Oil & Gas Archives - Panorama Insurance Brokers

Exploration success on decline globally while Guyana continues to add billions of barrels

The success rate of global conventional oil and gas exploration has declined in recent years, but the most painful blow has been to onshore wildcat wells, a Rystad Energy analysis reveals. In 2020, the success rate of these drilled wildcats plummeted to an all-time-low of 10.6%, marking an annual decline for a fourth year in… Read More

Total confirms plans underway to deliver first oil at Suriname Block 58 by 2025

French oil major total has confirmed that plans are underway to begin developing oil fields at Suriname’s Block 58 as early as 2025, around five years after the first major discovery was made at Maka Central-1, mirroring the rapid development ramp up seen in neighbouring Guyana by ExxonMobil. According to a March 6, 2021 report… Read More

Brent jumps above $70 for first time since pandemic struck as Saudi refineries come under attack

(Reuters) – Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities. Brent crude futures LCOc1 for May reached $71.16 a barrel in early Asian trade and were at $70.76… Read More

Liza Phase 1 Environmental Permit allows for flaring during process upsets, maintenance events

The Environmental Permit issued to ExxonMobil Guyana on June 1, 2017 by the Environmental Protection Agency (EPA) for the Liza Phase 1 Development allows for flaring under certain conditions and outlines measures that should be compiled with when such flaring becomes necessary. The Permit states that efforts must be made to ensure all reasonable attempts… Read More

Exxon expects Guyana greenhouse gas intensity to be around 45% lower than its upstream average in 2025

U.S oil major ExxonMobil has outlined a comprehensive plan for the reduction of its emissions output for the next four years which are projected to put it on a pathway consistent with the goals of the Paris Agreement and in keeping with the World Bank “Zero Routine Flaring by 2030” Initiative. The World Bank Initiative… Read More

Guyana, Suriname leading Caribbean drilling – what about T&T?

Originally published in the Geological Society of Trinidad and Tobago (GSTT) HAMMER Magazine – February 2021 The CARICOM region is now one of the hot spots globally for oil and gas activity, with most of the drilling taking place in Guyana and Suriname. Combined, they will have at least 9 rigs operating during 2021. Grenada and… Read More

Guyana seeking internationally recognized law firm in push to boost legal, regulatory framework for oil & gas

The Government of Guyana has applied for financing in the amount of US$20 million from the World Bank toward the cost of the Guyana Petroleum Resources Governance and Management Project (GPRGMP) and it intends to apply part of the proceeds to pay a consulting firm to provide legislative drafting services for the oil and gas… Read More

ExxonMobil to drill Koebi-1 in 30 days, Whiptail in May – Hess COO

Even though the Canje block’s wildcat – Bulletwood-1 – did not result in a commercial discovery, ExxonMobil and its partners, Hess Corporation and CNOOC are still laser-focused on their exploration and appraisal work which will continue on the prolific Stabroek Block. Just recently, Hess Corporation’s Chief Operating Officer (COO), Greg Hill revealed that ExxonMobil, Operator… Read More