Guyana 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

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

Exxon planning to submit plan for 4th major development at Stabroek Block by year-end

U.S Oil major ExxonMobil, operator at the 6.6 million acres Stabroek Block in Guyana, is planning to submit a development plan to authorities in the South American country for its fourth project offshore, by the end of the year. The company said on Wednesday that despite challenges associated with the pandemic, teams working on projects… Read More

First 6 FPSOs can develop up to half of all oil found so far at Stabroek Block – ExxonMobil

Around 50 percent of the 9 billion barrels of oil equivalent discovered so far at the prolific Stabroek Block offshore Guyana can be developed by 6 Floating Production Storage and Offloading (FPSO) vessels and an additional 4 units would be needed to produce the remaining resources. “We estimate that the first six FPSOs can develop… Read More

Another local company fabricating fixtures for massive incoming oil production vessel

Guyana Oil and Gas Support Services Inc. (GOGSSI) is the second local company to be recognized in as many days for providing fabrication services for the Prosperity Floating Production Storage and Offloading (FPSO) vessel being built by SBM Offshore for ExxonMobil’s third development at the Stabroek Block in Guyana. GOGSSI is undertaking structural steel fabrication… Read More

Guyana condemns incursion of Venezuelan fighter jets at Eteringbang

Guyana’s Ministry of Foreign Affairs on Wednesday issued a statement condemning the incursion of Venezuelan fighter jets into Guyana’s airspace on March 2, 2021. Below is the full statement: PRESS STATEMENT The Ministry of Foreign Affairs of the Cooperative Republic of Guyana wishes to inform that on Tuesday, March 2, 2021 at approximately 13:20 hrs.,… Read More

Major local content milestone for Guyana as FPSO fabrication work being done in country

Guyanese company, Industrial Fabrications Inc. (InFab), is one of two companies that were awarded contracts from SBM Offshore in Guyana to provided fabrication services for the Prosperity Floating Production Storage and Offloading (FPSO) vessel that is being built for ExxonMobil’s Payara Development Project. InFab was contracted to provide Cable Tray Support Fabrication services, and Lighting… Read More

Big ramp up in Guyana offshore activities see Exxon looking to expand shore base services

ExxonMobil Guyana is planning to put in place an enabling agreement for project shore base facilities, equipment, and services to support future projects in the new South American oil producing country. The energy company is looking to identify Contractors who can provide a fully functional, fit for purpose shore base located in Guyana to support… Read More