Tag: Guyana
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Guyana has become a major driver of global oil supply growth
Data published by the U.S. Energy Information Administration this week showed that Guyana had the third-fastest production growth rate globally, after the United States and Brazil. Between 2019, when oil production began in the tiny South American country, and 2023, output grew at an average annual rate of 98,000 barrels daily, taking the total from…
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Guyana Revenue Authority Sues Exxon Mobil Over Alleged $12 Billion Overcharge
๐ฌ๐พ The Guyana Revenue Authority has initiated legal action against Exxon Mobil following claims by a supplier that the company erroneously overcharged for oil well equipment, amounting to approximately $12 billion. Exxon, headquartered in Trinidad, and Ramps Logistics attributed the overvaluation to a technical error, wherein the quoted amount was in US dollars instead of…
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๐ฌ๐พ Hess Secures Construction Permit for Whiptail Project, Squeezing Out Exxon
Hess has successfully acquired a construction permit for its sixth project within the Stabroek block – Whiptail offshore Guyana. With the backing of local authorities, Hess anticipates a capacity increase of 250 thousand barrels per day by 2027. Interestingly, news surfaced in April regarding ExxonMobil’s interest in investing $12.7 billion in Whiptail. Notably, Exxon operates…
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ExxonMobil Commits $12.7 Billion Investment in Guyana’s Whiptail Oil Field Development
๐ฌ๐พ ExxonMobil, a prominent US oil and gas company, has finalized its decision to proceed with the development of the Whiptail oil field within the Stabroek block located offshore Guyana. The total financial commitment to this development project stands at $12.7 billion. Anticipated production from the field by the end of 2027 is estimated to…
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