Oil & Gas Archives - Panorama Insurance Brokers

For Guyana ‘light is right’ – the crude quality of choice

The following is an opinion piece by Arthur Deakin, Analyst at Americas Market Intelligence (AMI) where he conducts political, economic, and other risk analysis activities for the mining, energy and infrastructure sectors in both Latin America and Africa. Arthur Deakin Starting in January 2020, the International Maritime Organization required ships to reduce sulphur emissions by 80… Read More

Dreams of oil riches and prosperous times could be dashed when expectations are unrealistic

Transforming billions of barrels of oil resources deep beneath the surface into cash in hand which can be used to directly benefit a country and its people comes with a multitude of challenges, which if overlooked, can see the initial euphoria from the promised oil riches lead to disappointment and anger. “The mere mention of… Read More

Fiscal smoothing for Guyana’s wealth funds

Resource funds have been funded from a variety of sources. In some cases, large trade surpluses have been added to the foreign-exchange reserves of some countries, so as to substantially exceed the normal needs for foreign-exchange stabilisation. In other cases, government pension systems have accumulated substantial reserve funds. The currently most typical, however, are resource… Read More

Former oil executives get prison sentence in Venezuela, US calls for their release

(Reuters) – A Venezuelan court sentenced six former executives of U.S. refiner Citgo to prison after finding them guilty of corruption charges on Thursday. The officials were arrested in November 2017 after being called into a meeting at the Caracas office of state oil company PDVSA, which owns Citgo. They were accused of crimes such… Read More

Guyana government mulling overseas training in oil and gas for ‘hundreds of the brightest students’

Authorities in Guyana are looking to build a local group of core professionals that would ultimately take over the management of the oil and gas sector. This could see hundreds of Guyanese students being sent overseas to acquire the requisite skills so that they can return to take up key positions in the new oil… Read More

CGX Energy gets 1-year extension on deadline to drill Guyana well

CGX Energy has been granted a one-year extension on its schedule to drill a well on its Corentyne block offshore Guyana. The company along with Joint Venture (JV) partner Frontera Energy Corporation said Friday discussions with the Guyana government were constructive, leading to the rescheduling of their work programme. “The Joint Venture has remained committed… Read More

Oil Plus looking to bring North Sea experience to South America’s newest crude producer

Rockway Oilfields Services (ROS) has entered a strategic alliance with global oil and gas support company, Oil Plus Ltd, to provide oilfield solutions in the areas of Production Chemistry and Microbiology, Maintenance and Asset integrity and Process Engineering solutions. Founded in 1978, Oil Plus specialises in providing solutions for Produced Water Treatment, Injection and Production Chemistry issues…. Read More

High costs of transitioning to renewables give Guyana more time to monetize oil – AMI Analyst

Despite the economic attractiveness of Guyana’s oil sector, the Inter-American Development Bank (IDB) recently issued a warning that the nation’s window of opportunity to properly govern the industry as well as monetize its resources in an efficient manner is “very narrow” especially when one considers the fact that the world is transitioning to renewable energy…. Read More

Brazil’s Petrobras targets oil output of 2.7 million b/d by 2025

(S&P Global) Brazilian state-led oil company Petrobras plans to spend $55 billion over the next five years to develop subsalt fields that will boost the company’s crude oil output nearly 20% to 2.7 million b/d by 2025, the company said in a regulatory filing November 25. “The capital allocation adheres to our strategic position, with… Read More