Guyana , Mexico to attract the most oil investments for 2019 -Analyst

Guyana and one of its partners on technical cooperation for energy, Mexico, will attract the most investment for 2019. This is according to Andrew Latham, the Vice President of Global Exploration at Wood Mackenzie. Latham said, “The Americas will receive a lot of attention this year. In fact, the Latin American plays account for one […]

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Repsol, partners to drill first well in this year

Now that American oil giant, ExxonMobil has racked up 12 successful discoveries, its neighbouring offshore competitors are speeding up their drilling plans. This is the case with Spanish operator, Repsol which has a 37.5 percent interest in the Kanuku Block. It shares that play with French multinational Total S.A and UK oil major, Tullow. They […]

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ExxonMobil makes two more discoveries offshore Guyana

American Oil Major, ExxonMobil made two discoveries at the Tilapia-1 and Haimara-1 wells in the southwest section of the Stabroek Block. This announcement was made this morning by Head of the Energy Department, Dr. Mark Bynoe. Bynoe in a missive to the media said, “This continues to be positive news for the people of the […]

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Exxon’s Hammerhead well among top five offshore wells to watch for 2019 -Wood MacKenzie

Even though the appraisal results are not completed as yet, ExxonMobil’s Hammerhead is no doubt, one of the top five wells to watch for 2019. This is according to Andrew Latham, the Vice President of Global Exploration at Wood Mackenzie. In his latest report, Latham said that Guyana which delivered a string of oil finds […]

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Prices for Motor Gasolene and Gasoil reduced from tomorrow

Starting from tomorrow, Super 95 Gasolene will be wholesaled at $208.00 per litre or 27.44% less, and Gasoil (LSD) at $207.00 per litre or 15.85% less. This is according to the Finance Ministry and the Guyana Oil Company (GuyOil). In a missive to the media moments ago, the agencies noted that retail customers will pay […]

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Guyana makes ExxonMobil lead explorer for 2018 –Wood Mackenzie

Guyana’s prolific offshore basin has pushed ExxonMobil to the top of the oil and gas explorers’ leader board for 2018, says industry analyst Wood MacKenzie. According to Espen Erlingsen, Wood Mac’s lead offshore analyst, ExxonMobil was exceptional, both in terms of discovered volumes and value creation from exploration because of Guyana. He noted that in 2018, […]

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Guyana can use Que$tor software to test reasonableness of companies’ cost estimates-Oxfam Director

Testing the reasonableness of an oil company’s cost estimates has been quite a challenge for oil producing nations. But Oxfam Director, Ian Gary, thinks Guyana may find the Que$tor Software useful in this regard. During an interview with Guyana Standard, Gary noted that this very software helped Ghana prevent millions of dollars being charged to […]

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Avoid the mistakes of other nations… Guyana needs law for transparency on cost audits –Oxfam Director

“One of the biggest problems oil producing nations face is that the governing party is usually scared to denounce the actions of the operators…And unless an audit case goes to court, there is no public reporting of audit activities or results. It is a problem that has plagued Peru, Kenya, and Ghana… Sadly, Guyana is […]

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World Bank, IMF helping GRA on administering tax avoidance rules for oil sector

All governments face tax administration challenges. But some of these are the result of poorly designed systems that may not provide the tax agency of the day with adequate authority to contest or prevent abusive tax-avoidance practices. Cognizant of this reality, donor agencies such as the International Monetary Fund (IMF) and the World Bank have […]

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Political parties should state position on renegotiating oil contracts -TIGI Head

Head of Transparency International Guyana Inc. (TIGI), Dr. Troy Thomas, believes that all political parties should state their position on the renegotiation of oil contracts before heading to the polls. He said this during an interview with the Guyana Standard moments ago. According to Dr. Thomas, Guyana is approaching a critical time in its history […]

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