Exxon Picks SBM Offshore for FPSO FEED Work

March 24, 2026

SBM Offshore has secured contracts from ExxonMobil Guyana to conduct front-end engineering and design (FEED) studies for a floating production, storage and offloading (FPSO) vessel for the Longtail development offshore. The FEED award triggers the initial release of funds to begin engineering work and allocate a Fast4Ward hull for the project.

SBM Offshore is expected to construct and install the FPSO, subject to government approvals, a final investment decision by ExxonMobil and further project approvals.

Under the contracts, ownership of the FPSO is expected to be transferred to the client at the end of construction and prior to start-up of operations in Guyana. Construction costs are expected to be partially financed through senior loans to be repaid upon transfer of the unit.

The company is expected to operate the FPSO under its integrated operations and maintenance model, combining its expertise with ExxonMobil’s experience and applying operational practices from existing units deployed in Guyana.

The FPSO will be based on SBM Offshore’s Fast4Ward program, using the company’s ninth new-build Multi-Purpose Floater hull with standardized topsides modules.

The vessel is designed to process 1,200 million cubic feet of gas per day and produce 250,000 barrels of condensate per day. It will be spread moored in water depths of around 1,750 metres and will have storage capacity of approximately 2 million barrels of condensate.

The project builds on SBM Offshore’s work on FPSOs Liza Destiny, Liza Unity, Prosperity, ONE GUYANA and Jaguar.

Øivind Tangen, SBM Offshore’s Chief Executive Officer, said,“We are proud to receive this sixth FPSO award from ExxonMobil Guyana. This project underscores the strength of our Fast4Ward approach and extensive experience in large-scale gas-processing systems. SBM Offshore is well positioned to support the Longtail development, a major gas play demanding the highest gas handling capacity ever deployed on an FPSO.

“Our teams remain fully committed to supporting the success of this project and ExxonMobil’s long-term energy development strategy.”

 

 

 

 

 

ExxonMobil Massive Guyana Expansion-

New FPSO to add 250,000 BPD

News Americas March 20, 2026

ExxonMobil is accelerating its dominance in Guyana’s booming oil sector, with a new floating production, storage, and offloading (FPSO) vessel set to add an estimated 250,000 barrels per day (bpd) in output capacity – a move that could further cement the country’s position as one of the fastest-growing oil producers in the world.

The facility, built by MODEC in Singapore, is nearing completion and is expected to depart soon for Guyana’s offshore Stabroek Block.   Once operational, it will push Guyana’s total production capacity beyond 900,000 bpd, a staggering increase for a country that began oil production just in 2019.

Guyana’s Rapid Rise in Global Oil
In less than a decade, Guyana has transformed from an emerging player into a major oil force in South America. ExxonMobil and its partners have fast-tracked development across multiple offshore projects, making Guyana a critical pillar in the company’s global growth strategy.

The upcoming FPSO is part of a broader expansion plan that includes:

1. 1. The Whiptail project, expected to begin production next year
   2. The Hammerhead project, now forecast to start in 2028
   3. A proposed ninth project, with a strong focus on natural gas development

Exxon Guyana President, Alistair Routledge, confirmed that future gas infrastructure – including a potential second offshore pipeline — will depend on market demand and the viability of large-scale industrial projects.

“We have to ensure there is a market for the gas at a price that can sustain that level of investment,” Routledge said.

Gas Ambitions and Regional Strategy
Beyond oil, Exxon is increasingly positioning Guyana as a regional gas hub. Plans are underway to expand gas supply to power plants, industrial facilities, and emerging sectors such as data centers. The government has received interest in several “anchor projects,” including:

1. 1. A new power generation facility
   2. Data center infrastructure
   3. A bauxite-to-alumina processing plant
   4. Early discussions with neighboring Suriname explored a shared gas pipeline, potentially lowering costs through regional collaboration.

Wales development project – a key part of Guyana’s gas-to-energy strategy – is advancing, with a power plant expected to be partially completed by the end of this year. The project also includes a natural gas liquids facility to produce cooking gas, with total costs approaching $3 billion.

Exxon expects $5 Billion Cost Recovery
As production expands, ExxonMobil is also expected to recover up to $5 billion in costs this year, underscoring the scale of its investment in Guyana’s offshore developments. However, the company’s financial dealings remain under intense scrutiny.

$214 Million Audit Dispute Heads to Arbitration
Nearly three years after auditors flagged $214 million in questionable expenses, the dispute between ExxonMobil and the Guyana government remains unresolved.

At the center of the standoff is the selection of a “sole expert” to determine whether Exxon must repay the disputed funds. The government has raised concerns about Exxon’s preferred candidate, citing potential conflicts of interest due to past work with the company.

Sources familiar with the process say the delay has dragged on for over a year, with both sides unable to agree on an independent expert. As a result, the matter is now moving toward arbitration, as outlined in the Production Sharing Agreement, (PSA). Government officials have also pushed for real-time financial audits, arguing that increased transparency is critical as Guyana’s oil revenues continue to grow.

High Stakes for a Growing Oil Power
The outcome of the audit dispute could have significant implications for Guyana’s oil governance framework, investor confidence, and future negotiations with multinational energy companies. At the same time, Exxon’s continued expansion signals that production growth will remain aggressive – with Guyana poised to become one of the top per capita oil producers globally.

