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Exxon Mobil authorizes $6B Guyana development

2019-05-03

Exxon Mobil said Friday it authorized the $6 billion second phase of its massive oil development off the coast of the tiny South American nation of Guyana.

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ExxonMobil, Hess sanction $6bn Liza Phase 2 development offshore Guyana

2019-05-06

The Liza Phase 2 development is designed to have a production of up to 220,000 barrels of oil per day through the $1.6bn Liza Unity Floating Production, Storage and Offloading vessel (FPSO).

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ExxonMobil Progresses Growth Plans and Efforts to Advance Lower-Emissions Technologies

2019-05-29

ExxonMobil is progressing growth plans to substantially increase earnings and cash flow potential while researching technology breakthroughs to reduce emissions, Chairman and CEO Darren Woods told shareholders during the company’s annual meeting today.

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Future Of Guyana Telecommunications Market – Revenue, Trends, Growth, Share, Size, and forecast to 2025

2019-06-03

The Guyana Telecommunications report – 8th series from OGAnalysis provides a complete view of the Guyana telecom ecosystem along with trends and growth factors shaping the future of the market.

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Hess sanctions Liza Phase 2 development offshore Guyana

2019-06-05

Hess Corporation has announced it has received regulatory approval from the government of Guyana and has made a final investment decision to proceed with the second phase of development of the Liza Field on the Stabroek Block, offshore Guyana.

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15% of global oil discoveries since 2015 made in Guyana

2019-06-14

Guyana accounts for 15 percent of conventional oil discoveries made globally since 2015 and from all indications, potential for more crude strikes offshore the South American country remains high. Since the first giant Liza discovery announced back in May 2015, US oil major ExxonMobil the operator in the prolific Stabroek Block has had an unprecedented run of successful discoveries amounting to 13 in total, with just 2 dry holes. The 6.6 million acres Stabroek Block which is equivalent to 1,150 Gulf of Mexico blocks holds multiple oil-rich reservoirs that to date exceed 5.5 billion barrels of oil equivalent and counting.

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Yellowtail, Tilapia are biggest "high-impact " oil discoveries so far for 2019

2019-08-12

ExxonMobils discoveries at the Yellowtail and Tilapia wells in the Stabroek Block offshore Guyana were the largest made in the first half 2019. Westwood Global Energy Group, in a report published on August 12, said high-impact exploration drilling activity increased substantially in the first half of the year with 51 exploration wells completed, compared to 36 in the same period in 2018. Westwood said the commercial success rate has also improved significantly, running at 37% so far compared to ~27% recorded in 2017 and 2018. 16 discoveries estimated to be larger than 100mmboe have already been made in the first half of the year, with the largest discoveries all being gas at Dinkov (~14tcf) and Nyarmeyskoye (4.3tcf) in the Kara Sea offshore Russia, and Glaucus (4.5tcf) in the Eastern Mediterranean offshore Cyprus. The largest oil discoveries are considered to be at Yellowtail and Tilapia offshore Guyana, both at more than 300mmbbl, Westwood said.

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Liza Destiny FPSO sails in on tide of good fortunes for Guyana

2019-09-11

Along with its arrival, the 120,000 bpd Liza Destiny FPSO has brought with it good tidings, hope and an opportunity for a brighter future for Guyana; a small country of just over 750,000 people, located on the northern tip of South America. Director of the countrys Department of Energy, Dr. Mark Bynoe, on Monday evening said the historic arrival of the countrys first floating oil production complex, heralds a tide of good fortunes which we must appreciate for both the magnificent engineering feat that [it] presents and the flood of opportunities and possibilities it presents for Guyana and Guyanese. The Energy Director made these remarks at a glowing Commemorative Reception hosted at the Guyana Marriott Hotel to mark the arrival of the vessel and the final round of preparations for oil production, now just months away.

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Exxon strikes oil at Tripletail offshore Guyana

2019-09-16

ExxonMobil said on Monday it made an oil discovery on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. The discovery adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block. Tripletail-1 encountered approximately 108 feet (33 meters) of a high-quality oil bearing sandstone reservoir. Tripletail-1, drilled in 6,572 feet (2,003 meters) of water, is located approximately 3 miles (5 kilometers) northeast of the Longtail discovery. After completion of operations at Tripletail, the Noble Tom Madden drillship will next drill the Uaru-1 well, located approximately 6 miles (10 kilometers) east of the Liza field. This discovery helps to further inform the development of the Turbot area, said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. Together with our partners, ExxonMobil is deploying industry-leading capabilities to identify projects that ca

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Tullow makes second discovery offshore Guyana

2019-09-16

Tullow Oil plc (Tullow) announces that the Joe-1 exploration well has successfully opened a new Upper Tertiary oil play in the Guyana basin. This discovery follows the companys first successful well offshore the South American country Jethro-Lobe announced on August 12. The Joe-1 exploration well was drilled by the Stena Forth drillship to a Total Depth of 2,175 metres in water depth of 780 metres. Evaluation of logging and sampling data has confirmed that Joe-1 has encountered 14 metres of net oil pay in high-quality oil-bearing sandstone reservoirs of Upper Tertiary age. Joe is the first oil discovery to be made in the Upper Tertiary and de-risks the petroleum system in the west of the Orinduik block, where a significant number of Tertiary and Cretaceous age prospects have been identified. Tullow and its Partners will now evaluate data from the Joe-1 discovery alongside data from the Jethro-1 discovery announced in August 2019 and await the outcome of the Carapa well to de

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Guyana offshore gets busy with new discoveries and more wells planned

