Tullow secures Stena Forth Drillship to drill two wells offshore Guyana

UK based Petroleum firm, Tullow, has contracted the Stena Forth, a sixth-generation drillship owned by Stena Drilling, to step up its exploration campaign in the Orinduik Block with not one but two wells. This is according to its partner, Eco Atlantic, which holds a 15 percent working interest in the Orinduik Block. Eco said that […]

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Exxon’s specialist hired for completion of Local Content Policy

ExxonMobil’s Local Content Specialist, Dr. Michael Warner, will be the person putting the finishing touches on the nation’s Local Content Policy after being awarded a $22M contract by the Government of Guyana. This was revealed during a press conference that was held recently by Minister of State, Joseph Harmon. He said a “Ministerial Plenary” noted […]

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Petroleum investors not worried about political climate-Dr. Bynoe

Petroleum investors are not worried about the current political climate which is characterized by the uncertainty of when General and Regional Elections will be held. This was recently noted by Head of the Energy Department Dr. Mark Bynoe. The official said that initially, some investors had asked about the implications for the sector when the […]

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Legislative review to beckon auctioning of other offshore blocks in 2020

By month end, the Energy Department is hoping that the review of the Petroleum Exploration and Production Act can be completed as well as a gap analysis of existing legislation. Once this is done, Energy Department Head, Dr. Mark Bynoe explained to members of the media yesterday that this will pave the way for the […]

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GRA, Audit Office will only waste time and money if… – Expert

According to Director of Oxfam America, Ian Gary, petroleum risk assessment skill sets will be essential if audits by Guyana’s Audit Office or Revenue Authority are going to be effective. During an interview with the Guyana Standard today, Gary explained that risk assessment is the process of identifying, evaluating, ranking, and quantifying fiscal compliance risks. […]

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UK firm hired to review Exxon, other oil majors Field Development Plans

Out of 17 firms that submitted a bid, UK-based firm Bayphase Oil and Gas Consultants has won the contract to review the Field Development Plans (FDPs) of oil operators in Guyana. This was announced yesterday by Head of the Energy Department, Dr. Mark Bynoe. The official said that the contract was awarded based on the […]

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Marketing plan being developed for Guyana’s oil-Energy Dept. Head

The Department of Energy is in the process of developing a crude marketing plan and accompanying Terms of Reference (ToR) for the marketing of the nation’s crude which will be garnered from its Production Sharing Agreement (PSA) with American Oil giant, ExxonMobil. This was revealed yesterday by Energy Department Head, Dr. Mark Bynoe. At his […]

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Energy Dept. will disallow exorbitant costs by Exxon, other oil majors-Govt. Advisor

Guyana will not be blindly signing off on any cost ExxonMobil or any other oil major may seek to recover. According to Petroleum Advisor to the Government, Matthew Wilks, a thorough audit would be done. If excessive costs are detected and there is no proper justification, then the Energy Department would disallow it. Wilks made […]

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Marketing plan being developed for Guyana’s oil-Energy Dept. Head

The Department of Energy is in the process of developing a crude marketing plan and accompanying Terms of Reference (ToR) for the marketing of the nation’s crude which will be garnered from its Production Sharing Agreement (PSA) with American Oil giant, ExxonMobil. This was revealed earlier today by Energy Department Head, Dr. Mark Bynoe. At […]

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Hess to spend 80 percent of its budget on ‘high return assets’ in Guyana

The exploration and development budget for Hess Corporation is pegged at US$2.9B for 2019, and instead of investing 40 percent of this into Guyana’s offshore basin, as it had initially planned, it has increased that to 80 percent. This was noted by the company’s Chief Executive Officer (CEO), John Hess. The official said, “Our capital […]

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