Guyana President: Energy Supply-Demand Gap Widens Further
The gap between supply and demand is widening as global energy systems face strain, Guyana's President Irfaan Ali said on Monday, as the Iran warenters its third month and continues to drive up oil and gas prices amid supply shortages.Energy markets have been reeling since the start of the war, which has caused damage to infrastructure across the Middle East and led to the effective closure of the Strait of Hormuz, a key trade chokepoint. Oil prices have climbed above $100 a barrel and global trade flows have shifted as some nations scramble to secure supply.
Guyana Opposes Venezuela's Claim on Oil-Rich Esequibo Region
Guyana has asked judges at the International Court of Justice to rule that Venezuela does not have a legitimate claim on the potentially oil-rich region around the Esequibo river, which has been the subject of a dispute between the Latin American neighbours since colonial days."Facing a larger and more powerful neighbour's designs on our territory has not only threatened our peace and security, it has held back our development," Guyana's Foreign Minister Hugh Hilton Todd told judges at the start of week-long hearings at the ICJ…
Saipem Milestone in Guyana Yellowtail Project
Saipem reports it has successfully completed its designated scope of work for the development of the Yellowtail field, operated by ExxonMobil Guyana Ltd., locatedin approximately 1,800m of water within the Stabroek Block offshore Guyana.Awarded the contract in 2022, Saipem undertook the Engineering, Procurement, Construction, and Installation (EPCI) of the Subsea Umbilical, Riser, andFlowline (SURF) system for the Yellowtail field. The FDS2 J-lay vessel, one of Saipem’s flagship assets, executed the installation of the rigid flowline and steel lazy wave risers in an early 2024 campaign.
Inchcape Shipping Services, Symmetry Group Announce Partnership in Guyana
Inchcape Shipping Services (ISS) and Symmetry Group Inc. (SGI) have announced a strategic joint venture in Guyana, marking a significant milestone in the maritime and logistics sectors. This partnership aligns with Guyana's Local Content requirements, combining the strengths of both companies to offer an integrated suite of services tailored to the needs of the country's burgeoning oil and gas industry.Symmetry Group Inc. has acquired a 51% majority stake in ISS Guyana, combining SGI's local expertise with ISS's global reach and capabilities.
Exxon Consortium Produced 668,000 bpd in Guyanese Oil Last Week
A consortium led by Exxon Mobil that controls all oil and gas output in Guyana produced 668,000 barrels per day (bpd) of oil last week, the U.S. company's head for the South American country, Alistair Routledge, said during a conference on Tuesday.The group is working to install its fourth floating output facility after receiving it in Guyana's waters in February. In March, the companies produced 627,000 bpd, and the 631,000 bpd average achieved in the first quarter was 3% higher year-on-year…
Exxon Consortium to Begin Installation of Floating Oil Facility in Guyana
A consortium led by U.S. Exxon Mobil is about to begin the installation of its fourth floating oil production facility in Guyana, the South American country's maritime regulator said in a notice on Tuesday.The floating production storage and offloading (FPSO) facility 'One Guyana,' built by SBM Offshore with a 250,000 barrel-per-day capacity, departed from Singapore in mid-February.Once installed, the vessel will allow the consortium to boost output capacity to some 940,000 bpd later this year.
Tanker Vessels Flock to Guyana as Oil Exports Soar 58%
“Year-to-date, Guyana’s oil exports have jumped to 598 thousand barrels per day (kbpd), a 58% year-on-year increase, adding to the growth achieved in previous years. Over the past three years, the average annual growth rate has hit 76%,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.ExxonMobil first started producing from the Liza field in the Starbroek Block in late 2019. Since then, the operation in the Liza field has been expanded and production in the Payara field added.
Hess Guyana's Value is Central to Exxon Mobile Spat
An arbitration panel that will decide a high-profile clash between Exxon Mobil and Chevron will delve into the secret value of Hess' oil riches in Guyana, people familiar with the matter said.Chevron last October offered to pay $53 billion for Hess, one of the two biggest deals in the largest wave of consolidation in the oil industry in decades. The asset most coveted by Chevron in the takeover is Hess’s stake in a Guyana field operated by top U.S. rival Exxon.Exxon and China's CNOOC have challenged the deal…