For the region, the stakes are equally high. Guyana’s transformation is reshaping regional energy dynamics, creating new opportunities – but also raising urgent questions about transparency, accountability, and long-term economic sustainability. As production surges and disputes deepen, one thing is clear: Guyana’s oil story is only just beginning.

 

 

 

Exxon Mobil Massive Guyana Expansion –

New FPSO to Add 250,000 BPD As Cost Dispute Escalates

Guyana will repay Exxon costs for 7 oil projects by year-end

March 20, 2026

By the end of 2026 Guyana will repay ExxonMobil all expenses relating to the seven sanctioned projects but the company is uncertain whether the country will be able to enjoy its full 50% profits in accordance with the 2016 Production Sharing Agreement (PSA).

President of ExxonMobil Guyana Limited (EMGL), Alistair Routledge told media at its Ogle Headquarters, East Coast Demerara that the situation in Iran resulted in increased oil prices, which may work in favour of Guyana.Oil prices, according to Routledge are now hovering above U.S.$100 per barrel, compared with the anticipated $60 per barrel at the beginning of the year. He highlighted that the oil contract allows up to 75% of the gross revenues to be used to recover cost.

“We were anticipating sometime next year in 2027 that we were going to get to the point where we had recovered those historic cost probably largely because of just increasing volumes of production that were generating higher and higher revenues to offset the ongoing expenditures plus recover historic costs. What we are now seeing in this price environment is that will accelerate.”

The Country Manager disclosed that while the company does not forecast oil prices, if the cost per barrel is maintained then the country can pay off all costs in the cost bank this year.

“If you stay at the current oil price then it will happen this year based on the level of expenditures and the production that we anticipate so that’s a significant acceleration. What that then means is that instead of roughly the 14 and a half percent that the country has been receiving by way of revenues into the Natural Resource Fund from the Stabroek production and revenues, what will happen is that percentage will significantly increase.”

Routledge made it clear that Guyana’s contractual 50% profit share is still uncertain.

“What exactly that percentage is depends on oil price, depends on volume, depends on how much money is being spent in the months or two months leading in to any given month.”

The 2016 PSA states at Article 11 that the Contractor (ExxonMobil) shall bear and pay all costs incurred in carrying out petroleum operations and shall recover these costs on a monthly basis at a rate of 75% of total production.

Following recovery of all costs, Article 11.4 provides “The balance of crude oil…shall be shared between the Government and the Contractor for each Field in the following proportions: Contractor fifty percent (50%) and Minister fifty percent (50%).”

So far, ExxonMobil has expended U.S.$40B to develop the seven oil projects approved to date. Currently, U.S.$5B remains in the cost bank to be recovered by the company. Should oil prices decline, the timeline could be pushed back to 2027.

Routledge noted, “…given what’s happening in the world, it looks like we may be in a higher price environment for several weeks and that’s all it may take to significantly reduce that cost bank.”

Earlier, Routledge pointed to the company’s plans to pursue two additional projects in the Stabroek Block- Longtail and Haimara– the eighth and ninth, respectively.

Explaining how Guyana would still clear the cost bank this year. Routledge however maintained that higher oil prices coupled with increased production will keep the cost bank down.

“Remember our production levels are going up so we are already somewhere around 900,000 barrels per day and then when you layer on higher oil price, the revenue stream is increasing significantly.

By the time we go into next year and we start up the next project it will add another 250,000 barrels per day, so then you see again the production level is increasing so even if the oil prices come down, we are generating more revenue so all our forecast would indicate at any reasonable projection of oil price we will not go back into the mode where we are building up a cost bank.”

 

 

 

 

Halliburton Reports Fully Automated Well Placement Offshore

The project with ExxonMobil used closed-loop drilling and digital well-construction technologies.

March 21, 2026
Journal of Petroleum Technology

Halliburton said a project offshore Guyana, with ExxonMobil, Sekal, Noble Corporation, and other members of the Wells Alliance Guyana team, used digital well-construction technology to execute what it described as a “fully automated geological well placement.”

According to the global service company, the operation represents an industry first by combining algorithms and geological inversion to automate

1. 1. 1. rig operations,
      2. subsurface interpretation,
      3. well placement, and
      4. real-time hydraulics.

Halliburton deployed its LOGIX platform, which includes automated geosteering, alongside its EarthStar ultradeep resistivity service.

Automated drilling specialist Sekal deployed its DrillTronics technology, which uses a physics-based model to guide key drilling actions in real time. Together, the technologies enabled a closed-loop drilling system that steered the drill bit within reservoir boundaries while autonomously controlling drilling and tripping operations.

Halliburton and Sekal said the technologies exceeded performance targets, drilling the reservoir section about 15% faster than planned, while automated tripping reduced time by about 33%.

Halliburton believes the operation set a new benchmark for well construction performance, efficiency, and reservoir contact. The combined system also maintained precise well placement under challenging conditions, placing approximately 470 m of the lateral within the reservoir with active automated geosteering and inclination corrections throughout the run.

The system relies on algorithms and geological inversion data to enable real-time automated rig control, hydraulics, and well placement. The workflow eliminates the traditional separation between subsurface interpretation and drilling operations.

