Salunda has integrated its Red Zone monitoring solutions on four drilling rigs in Guyana with Intellilift’s proven digital technologies to deliver automated location and control of critical equipment and personnel.
Under the terms of the agreement signed on the sidelines of the African Energy Week last month, JE Energy Limited, which has been awarded contracts to lift and market crude oil from Guyana, shall utilize the two-year facility to finance the purchase and sale of crude oil from Guyana’s Ministry of Natural Resources for onward sale to reputable international offtakers.
Guyana has become notorious for its vast offshore oil reserves, but there is natural gas there, too. For now, this is being injected back into the wells operated by Exxon, Hess, and CNOOC, to maintain pressure. Yet the authorities in Georgetown have plans—and these plans feature LNG.
After years of speculation surrounding the former Dutch colony’s petroleum potential, with discoveries in neighboring offshore Guyana pointing to the deeply impoverished country possessing billions of barrels of crude, the first oil recently took a big step closer.
Data by the Guyana government has revealed that the consortium’s agreement generated $6.33B for the partners last year, with Exxon netting $2.9B, Hess earning $1.88B, while Cnooc amassed $1.52B from Stabroek. Exxon Mobil owns 45% of the Stabroek block; Hess 30% while Cnooc owns a 25% stake
ExxonMobil Guyana Ltd. and BM Offshore completed the transaction related to the FPSO Prosperity, ahead of the maximum lease term, which would have expired next November.
The two United Kingdom firms that last year marketed Guyana’s oil from two offshore platforms in the Stabroek Block will be doing so again, for a one year fiscal period.
Suriname and Guyana are taking significant steps toward jointly exploiting gas reserves off their coasts. Staatsolie director Annand Jagesar stressed the importance of this collaboration, acknowledging that while immediate outcomes are unlikely, both countries are committed to developing a shared approach.
WHILE Guyana’s economy continues to be one of the fastest-growing in the world, primarily fueled by revenues from its extensive oil deposits, the nation is also witnessing significant growth in other sectors. This trend raises the question: how is the non-oil economy performing, and what impact is inflation having on the country?
A gas partnership could be on the horizon for Guyana and Suriname, as the two countries continue to deepen their relations.