With net output reaching 384.6 million barrels of oil equivalent, CNOOC Limited continues its expansion, strengthening both domestic and international capacities despite volatile crude oil prices.
FPSO One Guyana begins production as part of the Yellowtail development, with enhanced technical capabilities to optimise reliability and maintenance in deep waters.
The dispute over the Corentyne block licence pits Frontera Energy and CGX Energy against the Guyanese government, amid major contractual and offshore investment stakes in the oil sector.
Petronas begins a three-well exploratory drilling campaign offshore Suriname, deploying a Noble rig after securing an environmental permit and closely collaborating with state-owned company Staatsolie.
TotalEnergies acquires a 25% stake in Block 53 offshore Suriname, joining APA and Petronas after an agreement with Moeve, thereby consolidating its expansion strategy in the region.
Sierra Leone relaunches an ambitious offshore exploration campaign, using a 3D seismic survey to evaluate up to 60 potential oil blocks before opening a new licensing round as early as next October.
SBM Offshore has secured an operations and maintenance contract from TotalEnergies for the FPSO GranMorgu unit, the first such project in Suriname, covering operational preparation and post-production maintenance for at least two years.
ExxonMobil has been named the most admired upstream exploration company in Wood Mackenzie’s latest annual survey, recognised for its performance in Guyana and its ability to open new resource frontiers.
As Venezuelan elections approach concerning the oil-rich disputed Essequibo territory, Guyana emphasizes increased vigilance, citing risks to its energy and territorial sovereignty amid Caracas' claims.
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SBM Offshore posted quarterly revenue of $1,103mn, driven by the Turnkey segment, while maintaining full-year targets and advancing the deployment of its floating units scheduled for 2025.
Suriname has launched a pre-distribution programme of its future oil revenues, offering a $750 bonus to more than 570,000 citizens well before the start of offshore production scheduled for 2028.
Chevron reports a sharp decline in quarterly results, impacted by weak refining margins, stable production and exceptional charges in the United States and the United Kingdom.
The natural gas-to-electricity project led by CH4 Systems with several partners has been recognised by the Export-Import Bank of the United States for its energy and economic impact in Guyana.
Baker Hughes posted strong quarterly results, driven by a 9% increase in orders for its Industrial & Energy Technology division, despite a 50% drop in cash flow during the same period.
The Venezuelan army says it will respond forcefully to any threat following allegations of a plot targeting ExxonMobil's infrastructure in contested waters off Guyana.
The United States has strengthened its support for Guyana amid Venezuela’s claims over the Essequibo, warning Caracas of a military response in case of aggression targeting the territory or American oil interests.
Exxon Mobil faces huge revenue losses if the Guyana court does not suspend a ruling requiring unlimited insurance for cleanup in the event of an oil spill or leak, which could lead to production shutdowns and significant financial consequences.
Guyana approves a $12 billion investment plan to develop a U.S.-China offshore oil site. The Uaru fields are expected to eventually produce 250,000 barrels of oil per day, providing a massive investment in the country.
The EIA expects non-OPEC countries, such as the United States, Brazil and Canada, to experience an increase in oil production, while OPEC production will decline in 2023 before rebounding in 2024. This should result in relatively stable oil prices.
The International Court of Justice rejects Venezuela's objections in its territorial dispute with Guyana over the Essequibo region, paving the way for hearings on the merits of the case. The Guyanese president welcomed the decision, while the Venezuelan government contested the judicial mechanism.
ICJ rejects Venezuela's objections in a territorial dispute with Guyana over the Essequibo. The court may now proceed to hearings on the merits of the case.
Guyana, which has an estimated 10 billion barrels of oil reserves that it has begun to exploit, wants to build a modular refinery that can process several dozen barrels per day.
Aramco Trading Limited (ATL) will market the one million barrels of crude oil representing the State of Guyana's share of the offshore Liza 1 well shared with ExxonMobil, Hess and CNOOC.|Aramco Trading Limited (ATL) will market the one million barrels of crude oil representing the State of Guyana's share of the offshore Liza 1 well shared with ExxonMobil, Hess and CNOOC.