“This breakthrough digital orchestration transforms execution efficiency and advances automated well construction from concept to field-proven results and sets the foundation for consistent well placement in the best rock every time,” Jim Collins, vice president for Halliburton’s Sperry Drilling unit, said in a statement.

Halliburton added that its teams were “highly integrated” with the Wells Alliance Guyana team.

Rod Henson, vice president of wells for ExxonMobil, said, “This achievement demonstrates how collaboration and advanced automation can transform well-construction efficiency and reliability.”

The Wells Alliance Guyana, established in 2024, includes ExxonMobil Guyana, Halliburton, SLB, Baker Hughes, Noble Corporation, and Stena Drilling. The group is not a legally binding partnership but instead operates through a collaborative model built on trust and transparency to support offshore operations in Guyana.

 

 

 

New job on ExxonMobil’s seventh oil project for ABL

March 11, 2026, by Melisa Cavcic

ABL, part of Oslo-listed global consultancy group ABL Group, landed an assignment at an offshore oil project in Guyana’s Stabroek block, operated by ExxonMobil Guyana, a subsidiary of the U.S.-headquartered ExxonMobil.

ABL has been hired to provide marine warranty survey services for the marine operations and installation activities on ExxonMobil’s Hammerhead development, intended to be the seventh of multiple developments in the Stabroek block, approximately 200 kilometers offshore Guyana, in water depths ranging from 850 to 1,725 meters.

The project, for which a $6.8 billion investment was unveiled, entails 18 production and injection subsea wells and the deployment of a spread-moored floating production, storage and offloading vessel (FPSO) that will offload directly to conventional export tankers in a tandem mooring configuration.

The produced gas will be transferred to the gas-to-energy pipeline system for disposition at either the Unity facility or the onshore gas-to-energy plant. The project will be managed out of the ABL Houston office with support from the firm’s worldwide network of group offices, including Calgary, Paris, Rotterdam and Rio de Janeiro.

David Ballands, ABL’s Director of Energy Services in the Americas, commented: “The Hammerhead project will be a follow-on from our involvement with ExxonMobil’s Liza 1, Liza 2, Payara, Yellow Tail and Uaru. All are similar projects in the same development block, with the same philosophy and installation method. Our Hammerhead team blends fresh technical insight with continuous, in-country experience in Guyana.”

ABL claims that the offshore campaign will be performed during 2027 and 2028. The company has a long-standing relationship with ExxonMobil, having delivered marine warranty survey services on over 50 projects for the operator and its subsidiaries.

Stabroek block partners are

1. 1. ExxonMobil, operator with 45% interest,
   2. Chevron with 30%, and
   3. CNOOC Petroleum Guyana (25%).

MODEC will deliver an FPSO for the Hammerhead project and Saipem will handle the execution of engineering, procurement, construction and installation (EPCI) activities.

Guy Noble, Senior Principal Naval Architect at ABL, highlighted: “This extensive history means we are deeply familiar with ExxonMobil’s standards, policies, and supplier expectations. Our consistent performance and reliability have earned us a reputation as a trusted partner in safeguarding offshore operations.”

Hammerhead is envisioned to add between 120,000 and 180,000 barrels per day (bpd), increasing Guyana’s overall production capacity to nearly 1.5 million bpd when it comes online in 2029.

 

 

 

 

Exxon Consortium for Guyana Floating Production Continues As Planned

March 19, 2026

A new floating production facility for a consortium led by Exxon Mobil in Guyana is nearly complete and expected to soon depart from Singapore, an executive said Thursday, part of the push to accelerate oil and gas projects in a country key to the U.S. oil giant’s growth.

Guyana has allowed Exxon to quickly boost output capacity to over 900,000 barrels per day (bpd) after only first inaugurating crude production in 2019. The rapid growth in output has propelled the small country to the list of top oil producers in South America.

The floating production, storage and offloading (FPSO) platform Errea Wittu, being built by Japanese firm MODEC, would be the fifth to be installed by the Exxon group in Guyana. It will produce, store and deliver up to 250,000 barrels per day from the Uaru offshore project.

Once that project begins, it could push crude output in Guyana past that of neighbor Venezuela. Exxon expects its output capacity from all planned projects in Guyana to reach some 1.7 million bpd by 2030.

It is not clear when the facility will arrive; Exxon had previously said arrival in Guyanese waters would happen later this year, without further details. Once it arrives, the vessel will need testing before it can begin production.

The group’s fourth project, Yellowtail, which began last year, now produces 263,000 bpd, lifting overall output in Guyana to 916,000 bpd in January. Exxon is expected to seek government approval to increase Yellowtail’s capacity to about 290,000 bpd, Alistair Routledge, the head of Exxon in Guyana said.

Benchmark Brent crude prices have surged to over $110 a barrel following attacks on Middle Eastern energy facilities as the Gulf war. The high price of oil is now expected to help Exxon recover up to $5 billion in costs in the country this year, rather than in 2027 as originally forecast.

The company and the government are currently in an ongoing cost dispute over expenses incurred by the oil major; Exxon is evaluating nominees for an independent expert to resolve the dispute.

ONE PROJECT AFTER ANOTHER

Following Uaru, Exxon is on track to start the consortium’s sixth project, Whiptail, by the end of 2027, while trying to accelerate the startup of the seventh project, Hammerhead, for 2028, a year earlier than originally planned. Routledge said. Plans for subsequent projects are expected to be submitted for government approval by next year.

