Rystad Energy Archives - Panorama Insurance Brokers

Over 3 million bpd to be sanctioned in Guyana, Brazil even as industry takes a hit globally

Oil projects off the coast of South America have lower breakeven prices and competitive payback times in comparison to similar projects in other parts of the world, which makes them more resilient in the current turbulent times, Norway-based Rystad Energy has outlined in a new analysis. “Offshore activity in Latin America is expected to recover… Read More

Guyana set to benefit from US$50 billion in project sanctioning spread across 10 FPSOs – Rystad Energy

US oil major ExxonMobil is projected to expend around US$50 billion in project sanctioning over the next 10 years for its offshore development activities in Guyana, according to Norway-based energy research and business intelligence company, Rystad Energy. Of the 16 discoveries made so far at the prolific Stabroek Block, two developments have been sanctioned, namely… Read More

45 wells drilled over a span of almost 50 years before Liza discovery

Before 2015, offshore Guyana was considered a “high-risk frontier basin” with 45 wells drilled over a span of 50 years resulting in no commercial discovery. Bordered by oil producing giants such as Venezuela and Brazil, the evidence of possible hydrocarbon accumulations in Guyana dates back to the 1700s, when oil traces were reported. However, the… Read More

Rystad Energy says 2nd COVID-19 wave expected to be less destructive on oil demand

As COVID-19 infections continue to increase around the world and the implications of the pandemic’s spread are acknowledged in key markets in the Americas and Asia, Rystad Energy is now changing its base case scenario for oil demand, incorporating a mild second wave effect. The updated base case scenario assumes a temporary pause in global… Read More

Oil and gas project sanctioning set for staggering decline in 2020

Global project sanctioning is set for a staggering decline this year of over 75% from 2019 levels, as the COVID-19 pandemic has caused E&P spending to drop much lower than what was expected at the beginning of the crisis. Other conditions, such as political uncertainty in Guyana is delaying government approvals for at least one… Read More

Rystad Energy warns 2nd COVID-19 wave could see oil demand losing another 2.5 million bpd

As the number of confirmed new COVID-19 cases surges to new global highs of beyond 200,000 per day, a second wave of the pandemic is increasingly apparent in several countries – most notably in the United States. Modelling the effect of a wider ‘second wave’ scenario, Rystad Energy finds that global oil demand in 2020… Read More

High performance from Guyana as 2020 half-year discoveries hit lowest in 100 years

Global discoveries of conventional resource volumes reached just 4.9 billion barrels of oil equivalent (boe) in the first half of 2020 with Guyana among just a few countries that recorded success during the period. Rystad Energy says this represents the weakest-performing first half of the 21st century. The resource volumes were 42% lower and the… Read More

Guyana will face economic detriment if election impasse continues to delay projects – Rystad Energy VP

Schreiner Parker, Rystad Energy’s Vice President for Latin America and the Caribbean. Norway-based independent energy research company Rystad Energy says the prolonged political impasse in Guyana continues to be a risk to the country’s emerging oil and gas industry and the absence of a fully functional government to approve projects and move forward with key… Read More

Future participation in oil blocks should be done via State Holding Company – IMF tells Guyana

An Edison Chouest supply vessel alongside the Noble Bob Douglas offshore the coast of Guyana, South America While some arguments have been put forward in favour of Guyana establishing a National Oil Company so that it may have a participating interest in its oil blocks, the International Monetary Fund (IMF), one of the key agencies… Read More