Kaieteur News – Hess Corporation’s Chief Executive Officer (CEO), John Hess, recently assured investors that while project developments and exploration programmes at the Stabroek Block are moving at industry leading speeds, they have nothing to fear. Profits, he said, will remain sky-high. During a recent Bank of America’s Energy Conference, Hess explained that the Production...

Kaieteur News – After examining the extent to which many African oil-producing nations have been used and abused by oil companies and their sub-contractors and/or related parties, Oxfam America, a transparency watchdog, says Guyana and other new oil players must take note and urgently implement mechanisms to protect its people. According to the global research...

…as Govt. continues to violate EITI standards Kaieteur News – The Government of Guyana is continuing to violate the Extractive Industries Transparency Initiative (EITI) standards that require full publication of oil sales agreement, as yet another deal remains in the dark. Notably, Guyana just awarded BP International Limited, a subsidiary of British Petroleum a contract...

Kaieteur News – Guyana intends to use its oil wealth to among other things, protect itself from the harsh effects of climate change. Local stakeholders have said that Guyana’s oil windfall could bring some insurance against adverse changes in the same way it is being utilised for infrastructural development. This is despite the unusual oil...

Kaieteur News – American oil giant, ExxonMobil Corporation was named among three US Oil Majors who are lagging behind with their Global Reporting Initiative (GRI) standard tax-reports. This is according to Ian Gary, Director of the Financial Accountability and Corporate Transparency (FACT) Coalition. The FACT Coalition is a US based organisation that fights offshore tax...

Kaieteur News – The Oil and Gas Governance Network (OGGN), a civil society organization, is demanding that the terms announced by Government for future Production Sharing Agreements (PSAs) be applied to the Stabroek Block where over 11 billion barrels of oil have already been discovered. One of its members, Darshanand Khusial in a letter to...

Kaieteur News – American oil giant, ExxonMobil Corporation yesterday announced that its third-quarter 2022 earnings was a record-shattering US$19.7 billion, or US$4.68 per share. This was also a significant increase over its earnings in the previous quarter which totaled a whopping US$17.9B. It said third-quarter results included US$1B in earnings from divestments of assets in...

Kaieteur News – ExxonMobil Corporation’s affiliate, Esso Exploration and Production Guyana Limited (EEPGL) disclosed yesterday that two discoveries were recorded at the Sailfin-1 and Yarrow-1 wells in the Stabroek block, adding to its already extensive portfolio of development opportunities. EEPGL said the Sailfin-1 well encountered approximately 312 feet (95 meters) of hydrocarbon-bearing sandstone and was...

– company to sell 9 million barrels from Stabroek Block by December Kaieteur News – American oil explorer and producer, Hess Corporation, reported yesterday that it earned a net income of US$515 million, or US$1.67 per common share, in the third quarter of 2022. This is a significant increase when compared with a net income...

OIL SERIES PT 9 By Kiana Wilburg Kaieteur News – According to Guyana’s Local Content Legislation, officials attached to the Local Content Secretariat or a representative of that body can have unrestricted access to a contractor, subcontractor or licensee’s facilities, records, reports, documents, data, and information. Such access is allowed for the purposes of monitoring,...