Guyana’s government has been pressuring the Exxon group to secure gas output and supply to its shoreline to feed a variety of industrial projects from power generation to petrochemicals, but those projects have encountered delays. Exxon has completed its first $1 billion natural gas pipeline, but it is not yet operational.

A second, longer natural gas pipeline that would transport offshore gas to Guyana’s Berbice region could cost some $2 billion.

Fortunate to have a cooperative partner in Exxon, accommodating numerous requests for gas, power, petrochemicals, training and community projects, Guyana should end the dispute over costs immediately to allow the generous and congenial investor to focus on lucrative development projects.

 

 

 

 

Viridien, BGP agreement with government for 3D seismic program

12 March 2026

Viridian and BGP entered into an agreement with the Ministry of Natural Resources to launch a massive multi-client 3D seismic acquisition and imaging program across the shallow water acreage lots 2, 3 and 4, an area comprising approximately 25,000 sq kms.

New data will be acquired by BGP and high-end seismic imaging will be performed by Viridien, applying its industry-leading proprietary advanced workflows, including state-of-art shallow water demultiple and time-lag full-waveform inversion (TLFWI). The resulting new subsurface images, along with any potential future reimaging of existing seismic data, will help unlock the hydrocarbon potential of the shallow water portion of the basin and support Guyana’s future licensing round in the area.

Joe Zhou, SVP, Americas, Earth Data, Viridien, said: ‘Viridien has worked closely with the government of Guyana for over 15 years, acquiring, imaging and enhancing the country’s seismic data.

Together with our partner BGP, we are delighted to have this new opportunity to provide the high-quality data necessary for operators to make confident, data-driven decisions, and ultimately unlock the hydrocarbon potential of a largely unexplored part of the basin in Guyana.’

 

 

 

 

 

 

 

 

Guyana launches massive offshore 3D seismic survey

March 11, 2026 –

The Ministry of Natural Resources (MNR), partnered with Viridien to launch a major 3D multi-client seismic survey covering 25,000 square kilometres offshore Guyana, aimed at further de-risking the oil basin and strengthening exploration prospects.

A 3D seismic survey is an advanced geophysical method that uses sound waves to produce detailed, three-dimensional, high-resolution images of the earth’s subsurface. The technology is commonly used to map geological structures, identify potential oil and gas deposits and optimise drilling.

The ministry said the survey will include all 11 blocks from the 2022 Licensing Round located south of the Stabroek Block and extending to the Guyana–Suriname border. The agreement also provides for the reprocessing and integration of existing seismic datasets across the three survey lots.

“Thanks to advanced seismic acquisition and processing technologies, the 3D survey will materially de-risk the Guyana Basin, thereby enhancing the exploration decision-making process and increasing investor confidence,” the ministry stated.

Data generated by the survey will strengthen the basin’s marketability in future bid rounds and position Guyana competitively within the regional exploration market. The agreement allows for large-scale seismic acquisition without direct public expenditure, through pre-funding arrangements, where energy companies provide early capital for geophysical surveys in exchange for exclusive early access to the data.

All data acquired will remain the sole property of the Government of Guyana, preserving sovereign ownership of national petroleum data. However, the data can be licensed to third parties for a fee. Notably, acquisition activities will begin once the necessary pre-funding commitments are secured. The survey phase is expected to take approximately one year, followed by data processing and interpretation.

Viridien was selected following an international procurement process that began on September 6, 2024. The ministry said the agreement continues a long-standing partnership and represents a step toward strengthening Guyana’s offshore petroleum framework and advancing the modernisation of the energy sector. The company, formerly CGG Services (US) Inc., has maintained a working relationship with the Government since 2010. During that time it has acquired, processed and managed the country’s seismic data.

Viridien is a global advanced technology and Earth data company specialising in geoscience, subsurface imaging and high-performance computing for the energy, mining and environmental sectors. In addition to sector-wide benefits, the acquisition partners agreed to maximise the use of local content in accordance with national legislation and provide technical training and capacity-building for petroleum sector regulatory agencies.

 

 

 

 

Guyana rejects Venezuelan opposition to seismic survey

March13, 2026

The government firmly rejected Venezuela’s objection to the decision to advance a three-dimensional multi-client seismic exploration programme within Guyana’s Exclusive Economic Zone (EEZ).

The Ministry of Natural Resources announced a partnership with Viridien to conduct a 3D multi-client seismic survey covering approximately 25,000 square kilometres offshore. Aimed at de-risking the basin and attracting investment, the survey will cover all 11 blocks from the 2022 Licensing Round located south of the Stabroek Block and extending to the Guyana–Suriname border.

In a communiqué on March 11, Caracas said it “categorically rejects” Guyana’s decision to proceed with exploration activities in areas Guyana considers part of its Exclusive Economic Zone (EEZ).

“Once again, Guyana reiterates its intention to carry out unilateral exploration activities over part of the maritime spaces that are pending delimitation, in open contravention of fundamental principles of international law.”

Guyana rejects Venezuela’s opposition to its offshore seismic exploration plans

 

Guyana offshore seismic exploration plans

The OPEC founder urged Guyana to refrain from unilateral actions that could violate principles of customary international law governing relations between coastal states, particularly measures that could create or aggravate differences and depart from the framework of international law.

