According to the Guyana Times, ExxonMobil has started appraisal drilling at its Lau-Lau 2 well site in the prolific Stabroek Block offshore Guyana, where it had previously discovered over 300 ft of oil at the Lau-Lau 1 well. The Maritime Administration Department announced that this appraisal, conducted by the drillship MODU Noble Sam Croft, will run from June 16 to July 31, 2024.
Traders’ pessimism in the global oil market began to increase after OPEC reiterated it might consider rolling back production cuts in 2024.
Rystad Energy recently predicted that global oil supply growth will be virtually non-existent this year because of the OPEC+ cuts without mentioning spare capacity.
Crude prices have recovered in recent days, but the supply side looks bearish due to OPEC+’s spare capacity and rising production from the US, Guyana, and Brazil.
Trinidad and Tobago-based conservation group, Fishermen and Friends of the Sea (FFOS) is expressing concern over the risk of a possible oil spill in the waters near CARICOM member state Guyana, saying such a disaster could negatively affect the entire Caribbean region.
Oil major TotalEnergies intends to develop a US$9Bn deepwater oil project in Suriname using a nexus of subsea infrastructure connected to a newbuild FPSO
ExxonMobil Guyana Limited (EMGL), the operator and one of the coventurers in the prolific Stabroek Block offshore Guyana, netted $614.6 billion in profits at the end of 2023.
With Africa one of the last frontiers for upstream development, the OPEC+ alliance is courting emerging oil producers on the continent, such as Namibia, Ghana and Senegal, for potential membership.
The keel of a new floating production storage and offloading unit (FPSO) has been laid at the facilities of Chinese shipbuilder Dalian Shipbuilding Industry Company (DSIC).
Guyana raised its crude oil production by an annual average of 98,000 barrels per day from 2020 to 2023, making the South American country the third fastest growing producer outside the Organization of the Petroleum Exporting Countries in the three-year period, the United States Energy Information Administration (EIA) reported Tuesday.
Guyana has turned into a significant contributor to global crude oil supply growth in just a few short years.
Seatrium Limited has been awarded a contract by Single Buoy Moorings Inc, a SBM Offshore company, for the topsides fabrication and integration of a Floating Production Storage and Offloading (FPSO) vessel offshore Guyana to support ExxonMobil’s Stabroek block development.