Business

A new logistics project to support Guyana’s oil and gas sector has entered the permitting pipeline as the country chalks up another discovery. Information from the Environmental Protection Agency (EPA) shows that NRG Holdings and partners ZRN Investment, Hadi’s World and National Hardware plan to develop the US$200-600mn Vreed-en-Hoop port …

ExxonMobil and its partner Hess Corporation have made another significant crude oil discovery offshore Guyana, the U.S. supermajor said on Wednesday. The Whiptail discovery in the Stabroek Block adds to more than a dozen discoveries on the block and the previous recoverable resource estimate of approximately 9 billion oil-equivalent barrels. Whiptail, located …

The first cargo from Guyana’s oil production departed this month to India in a vessel chartered by trading firm Trafigura, data from Refinitiv Eikon showed on Tuesday. The cargo was bought at lower than market value price by HPCL-Mittal Energy Ltd, a joint venture between state-run Hindustan Petroleum Corp and …

Irfaan Ali said on an online energy event this week that the Liza Phase 1 offshore project, which is led by ExxonMobil and is Guyana’s first oil-producing project, has reached its maximum planned production capacity of 130,000 barrels per day (bpd). Operators are expected to drill up to ten appraisal …

Under the theme, Navigating the Opportunities and Imperatives in Guyana’s Oil and Gas Economy – Queen’s College of Guyana Alumni Association New York (QCAANY), will assemble experts versed in the field, for an international symposium on Saturday, May 29, 2021. The free, live in-person event, which will be held at …

The American Petroleum Institute (API) has signed a memorandum of understanding (MOU) with the Centre for Local Business Development, Guyana’s organization for oil and natural gas information, training and policy advocacy. The MOU establishes a framework for collaboration and using API’s programs to enhance health, safety, security and environmental protection in Guyana’s energy …

Scotiabank, a Canadian multinational, has defended its announcement of a sale agreement for its operations in Guyana with TT-based First Citizens bank, claiming that it acted in accordance with each country’s financial laws. Scotiabank TT chairman Derek Hudson on Wednesday said it was not premature for the banking group to …

In the second half of 2021, CGX Energy, a Canadian oil and gas company focusing on Guyana, plans to spud an exploration well in its Corentyne block. The Kawa-1 exploration is scheduled to be drilled to a depth of approximately 6,500 metres (“m”) in a water depth of approximately 370 …

Dr. Ashni Singh, a senior minister in the President’s Office with responsibility for Finance, called the announcement, which came via a media release from Scotiabank on Wednesday afternoon, “premature and inappropriate.” The sale of Scotiabank to the regional bank follows the previous APNU+AFC government’s refusal to allow the sale of …

The Guyana-Suriname basin has become a global hot spot for oil exploration and production since US supermajor ExxonMobil opened up the play in May 2015 with the Liza discovery in the giant Stabroek block. With more than 50 wells drilled over the past five years, the basin is now an …