Caracas warned that it does not recognise any concession, licence or activity related to the exploration or exploitation of natural resources in maritime areas it considers undelimited. The long-standing border controversy between Guyana and Venezuela is currently before the International Court of Justice (ICJ) after Venezuela laid claim to Guyana’s resource-rich Essequibo region.

In response to Venezuela, the Ministry of Foreign Affairs said it “categorically rejects the assertions contained therein, which are legally unfounded, inaccurate and entirely inconsistent with established principles of international law.”

“The Ministry wishes to remind the Government of the Bolivarian Republic of Venezuela that the Government of Guyana has the authority to grant permission for any activities within the maritime areas appurtenant to the coastal territory of Guyana, as defined by the Arbitral Award of 1899, which established the frontier between British Guiana and Venezuela. In such maritime areas, Guyana enjoys sovereignty up to 12 nautical miles in the territorial sea, and sovereign rights beyond 12 nautical miles in the Exclusive Economic Zone and the continental shelf.”

The statement said that the maritime areas where the seismic survey will be conducted lie unequivocally within Guyana’s Exclusive Economic Zone and continental shelf, over which Guyana exercises sovereign rights. “These rights include the exclusive authority to explore, exploit, conserve and manage natural resources within its maritime jurisdiction. As such, Guyana’s decision to facilitate the acquisition of high-resolution seismic data through a 3D Multi-Client Seismic Survey represents a legitimate and lawful exercise of its rights and is entirely consistent with international law and established state practice.”

The seismic acquisition initiative forms part of Guyana’s broader national strategy to strengthen the scientific understanding of its offshore petroleum basin, enhance transparency in resource management, and improve the attractiveness of Guyana’s offshore acreage to responsible international investors.

The programme will employ advanced geophysical techniques to generate high-resolution subsurface imagery that supports exploration planning and strengthens the long-term governance of Guyana’s offshore energy sector. Accordingly, Guyana firmly rejects Venezuela’s attempt to characterise these lawful activities as occurring within “undelimited maritime areas.”

The ministry said that “Such claims constitute a deliberate misrepresentation of both the geographic and legal realities governing Guyana’s maritime jurisdiction. The Government of Guyana has consistently exercised peaceful administration and jurisdiction over its maritime spaces, including the licensing and regulation of offshore exploration activities. These actions are undertaken in strict conformity with international law and with due regard to the rights and entitlement of other States.”

When the boundary between the two States was definitively settled more than a century ago by the 1899 Arbitral Award, Venezuela accepted and benefited from that settlement and the legal certainty it provided. That Award brought finality to the territorial boundary and enabled both States to exercise the full rights and advantages arising from their respective territories and maritime projections. However, Caracas later claimed the award was null and void. In 2018, Guyana filed a case at the ICJ seeking a ruling that the award is valid and legally binding.

“It is therefore particularly incongruous that Venezuela, having historically benefited from the stability and legal clarity afforded by that settlement, now seeks to challenge Guyana’s sovereign right to utilise and develop the resources contained within the territory and maritime areas that lawfully appertain to Guyana.”

As a result, Guyana rejects the protest by Venezuela and the notion that any portion of its maritime space or continental shelf appertains to Venezuela. The Geneva Agreement of 1966 governs the resolution of the controversy which has arisen because of Venezuela’s contention, first made in 1962, that the Arbitral Award of 1899, which settled the land boundary between British Guiana and Venezuela, is null and void.

That Agreement imposes no obligation on Guyana to refrain from economic development activities in any portion of its territory or in any appurtenant maritime areas.

“Moreover, Venezuela’s assertion that it will not recognise concessions, licences or activities authorised by Guyana in its maritime domain is wholly without legal effect. Under international law, no State may arrogate to itself the authority to invalidate the lawful sovereign decisions of another State within its own territory or maritime zones. Venezuela’s statements therefore represent an unwarranted attempt to interfere with Guyana’s sovereign right to pursue its economic development and manage its natural resources for the benefit of its people.”

The government of Guyana urged Venezuela “to refrain from issuing inflammatory and misleading statements that seek to undermine Guyana’s sovereign rights or discourage legitimate economic activity within Guyana’s maritime domain.”

[ ECO. This threat bolsters the advice for a US Naval Base with Radar on Chacachacare in the Gulf of Paria. The uninhabited island is a natural site for a classical citadel where US Marines will be a supreme sentinel in perpetuity to defend the Subcontinent around the Atlantic Seaway. After 4 months of external peace, ouster of a tyrant, elimination of narcotics gangs, RADAR security crowned by a Democratic ACCC and SoA Summit, the next phase will protect the petrostate, like the US Chaguaramas Base in 1940-77 which defended the Western Hemisphere with Trinidad oil. The USA has been a friend to the West Indies since the English Colonies of British America founded from 1607 began a crucial colonial trade partnership with the British West Indies , trading timber and food for sugar. Friendship over 4 centuries is stronger than ever and the best memorial will be a US Naval Base with Radar on Chacachacare. ]

 

 

 

 

Second gas pipeline to land at Berbice River mouth

March 3, 2026

The country’s second gas pipeline will land at the mouth of the Berbice River in Region Six and will trigger a new wave of industrial activity, according to Finance Minister, Dr Ashni Singh.

