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ExxonMobil’s oil future looks even brighter here as sources say its Ranger 1 Well which is located in the Stabroek Block and where its subsidiary  EEPGL  began exploration drilling in October shows promise to be better than Liza and the other four wells that have unearthed commercial oil discoveries  thus far. “Ranger 1 has carbonate…

Minister of Natural Resources, Raphael Trotman yesterday distanced himself from negotiating the modified ExxonMobil contract last year saying it was a team of professionals that conducted the discussions and even in hindsight his government is satisfied with the terms reached. See more here

The Government of Guyana has released the petroleum agreement as promised. Here is the agreement.

After months of evasion, the government today released the production sharing agreement with ExxonMobil’s subsidiary, EEGLP and the company’s local head, Rod Henson said that the the US$18m signing bonus was paid for the 10-year extension of the pact. See more here

Investors are reportedly unhappy with Hess’s projection that it won’t generate free cash flow through 2020 due to spending tied to its offshore oil project in Guyana and its U.S. shale fields. See more here

The fact that Government collected a legitimate US$18 million signing bonus from oil giant ExxonMobil but failed to disclose this transaction to the nation has not gone unnoticed by international watchdog Extractive Industries Transparency Initiative (EITI). Guyana became a member of the group just two months ago, with its candidature application submitted in August in…

The oil sector is known for its ability to compromise some of the most “upstanding” politicians on earth. Instances of this irrefutable fact can be found in many countries such as Chad, Equatorial Guinea, Tanzania and Indonesia. As Guyana moves ahead with becoming an oil producing nation, many critics have expressed concern that Guyana’s politicians…

“Wait until (ExxonMobil) does something, and then alert the country. But do not harass them before the production even starts.” That was the advice given to the media yesterday, particularly Kaieteur News, by Minister of Foreign Affairs, Carl Greenidge. It was almost as if Greenidge was asking for ExxonMobil to be given kid-glove treatment. The…

President of Guyana David Granger Wednesday acknowledged that American oil company ExxonMobil had paid over US$18 million as a signing bonus to his government. It confirmed a disclosure by the oil company last weekend, but Granger said that his administration had not meant to deceive the Guyanese about the payment. “It is a legitimate government…

Low oil and gas prices have spurred an exodus on foreign oil companies from Canada’s energy sector over the last year. On Thursday South Africa’s Sasol Ltd became the latest international energy firm to say it plans to divest Canadian assets. The departures have raised doubts over future development prospects of the world’s third largest…