DIRS.INFO The most relevant business & tech news

"From 2020 onwards, we've achieved extremely strong real economic growth overall," Singh said at Guyana's Energy Conference and Expo in Georgetown. Guyana's economy registered a real growth of 62% last year and it has been forecasted to expand by another 25% this year. "Real economic growth of 25% over a sustained period is an achievement that is rare in the historic economic context." By the end of 2026, the fund is expected to have increased its balance to $5.4 billion. Reporting by Neil Marks in Georgetown and Marianna Parraga in Houston Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Guyana projects state oil revenue to hit $1.63 billion this year
▼ + stars: | 2023-01-17 | by ( Neil Marks | ) www.reuters.com time to read: +1 min

The drilling results drove the nation's reserves to more than 11 billion barrels of recoverable oil. The country's oil production could reach some 810,000 barrels per day by 2025 with the startup of the third production vessel, he said. A consortium led by U.S. producer Exxon Mobil Corp (XOM.N) is responsible for all the country's oil output. The nation's oil and gas sector is estimated to have expanded by 125% last year, with a total of 101.4 million barrels of oil produced, compared with 42.7 million in 2021. The county's Natural Resource Fund held $1.27 billion at the end of 2022 after withdrawing about $608 million to finance state development priorities, Singh said.

☆ Guyana expects proposal from India for long-term crude purchases
▼ + stars: | 2023-01-17 | by ( Neil Marks | ) www.reuters.com time to read: +1 min

[1/2] Vessels carrying supplies for an offshore oil platform operated by Exxon Mobil are seen at the Guyana Shore Base Inc wharf on the Demerara River, south of Georgetown, Guyana January 23, 2020. REUTERS/Luc CohenGEORGETOWN, Jan 17 (Reuters) - Guyana expects to soon receive a proposal from India for long-term purchases of the South American country's oil, President Irfaan Ali said on Tuesday, a new attempt to reach a government-to-government deal potentially leading to better sale terms for Guyana. Guyana's government is entitled to a share of crude produced off the nation's coast by a consortium led by Exxon Mobil Corp (XOM.N). In 2022, Ali's government received a total of 13 cargoes of crude, and it expects to receive and export 17 cargoes this year, the finance minister said earlier this week. Guyana and India in 2021 failed to reach an agreement for direct sales of Guyana's sweet crude to Indian state refiners.

Refiner Indian Oil Corp (IOC.NS) also is looking to work in Guyana in collaboration with ONGC Videsh, two people close to the talks told Reuters. Guyana is offering three deepwater and 11 shallow-water blocks, each averaging 2,000 square kilometers (722 sq miles). Exxon is considering bids on the blocks, said the company's Guyana country chief, Alistair Routledge. To bring more companies into the auction, Guyana did not restrict the amount of blocks companies can bid for, but will limit the awards to three per company. Last year, Exxon, Hess Corp (HES.N) and China's CNOOC (0883.HK) ramped up oil output and exports with their second production vessel.

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 is producing about 360,000 barrels per day (bpd) of oil and aims to raise output to 1.64 million bpd by end of the decade. Guyana's exports averaged 265,693 bpd last year, more than double the 100,645 bpd in 2021, according to shipping data from Refinitiv Eikon. Crude exports from Latin America's newest oil producer almost tripled in 2022, encouraged by rising production and solid demand in Europe in the aftermath of the Ukraine invasion. Total exports represented over $8 billion in gross oil revenue, based on Reuters calculations.

☆ Booming Guyana sets offshore oil auction under revamped fiscal terms
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

Officials this week approved an oil lease auction with timing details to be disclosed by the Ministry of Natural Resources. The auction will include three deepwater and 11 shallow-water exploration blocks, Vice President Bharrat Jagdeo said in an address. A new profit-sharing agreement that will cover future oil production agreements is under development and will be finalized before the auction ends, he said. Contract terms "shift significantly" the revenue split, with Guyana receiving a "greater share of the proceeds" compared to the existing Production Sharing Agreement terms, Jagdeo said. Each bid must include a development plan that will be considered along with the financial bid, Jagdeo said.

☆ EXCLUSIVE Exxon boosts Guyana oil output, undecided on future auction bid - source
▼ + stars: | 2022-09-20 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

An Exxon-led consortium discovered oil in the deep waters off Guyana's coast, launched first production in 2019 and now controls all output in the tiny nation. Those finds have turned Guyana into an emerging oil power with an estimated 11 billion barrels of recoverable oil discovered so far. But Guyana, which lacks the financial power to develop its natural resources by itself, has struggled to decide how to distribute oil properties outside of Exxon's blocks. It did not say when the new terms would be released, but stressed they will not replace Exxon's current deal. Guyana currently keeps less than 15% of the oil proceeds with the Exxon's consortium keeping the rest while also paying for costs of building the country's oil infrastructure.

Search resuls for: "Neil Marks"

7 mentions found