On the National Communications Network (NCN), he underscored that Region Six is positioned for major transformation over the next five years, with energy-led development expected to unlock new industries and large-scale investment.

He emphasised the transformative impact. “Imagine that the gas pipeline will be landing at the mouth of the Berbice River… that will deliver enough gas for us to build another Gas-to-Energy (GtE) Project once the power demand is there”.

The project is expected to support bauxite processing, agro-processing, fertiliser production and data centres, creating significant employment opportunities for surrounding communities.

Budget 2026, themed ‘Putting People First,’ also prioritises transport and infrastructure upgrades to support this growth. Key initiatives include

1. 1. the construction of a new bridge across the Berbice River,
   2. upgrades to the Corentyne corridor from Palmyra to Moleson Creek,
   3. enhanced farm-to-market roads and
   4. the potential development of the Corentyne River Bridge with Suriname.

In November 2025, President Dr Irfaan Ali had announced that Guyana will build a second GtE pipeline, to be routed through Berbice, before the end of the decade, describing the project as a national undertaking that will “break every single record in the world” in its speed of delivery.

He signalled that the new pipeline is no longer an aspiration but a defined target within the Government’s wider energy and industrialisation strategy. The announcement places Berbice at the centre of Guyana’s next phase of energy expansion, as the Government prepares for a fivefold increase in national electricity demand by 2030.

A robust, diversified economy cannot emerge without “cheap, reliable, clean energy”, and the GtE platform, now set to include a separate Berbice line, is the bedrock on which industrial ambitions will be built.

“Cheap, reliable, clean energy is the bedrock of industrialisation. It is the key to transforming our export baskets, to powering factories, to enabling manufacturing, agro-processing and value-added production and to supporting modern infrastructure.”

The President framed the pipeline announcement within “arguably the most transformative decade in our nation’s history.” He pointed to the scale of infrastructure now in motion – roads, bridges, ports, digital systems, energy projects – and said the decisions being taken today will define “the destiny of generations to come.”

The Berbice gas line will form part of a massive national energy buildout that includes a 300-megawatt (MW) combined-cycle plant, the Amaila Falls Hydropower Project, large-scale solar farms, mini-grids and upgraded transmission and control systems.

 

 

 

 

Guyana’s Next $2 Billion Gas Pipeline

24 March

ExxonMobil Guyana is weighing the development of a second major natural gas pipeline to the Berbice region, a project estimated to cost at least $2 billion. Company President Alistair Routledge, emphasized that while the expansion is a key component of Guyana’s energy strategy, its execution depends on securing firm commercial commitments and “anchor demand” from industrial consumers.

“To do similar for Berbice in larger volumes, a larger pipeline could easily be $2 billion or more. In order to be comfortable that we move forward, we have to know that there’s a market for the gas and that there are projects ready to take it.”

The proposed pipeline would land at the mouth of the Berbice River, supporting a second gas-to-energy hub. Potential users include data centers, bauxite processing plants and fertilizer production facilities.

ExxonMobil has held preliminary talks with neighboring Suriname regarding shared infrastructure. While discussions are in early stages, Guyana is currently “further ahead” in understanding its offshore resources.

The project’s technical foundation rests on the Haimara cluster in the southeast Stabroek Block. ExxonMobil is currently sequencing its offshore developments to maximize recovery, focusing on “drier” gas fields like Pluma and the condensate-rich Longtail discovery.

The Guyana government signaled aggressive support for the project. President Dr. Irfaan Ali targeted the end of the decade for completion, framing the pipeline as the “bedrock of industrialization.“

Finance Minister Dr. Ashni Singh added that the infrastructure would unlock massive employment in Region Six, complemented by a new Berbice River bridge and expanded road corridors.

In the interim, ExxonMobil is focused on the Hammerhead project, which is expected to produce up to 90 million standard cubic feet of gas per day.

Unlike previous offshore developments where gas was reinjected, Hammerhead’s output will feed the existing pipeline to Wales, West Bank Demerara, to bolster current power generation.

 

 

 

President names floating production vessel ‘Essequibo 1899’

March 19, 2026

President Dr Mohamed Irfaan Ali named Guyana’s newest floating production vessel Essequibo 1899, paying tribute to a defining moment in the nation’s history, during the 136th General Meeting of the Georgetown Chamber of Commerce and Industry (GCCI)

“I’ve chosen a name for our next FPSO, and it’s Essequibo 1899 to refresh our memories of history.”

The name references the year of the 1899 Arbitral Award and was deliberately chosen to honour Guyana’s historical legacy and recognises the rapid economic transformation as oil production continues to expand rapidly within the Stabroek Block offshore.

Multiple large-scale projects are already producing over 900,000 barrels of oil per day from four developments, Liza Phase One, Liza Phase Two, Payara and Yellowtail, operated by ExxonMobil and its partners. Production capacity is expected to increase further with the arrival of additional floating production, storage and offloading (FPSO) vessels as new offshore developments come on stream.

Guyana’s growth in the energy sector must continue to reflect the national identity and history, even as it strengthens its role as a major oil-producing nation. The expanding oil sector has positioned the country among the fastest-growing economies in the world

 

 

 

Oil crisis revives refinery push

March 20, 2026

Rethinking of strategy as Middle East conflict shakes global markets

Amid mounting oil prices occasioned by the ongoing Middle East conflict, President Irfaan Ali signaled that his administration will revive debate surrounding opening of an oil refinery.

