Guyana's Oil Exports Double, with Europe Taking Half of Cargoes
Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.Since a consortium led by Exxon Mobil began pumping in late 2019, Guyana's shipments have soared, bringing the South American nation's oil export income to $1.1 billion last year, according to official figures provided to Reuters.The government's $1.1 billion share of oil revenue was up sharply from a combined $409 million in profit and royalties in 2021.
Guyana Races Against the Clock to Bank Its Offshore Oil Bonanza
For the poor, small South American country of Guyana, there's no time like the present when it comes to reaping the rewards of its offshore oil jackpot.With sky-high oil prices, a transition to renewable energy on the horizon, and 750,000 citizens desperate for better lives, Guyana is putting its foot on the gas to exploit its vast oil reserves, even if that means sacrificing some longer-term gains.Already locked into contracts with oil firms that have been criticized for being too one-sided…
Guyana in 'No Rush' to Draft New Offshore Oil Production Sharing Agreement
Guyana is in "no rush" to draft a new production sharing agreement (PSA) for offshore oil development, its Natural Resources minister told Reuters, reversing a year-long drive to devise new rules for future output.The government of South America's newest crude oil producer said in 2021 it was planning a new agreement to revamp terms and boost royalties for future oil and gas projects. The proposed document was expected to improve terms for Guyana of a 2016 contract with Exxon Mobil and its partners for the prolific Stabroek block.But the tiny nation…
UKHO Shares Marine Geospatial Data with Guyana
The UK Hydrographic Office (UKHO) has officially handed over marine geospatial data to the Guyanese Government after a campaign of hydrographic surveying.Delegates from the UKHO presented the data to government officials at a special event to celebrate the completion of the survey. Two workshops were held to brief ministers and provide technical support for applications of the data, which will help Guyana support the development of its marine economy.The data, which was collected over a period of four months between 2016 and 2017, will initially be used to update nautical charts of the Demerara River. This will enable ships to confidently reduce under-keel clearance and maximise cargo-carrying capacity…
Venezuela Releases Detained Survey Ship
Venezuelan authorities said they will release a U.S.-operated oil-exploration survey vessel Teknik Perdana and its 36 crew members after detaining the ship last week, multiple sources reported. The 285-foot vessel was taken into custody while conducting a seismic study in resource-rich waters that are allegedly part of a centuries-old border dispute between Venezuela and its neighboring country Guyana. Teknik Perdana was said to be on hired for Guyana in its own territory when Venezuelan naval patrol seized the survey vessel Thursday, claiming it was trespassing on its national waters.
