Guyana

Guyana is fast becoming a regional oil powerhouse, and the country’s vice president Bharrat Jagdeo thinks natural gas is the next step for the small nation at the northern tip of South America. Jagdeo spoke during CERAWeek by S&P Global in Houston on Monday. “The gas to energy program is going to start producing by…

Two more discoveries have been made in the massive Stabroek Block offshore Guyana, adding to ExxonMobil’s extensive portfolio of opportunities. With the discoveries at the Sailfin-1 and Yarrow-1 wells, more than 30 discoveries have been made in the block since 2015. Offshore development and production has ramped up “at a pace that far exceeds the…

U.S. independent Hess Corp. expects another tight oil market next year and is increasing its capital expenditure for the upcoming year by $1 billion in a focus on exploration and production (E&P). “I have to say even though we’ve seen a slowing of demand in China and in Europe, overall global oil demand continues to…

Not only is Guyana set to become one of Latin America’s shining economic stars, but the once poor backwater could soon be a key player in the new global energy map. The International Monetary Fund (IMF) sees the Guyanese economy growing by a staggering 47% this year, even as the rest of the world could…

U.S. independent Hess Corp. expects to bring 50 wells online in the second half of the year from its Bakken Shale assets compared to 32 in the first half as the company ramps up production amid a tight oil market. “Given the strength of the oil market and the world’s need for more oil supply,…

Not only is Guyana set to become one of Latin America’s shining economic stars, but the once poor backwater could soon be a key player in the new global energy map. The International Monetary Fund (IMF) sees the Guyanese economy growing by a staggering 47% this year, even as the rest of the world could…

Growth in the Permian Basin, Guyana’s offshore and the global liquefied natural gas (LNG) market are gaining momentum, along with low-carbon opportunities, ExxonMobil CEO Darren Woods said last week. During the 1Q2022 conference call on Friday (April 29), Woods told investors that “recent events” have clarified the direction for oil and gas producers.  New investments…

Growth in the Permian Basin, Guyana’s offshore and the global liquefied natural gas (LNG) market are gaining momentum, along with low-carbon opportunities, ExxonMobil CEO Darren Woods said Friday. During the 1Q2022 conference call, Woods told investors that “recent events” have clarified the direction for oil and gas producers.  New investments in Russia were scuttled by…

ExxonMobil has announced a $10 billion commitment to a new development in Guyana’s prolific offshore Stabroek block. The company has received approval from the government of Guyana for the Yellowtail project, which would be the company’s largest to-date asset in the country. Production is slated for 2025 and is expected to hit 250,000 b/d. “Yellowtail’s…