2019-09-23

US oil major ExxonMobil is targeting two new wells on its Stabroek Block following the companys 14th discovery announced last week at Tripletail. Tullow Oil, which announced the Jethro-Lobe discovery on the Orinduik block in August quickly followed it with Joe, where the company made its second oil strike offshore Guyana. Carapa, a Repsol-operated well, is planned on the Kanuku block to the south in September, with results expected by Q4. Repsol is proud to be operating in Guyana, where we have been present for more than 20 years. We remain on track to spud the Carapa exploration well in the third quarter on the Kanuku Block with our joint interest owners Tullow and Total, Ryan Ramjit, Repsol Country Exploration Manager for Guyana and the Eastern Caribbean, recently told OilNOW. Jethro, which contains about 100 million recoverable barrels of oil equivalent and is situated in the northeast corner of Orinduik, bordering Stabroek, was the first rival find in a region that appears

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OTC: Global perspective and technological innovation define 2019 event

2019-10-05

Offshore energy professionals from around the world attended the 2019 Offshore Technology Conference—the 50th anniversary—at NRG Park to gain insights from global experts and colleagues. While speakers challenged ideas about the changing landscape of exploration and production, exhibitors displayed the impact of technology and digitalization on the science of energy supply and demand management.

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Guyana is number 2 in the world for discovered resources to date in 2019 - Rystad Energy

2019-10-09

Oil continues to flow in the South American country of Guyana, where so far for 2019, the second most discovered resources have been made globally, with Russia topping the charts at number 1. Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) year-to-date, according to Rystad Energys latest global discoveries report. The industry is well on track to repeat the feat achieved in 2018, when around 10 billion boe of recoverable resources were discovered, says Palzor Shenga, senior analyst on Rystad Energys upstream team.

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Guyana, Qatar to boost partnership in O&G, trade and education

2019-10-09

President of Guyana David Granger on Wednesday said that the South American country is keen on cooperating with Qatar not only on building oil and gas capacity but also on realising trade and education opportunities. The president was at the time accepting the Letters of Credence accrediting Qatars new non-resident Ambassador to Guyana, His Excellency Ahmed Ibrahim Abdulla Al-Abdulla, at the Ministry of the Presidency in Georgetown. I wish to convey Guyanas interest in deepening cooperation with Qatar in trade, capacity building and education. I also wish to suggest that new fields of cooperation in energy and tourism be explored, said President Granger.

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Exhibition space rapidly running out as companies get onboard for GIPEX 2019

2019-10-25

Interest from companies continue to grow as the staging of the second largest petroleum conference in South Americas newest oil and gas hotspot nears. At a press conference held on Friday, October 25 to announce the upcoming event, Managing Director of Valiant Business Media, Mr. Shariq AbdulHai, explained that the primary goal of the Guyana International Petroleum Exhibition (GIPEX) is to provide companies, both local and international, with a platform to showcase their services to global audience. GIPEX also simultaneously gives companies an opportunity to announce new joint ventures and partnerships by way of daily media briefings. Mr. AbdulHai said, Last year, it was the first yearWe saw a lot of joint ventures come into play. Giving an overview of the event, Mr. AbdulHai said GIPEX 2019 is being organised by VBM in partnership with the Government of Guyana (GoG) through the Department of Energy (DoE), Ministry of the Presidency, with support from the Guyana Office for

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Local start-up companies urged to take part in Petroleum Summit

2019-10-25

The organisers of the second Annual Guyana International Petroleum Business Summit and Exhibition (GIPEX) are inviting local start-up companies to participate. A number of international and regional companies are expected to exhibit their products and services. The organisers Friday revealed at the launch of the Summit that 85% of the exhibition space has already been allocated. The organisers of the event include Valiant Business Media, the Department of Energy, the Guyana Office for Investment and the Private Sector. said they have space for a total of 90 exhibitors and so far 85% of that space has already been allocated. The Summit will last for three days from November 20 to 22 at the Marriott Hotel and will include a number of panel discussions on the oil and gas industry and international, regional and local exhibitors. You can expect exciting topics to be discussed over those three days for our panel discussions, Mr AbdulHai said. The Managing Director n

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Petroleum expo organiser says working to bring maximum benefits to Guyanese

2019-10-26

The organiser of the second Guyana International Petroleum Exhibition (GIPEX) yesterday stated that it is registered here and is working with the local private sector to ensure the event bring maximum benefits for Guyanese and the country. What we are seeing is a lot of misinformation out there. We are working closely with the private sector, Managing Director of Valiant Business Media Shariq Abdulhai told a press conference at the Marriott Hotel, as preparations continue for the event, which is scheduled for November 20th to November 22nd. Were working closely with the GCCI (George-town Chamber of Commerce and Industry) and we are looking at subsidising some rates for the local companies, especially the startups who want to come in and see how they can be part of this journey, he added. Present at the press conference also were Head of the Department of Energy (DoE), Dr. Mark Bynoe and GCCI Executive Director Richard Rambarran. Questions have been raised as to why the U

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Second GIPEX opens Nov. 2

2019-10-26

THE Guyana International Petroleum Exhibition (GIPEX) organised by UK-based Valiant Business Media in collaboration with the Department of Energy, Ministry of the Presidency, and with support from Guyana Office for Investment, will be held from November 20 to 22 at Guyana Marriott Hotel. At a press briefing on Friday at the Marriot Hotel, CEO of Valiant Guyana, Shariq AbdulHai, explained that GIPEX remains the largest oil and gas conference and exhibition in the South American country. He explained that the event serves to place spotlight on the rapidly-growing investment opportunities and avenues for partnerships that exist, which are crucial to the growth and development of the local industry. The CEO said GIPEX is 100 per cent funded by Valiant Business Media by way of support and sponsorship from companies in the oil and gas industry, as is standard with the staging of such events. AbdulHai noted that there will be subsidised group rates for participation in the exhibitio

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