Oil and natural gas prices were volatile after Iran ramped up strikes on energy infrastructure across the Middle East and attacked one of the world’s key liquefied natural gas facilities in Qatar.

Brent crude, the global oil benchmark, rose 1.18% to settle at $108.65 per barrel, its highest settle so far during the Iran war and its highest closing level since July 2022. Brent during trading surged to hit $119 per barrel before paring gains. WTI, the U.S. benchmark, edged lower by 0.19% to settle at $96.14 per barrel, paring gains after hitting $100 per barrel earlier.

Traders on Thursday monitored comments from U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu who said Israel will help the USA reopen the Strait of Hormuz The USA could also remove sanctions on Iranian oil on tankers and order another release from the Strategic Petroleum Reserve to bring down oil prices, U.S. Treasury Secretary Scott Bessent said .

President Ali told the 136th Annual General Meeting for the Georgetown Chamber of Commerce and Industry that the current global situation placed the spotlight on the policy decisions going forward. One such strategy would be to increase storage capacity, which would allow Guyana to have better control over the differences in prices as well as the extreme shock on the market.

“But now I believe we should return to the conversation of a refinery for national security, because this challenge has really opened up discussions globally and reinforces what the U.S. policy for the Western Hemisphere may be.

In this hemisphere, we have to optimise our resources, optimise the development of our resources, for the protection of the hemisphere, for the economic viability of the hemisphere, for the energy viability of the hemisphere.”

These are no longer far-fetched costs, but realities that must be embraced, and an important part is that it should be ensured that the hemisphere is secure, that is rule-based and the values for freedom and democracy are shared.

“We cannot continue to look beyond our hemisphere for solutions, when so much resources within the Western Hemisphere must be developed if we are to really secure a sustainable future for ourselves.

It is in this context that we must view your annual general meeting. We cannot be unaware of this.”

At the 2025 Energy Conference and Supply Chain Expo President Ali had announced that the Government of Guyana will soon partner with US-based Curlew Midstream to refine and store locally produced oil.

Vice President Bharrat Jagdeo in 2023 had underscored those ongoing discussions for an oil refinery with the Dominican Republic are far from finalised despite the signing of a Memorandum of Understanding (MoU) between President Ali and the President of the Dominican Republic, Luis Abinader.

The MOU had spurred deliberations about an oil refinery in Guyana capable of refining approximately 50,000 barrels of oil daily. Notably, the Dominican Republic is poised to hold a controlling stake of 51% in this collaborative endeavour.

At the just concluded Energy Conference, Government of Guyana had been engaging with the government of Trinidad and Tobago (T&T) to explore possible partnership for the restart of the twin-island’s oil refinery which was closed in 2018. T&T’s Energy Minister, Dr. Roodal Moonilal who attended Guyana’s Energy Conference and Supply Chain Expo last week, was in a panel discussion with Guyana’s Minister  Vikram Bharrat and Suriname’s Minister Patrick Brunings.

In his discussion, Moonilal outlined Trinidad’s role for many decades in the region’s energy landscape. He acknowledged missed opportunities in emerging energy destinations like Guyana, Suriname and others by his predecessor and expressed regret that T&T with decades of experience in the hydrocarbon sector, has not conducted more business with Guyana, which discovered oil in 2015 and began production four years later.

However, the new Kamla Persad-Bissessar administration mandated that Trinidad deepen collaboration with its regional partners particularly, Guyana and Suriname.

Moonilal said,“The time has come to institute some type of forum where ministers of energy and their respective teams can meet more regularly to collaborate, to work together on investment policies, strategies, so we do not duplicate.”

Dr. Moonilal outlined advantages of T&T as partner, with existing gas infrastructure, which could help Guyana and Suriname. “This will enable rapid monetisation of gas resources without the substantial investment required to build new plants.”

He noted that Guyana could play a key part in the restart of the Pointe-a-Pierre Refinery. “We are indeed encouraged to work with the Government of Guyana and other delegates and other entities present at this energy conference to advance the reopening of the refinery in Pointe-a-Pierre, Trinidad ”.

If the operations restart, the refinery will require petroleum from regional partners and can process about 150,000 barrels of oil daily.

Minister Bharrat, on the restart of the oil refinery, noted, “So that is an area that we’ve already been engaging on with Trinidad and Tobago. To look at the possibility of having that refinery restarted, to have investors play a part in that as well , who are working with us in Guyana that they too can work in Trinidad at the same time. And we’ve held several meetings together, yesterday, and we have a few more set up today.”

Guyana’s oil production from the Stabroek Block, operated by ExxonMobil Guyana Limited (EMGL) is currently over 900,000 barrels per day from four developments — Liza Phase One, Liza Phase Two, Payara and Yellowtail. The other projects: Uaru, Whiptail and Hammerhead have also received government approval but are not yet producing. By the end of the decade, EMGL is expected to have eight projects onstream.

 

 

 

Exxon rejects talks on windfall taxes

March 21, 2026

President of ExxonMobil Guyana, Alistair Routledge insisted that the company is unwilling to engage the Government of Guyana to apply a windfall tax on excess profits generated in the Stabroek Block due to higher oil prices.

A windfall tax is levied by governments on companies that earn sudden, excessive profits due to unexpected conditions rather than core business strategy.

