Stabroek Block Archives - Panorama Insurance Brokers

Stabroek turning out to be one of the most prolific exploration success stories of all time

It remains the block that keeps giving. Covering an area of 6.6 million acres, equivalent in size to 1,150 Gulf of Mexico blocks, the Stabroek block has so far delivered over 20 commercial discoveries pegged at more than 9 billion barrels of oil equivalent resources. Operator, ExxonMobil, has only encountered 3 non-commercial wells at Stabroek… Read More

Pandemic woes, oil price crunch are no game-changer for South America’s hottest new producer

Even as a robust global vaccination programme is rolled out for COVID-19, new variants such as delta are threatening another round of lockdowns. This could put a dent in the gradual recovery seen in oil demand in recent months. The fall in oil prices over the last year has resulted in a decline in investments… Read More

First Payara Development well spudded, overall project 45% complete

The hull for the Prosperity FPSO, Guyana’s 3rd oil production vessel, is complete and will enter the Keppel shipyard in Singapore following the sail away of the Liza Unity later this month. The Prosperity FPSO will be producing oil at the Stabroek Block where U.S. oil major ExxonMobil is operator. The vessel will join the… Read More

Exxon says goal is to have 75% Guyanese workforce on each FPSO

ExxonMobil Guyana says it has been pursuing various initiatives to ensure hundreds of Guyanese are able to take up leading roles in supporting the operations of the Liza Destiny Floating Production Storage and Offloading (FPSO) vessel. Public and Government Affairs Advisor, Janelle Persaud, disclosed during a recent interview with OilNOW that there are 109 Guyanese supporting operations on the… Read More

75% cost recovery provides opportunity for local suppliers to maximise benefits – Indar

Guyana’s Minister within the Ministry of Public Works, Deodat Indar, said on Thursday the 75% cost recovery ceiling for operations at the Stabroek Block provides local suppliers with an opportunity to maximise benefits from the rapidly expanding exploration and production activities offshore. “With the current construct of the ExxonMobil contract, 75 percent of the money… Read More

Investment firm predicts ‘soaring production volumes’ for Exxon in Guyana

ExxonMobil boasts a bellwether status in the energy space and an optimal integrated capital structure that has historically produced industry-leading returns, says investment research firm Zacks in an analysis published on Nasdaq this week. “Management’s track record of capex discipline across the commodity price cycle makes it a relatively lower-risk energy sector player,” Zacks said,… Read More

1 million barrels of Guyana oil could hit the market at height of global supply crunch

The rapid increase in oil production offshore Guyana will perhaps be coming at one of the most opportune times in the boom-and-bust cycle of the industry as more experts agree that a major supply crunch is on its way and non-OPEC barrels will have to help fill the gap. “Underinvestment in oil supply will lead… Read More

Cretaceous plays continue to dominate global hydrocarbon output

Global oil and gas companies are increasingly narrowing their exploration and production activities to fewer regions and plays to make sure they are invested in the most profitable barrels when oil demand starts to decline later this decade, Rystad Energy said in a recent update. “Analyzing subsurface information is crucial in this process to understand… Read More

Territorial hostilities delayed Exxon’s Stabroek Block campaign for years

When ExxonMobil was awarded the Stabroek Block license in 1999 it did not immediately move to begin exploration activities. Offshore drilling in Guyana at the time was negatively affected by controversies with Suriname and Venezuela, its neighbors to the east and west, respectively. One prominent example was CGX Energy’s Eagle-1 well, which had to suspend… Read More

TechnipFMC, Halliburton providing fiber optic solution for Exxon’s Payara Development

Oilfield Service Companies TechnipFMC and Halliburton have received an OTC Spotlight on New Technology Award® (SONT) for their Odassea™ Subsea Fiber Optic Solution, an advanced downhole fiber optic sensing system. U.S. oil major ExxonMobil selected the solution for its Payara development project in Guyana. The award followed completion of front-end engineering and design studies and… Read More