Guyana News

Hess Corp Sees Higher Capital Spending, Output in 2022. Focus on Guyana and Bakken

Jan 25, 2022

Hess Corp said on Tuesday it expects its 2022 capital budget for production to rise 37% as the oil company looks to focus on its operations in Guyana and the U.S. Bakken shale basin.A more than 50% rise in global crude prices in the past year…

Suriname Will Give Brazil's Petrobras Priority in Oil Exploration - Bolsonaro

Jan 21, 2022

Brazil's President Jair Bolsonaro said on Thursday that Suriname will give Brazilian state-controlled oil company Petrobras priority in the exploration of oil and gas reserves recently discovered off-shore.Bolsonaro spoke by webcast to supporters in Brazil from Paramaribo…

Guyana Approves Wealth Fund, Local Content Rules for Expected Oil Boom

Dec 30, 2021

Guyana's parliament on Wednesday approved local content rules for oil producers and a sovereign wealth fund to oversee the South American nation's earnings from a budding oil bonanza.International oil producers have discovered 10 billion barrels…

Brazil Has Oil. Exxon Can't Seem to Find It

Feb 14, 2022

Exxon Mobil Corp has bet billions of dollars on offshore drilling in Brazil, an area it once abandoned and now sees as key to its future.But five years into its comeback, the U.S. oil giant has yet to make a major oil discovery as an operator…

Namibia Aims for First-ever Oil Output by 2026 after Shell Offshore Find

Feb 07, 2022

Namibia aims to fast-track the development of its first oilfield to have production by 2026 following a significant offshore discovery by Shell, a senior energy official told Reuters on Monday.Shell on Friday said the exploration well off the…

Eco Atlantic Firms Up Azinam Acquisition Deal

Feb 08, 2022

Oil and gas company Eco Atlantic has signed a firm agreement to acquire the South Africa and Namibia-focused oil firm Azinam, in return for a 16.5% equity stake in the enlarged company. The Sale and Purchase Agreement follows a memorandum of…

Reuters: Shell Makes 'Significant' Oil and Gas Discovery Offshore Namibia

Jan 25, 2022

Shell has made a significant oil and gas discovery at a closely-watched offshore well in Namibia which could spark a wave of investment in the southern African country, three industry sources told Reuters.Namibia is not a fossil fuel producer…

CGX's Kawa-1 Well in Guyana Encounters Oil, but Drilling Costs Rise

Dec 16, 2021

Canadian-based firm Frontera Energy, the majority owner of CGX Energy and its partner in the Corentyne Block offshore Guyana, has informed that the Kawa-1 exploration well, spudded in the block in August, has encountered hydrocarbon presence…

Tullow Oil Sees 2021 Free Cashflow at $250M

Jan 26, 2022

West Africa-focused Tullow Oil expects its 2021 free cash flow to come in higher than previously forecast at $250 million and expects this year's cash flow to come in at $100 million at an oil price of $75 a barrel, it said on Wednesday.Tullow…

Report: Exxon, SBM Offshore in Talks to Build Fourth FPSO for Guyana

Nov 12, 2021

Exxon Mobil is in discussions with Dutch contractor SBM Offshore NV to build a fourth multibillion-dollar production unit to develop its Guyana oil discoveries, two people close to the negotiations said.The talks include the potential for some future platform assembly in Guyana…

Rystad: FPSO Contracts in 2021 Hit Pre-Pandemic Levels. Ten New Orders Expected in 2022

Jan 10, 2022

According to Rystad Energy research, the market for floating production, storage, and offloading (FPSO) units almost brushed off the pandemic's effect in 2021, driven mostly by Brazil demand, and is predicted to continue apace in 2022, with 10 new awards expected…

Hess Will Switch to 'Return of Capital Mode'

Jan 07, 2022

Hess Corp will announce a 'meaningful' dividend growth this year as it starts to prioritize returning capital to shareholders over business investments, Chief Executive John Hess said on Thursday.Oil companies have been raising cash distribution…

Eco Atlantic to Acquire Azinam's Offshore Blocks in Namibia, South Africa

Jan 11, 2022

Oil and gas company Eco Atlantic has signed a Memorandum of Understanding to acquire 100% of Azinam Group including Azinam's entire offshore asset portfolio, in return for a 16.65% equity stake in the enlarged group on completion of the acquisition…

China's CNOOC Sets 2022 Output Target 10% above 2021 Goal

Jan 11, 2022

China's biggest offshore oil and gas producer, CNOOC Ltd, on Tuesday set its 2022 production target at 600 million-610 million barrels of oil equivalent (boe), 10% above last year's goal.The company targeted output of 545 million-555 million boe in 2021…

Guyana to Request Stronger Financial Guarantees from Oil Operators

Nov 23, 2021

Guyana is getting ready to raise requirements on oil operators to protect the nation against spills and future removal costs of production platforms, the head of its environmental agency told Reuters.Guyana currently requires financial assurance…

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