Posted in Barbados, Guyana, Jamaica, Offshore Energy - General, tagged Barbados, economic growth, Grenada, Guyana, Jamaica, offshore oil on November 30, 2023| Leave a Comment »
Linking a good article from our friends in Guyana.
Nestled on the northern tip of South America, the small nation of Guyana, now the fastest growing economy in the world, will become the continent’s second biggest oil producer by 2027.
OilNow Guyana
Neighboring countries in the Caribbean region including Jamaica, Barbados, and Grenada are taking notice. And then there is Venezuela ….
Posted in Barbados, Guyana, Jamaica, Offshore Energy - General, tagged Barbados, CNOOC, Exxon, Guyana, Hess, Jamaica, oil exports, OilNow, Stabroek Block on July 15, 2023| Leave a Comment »
OilNow, an informative and boldly named media outlet that covers the oil and gas sector in Guyana, reports that “the Guyana government expects crude oil exports this year to generate US$11.3326 billion in 2023, a 14% increase from the 2022 figure.“
Of course, the 3 Stabroek Block partners who are responsible for this production – Exxon (45%), Hess (30%), and CNOOC (25%) – are also doing quite well. If you are wondering about this curious mix of companies – a US supermajor, a large US independent, and a state-owned Chinese mega-company – this OilNow post explains what happened.
Initially, Exxon and Shell were 50/50 partners in the Stabroek Block. Shell thought the chances for success were slim and opted out a year before the world class Liza discovery (ouch!). After Shell departed, Exxon sent “at least 35 letters” to prospective partners and only Hess and CNOOC responded favorably. The Liza discovery followed and the rest is history.
Will exploration offshore Jamaica and Barbados also prove successful? Stay tuned.
Posted in Barbados, climate, energy policy, tagged Barbados, Kerrie Symmonds, oil and gas on March 24, 2023| Leave a Comment »
The Minister is optimistic about the prospects for production offshore Barbados:
“I don’t want to go and give news now before it is ready to be given, but let us say the prospectivity is highly regarded,” he told a local academic forum in the Eastern Caribbean tourism paradise.
He also sends a message to “keep it in the ground” crowd.
“Let’s be frank: All of the oil producers of the world, including Canada, speak the language of climate change and putting a stop to that, which is now being done by small entities or like those of us in Barbados who are contemplating finding natural gas, but the reality is, none of them is saying ‘I will not continue to produce the oil that I produce’ or ‘I’m shutting down all my wells,’” he said. “The Americans are not going to tell you that that’s what’s going to happen in Texas. The British, for all their partnership value, will not tell you that the North Sea will not be full of Brent crude. They’re not going to do that because they intend to produce for the next 50 years. Nobody is coming forward to say we are prepared to pay you to keep the natural gas and the oil in the ground.”
Bud's Offshore Energy (BOE) 