Category: News2

Tapping the revenue potential of extractives Proposals to enhance revenue mobilisation were central to the agenda at the fourth Financing for Development (FfD4) conference, which took place in Seville in early July. The resulting Seville Commitment comes at an opportune time. Domestic revenue mobilisation (DRM) has failed to increase significantly over the past decade, while aid flows are shrinking. New […]

Three weeks after conducting community outreaches in twelve Indigenous communities in the South Pakaraimas, Minister of Natural Resources Vickram Bharrat returned to Region Nine to fulfil the commitments he made during those visits. During his initial visits, Minister Bharrat met with residents, listened to their concerns, and took note of their requests. On Friday, he […]

Access to affordable, reliable, and sustainable electricity is critical for advancing socio-economic development in Guyana. Renewable energy technologies provide a practical, long-term solution for expanding electrification opportunities across the country’s ten administrative regions, particularly in hinterland and riverine communities that are not connected to the national grid. In July 2023, the Government of Guyana launched […]

Guyana earned just over US$191 million (GY$40 billion) from the sale of three oil cargoes (each about a million barrels) in June, bringing total crude oil sales for the year so far to approximately US$1.05 billion (GY$219.7 billion).  The June cargoes each earned between US$63 million and US$64 million (GY$13.1 billion – GY$13.4 billion), reflecting […]

Gold declarations for the first half of this year increased by 10.95 per cent with totals reaching 208,760.1 ounces compared to 188,160.1 ounces at June 30 last year, as global prices for the mineral continue to climb, according to Minister of Natural Resources, Vickram Bharrat. “The increase is by 20,600 ounces or 10.95 per cent,” […]

ExxonMobil has been named the most-admired upstream explorer in the world, according to Wood Mackenzie’s 2025 Exploration Survey, a recognition underpinned mainly by the company’s performance offshore Guyana. The award, announced at Wood Mackenzie’s annual Exploration Summit in Bordeaux in June, reflects ExxonMobil’s decade-long dominance in deepwater exploration. WoodMac stated that, since 2015, the U.S. […]

ExxonMobil expects lower crude and natural gas prices will weigh on its second quarter 2025 earnings, according to its latest 8-K filing with the U.S. Securities and Exchange Commission (SEC) released ahead of results due August 1. The company estimates that lower liquids prices will impact upstream earnings by between US$0.8 billion and US$1.2 billion relative […]

Swedish oil giant Preem is using Guyana’s medium-sweet crude to fuel its flagship Lysekil refinery, linking South America’s newest oil producer to the Nordic region’s energy supply chain. Perched on the rocky coast of Brofjorden just north of Gothenburg, Preemraff Lysekil stands as Sweden’s largest and most advanced oil refinery. Opened in 1975 and currently owned […]

A decision has been reached in the high-stakes arbitration between ExxonMobil and Hess Corporation over a prized oil asset offshore Guyana, according to a Reuters report this week.  The ruling by the Paris-based International Chamber of Commerce (ICC) will determine whether U.S. oil major Chevron can proceed with its proposed acquisition of Hess, announced in late […]

The ramp-up of ExxonMobil’s Payara project remains unmatched in Guyana’s offshore oil history, even as more developments come on stream. Wood Mackenzie’s Principal Analyst Luiz Hayum described the startup of the Prosperity FPSO at Payara as setting an industry benchmark. Production started in November 2022 and hit 220,000 barrels per day (b/d) just two months later.  […]