Argus Media – May 11, 2021 Guyana is changing how it concludes agreements with international oil companies for hydrocarbon exploration and will now launch bidding rounds for offshore and onshore acreage. Until now, exploration and production contracts granted to several oil companies so far have been based on direct negotiations by the government with interested […]
The majority of the Guyanese working population work in three sectors, namely: (i) Agriculture, forestry, and fishing; (ii) Wholesale and retail trade; and (iii) Public administration and defense. Preparing a qualified workforce is the essential function of Guyana’s educational system. Tomorrow’s careers, particularly those in the emerging Oil and Gas sector, will require advanced skills […]
Preparing a qualified workforce is the essential function of Guyana’s educational system says Dr. Terrence Richard Blackman, an associate professor of mathematics, and a founding member of the Undergraduate Program in Mathematics at Medgar Evers College. In his most recent column published on OilNOW this week, Professor Blackman said tomorrow’s careers, particularly those in the emerging oil and […]
On September 30, 2020, ExxonMobil made its final investment decision to proceed with offshore Guyana Payara field development after receiving “government approval”. ExxonMobil is operator of the Stabroek, Kaieteur, and Canje Blocks offshore Guyana. According to ExxonMobil, the Payara development will cost $9 billion (US) to develop 600 million barrels of oil – the same amount of oil as Liza Phase 2, but costing $3 billion more. Of the $9 billion capital expenditure over the next 4 years, do native Guyanese companies have competence, capability, or performance to participate? If so, how much participation? The answers to these questions constitute the essence of a meaningful local content regime.
Exxon made its first Guyana oil discovery in the offshore Stabroek Block during May 2015. By December 2019, the integrated energy major had commenced production at the Liza oilfield with the capacity to pump 120,000 barrels daily. During September 2020, Exxon made its 18th oil discovery in the Stabroek Block and upgraded its estimate of recoverable oil
Already oil companies have found roughly 10 billion barrels of probable recoverable reserves of oil and gas off the coast of neighboring Guyana.Credit...Adriana Loureiro Fernandez for The New York Times