The Middle East war resulted in oil prices soaring past U.S. $100 per barrel for the first time since 2022. During the company’s first press conference for the year at its Ogle Headquarters, East Coast Demerara, Routledge was asked whether Exxon is open to discussions on applying a windfall tax.

Routledge bluntly responded, “No, we’ve been very clear on that.”

He explained that “stability” is key to investment as the company committed to spend US$60 billion in the country.

“It’s extremely important that there’s a stable investment climate. These spikes in oil price happen from time to time, but they’re not predictable and when they do happen, they are what enable us, then, to carry through the periods when oil price drops again.

I’ve yet to hear a government or office to give us a rebate when oil prices fall, because, of course, they’re also losing it. So, the contract, the construct is designed to incentivize the investment, and for the benefits to be there for all the parties. It’s delivering on that.”

Guyana could gain at least U. S$9 million more daily from ExxonMobil if a windfall tax of 25% is applied to the excess revenue currently being earned. At the beginning of the year, Finance Minister, Dr. Ashni Singh estimated inflows from the sector at an average of just $59 a barrel.

Conflict in the Middle East resulted in oil prices exceeding U.S. $100 per barrel for the first time since 2022. Currently, Guyana is producing an average of 900,000 barrels per day (bpd), meaning that Exxon is generating U.S.$40 extra on each barrel.

Stabroek Block is daily generating U.S.$36 million more than anticipated by government. By applying 25 per cent tax to the excess profits, Guyana could earn U.S$9M more daily from the windfall profits being enjoyed by Exxon or U.S$270 million a month.

In 2022, Canada moved its royalty charged between five and 40%; the US in December 2021, raised its royalty rate higher than the 18.75% it had been receiving while the UK slapped a one-off 25 per cent tax on oil companies there.

Vice President Bharrat Jagdeo had dismissed calls for the government to institute windfall taxes from ExxonMobil. This is especially significant since Guyana does not receive any taxes under the 2016 Production Sharing Agreement (PSA).

In the sweetheart deal Exxon states in Article 15.1, the Contractor (ExxonMobil Guyana Limited) as well as its affiliates shall not be subjected to tax, value-added tax, excise tax, duty, fee, charge, or impost in respect of income derived from petroleum operations, property held or transactions except as specified under the agreement

 

 

 

 

 

Eco Atlantic to acquire JHI, gain Falklands, Guyana offshore stakes

March 11, 2026

Eco Atlantic Oil & Gas signed a binding agreement to acquire the remaining shares of JHI Associates, expanding its exploration footprint in the North Falkland basin and offshore Guyana.

The transaction would give Eco a 35% working interest in the PL001 license area in the Falkland Islands and a 17.5% interest in the Canje block offshore Guyana, operated by ExxonMobil with partners TotalEnergies and Mid Atlantic O&G. The acquisition is valued at about $52.3 million, based on Eco’s share price on the TSX Venture Exchange.

Upon completion, JHI shareholders are expected to hold about 21.8% of Eco’s issued share capital. PL001 sits in the North Falkland basin, adjacent to the Sea Lion development, which reached final investment decision in late 2025 and is expected to deliver first oil in 2028.

The development is operated by Navitas Petroleum, which agreed to farm into PL001 with a 65% interest pending regulatory approval. The licence covers approximately 1,126 sq km in water depths of 400–500 m and contains multiple exploration prospects identified in modern 3D seismic data. Previous drilling encountered oil shows and an independent resource report estimated 3.1 billion bbl of prospective recoverable resources (unrisked) across the block.

The PL001 partners are working with the Falkland Islands government to secure a five-year license extension, which would allow additional exploration drilling. As part of the farm-in agreement, Navitas will provide a carry loan to fund an exploration well and potential appraisal well.

The deal also adds exposure to the Canje block offshore Guyana, located north of the prolific Stabroek trend. The block hosts multiple exploration prospects identified from 3D seismic data, although the license recently expired and discussions are ongoing with the government regarding a potential extension.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:“This Transaction represents a further transformational milestone in Eco’s strategic evolution and reinforces our disciplined approach to assembling high-quality Atlantic Margin acreage alongside best-in-class operating partners.

By securing a significant working interest adjacent to the Sea Lion Field, and further aligning ourselves with Navitas, a proven, development-focused operator with a clear pathway to first oil, Eco is advancing beyond pure exploration exposure and positioning itself within a basin entering a new phase of development-led growth.

With Sea Lion progressing toward development and infrastructure build-out, and with planned drilling activity supported by a meaningful carry, we believe Eco is now exceptionally well positioned to participate in the next chapter of growth in the region while maintaining capital discipline and maximising shareholder value.

In parallel to this transaction, Eco and Navitas are continuing their advanced discussions with the Government of Guyana regarding the appraisal and exploration program on the Orinduik block, while progressing lead and prospect evaluation on Block 1 CBK in South Africa’s Orange basin, and maintaining an active farm-out process on our three Walvis basin blocks in Namibia. We will update the market in due course on any further development across our wider Atlantic margin portfolio.

I want to thank my team and our advisors for their hard work; we are delighted to update the market on the continued progress of the Company through our proposed acquisition of JHI.

Today’s announcement builds on the strong momentum we have generated since signing our framework agreement with Navitas in December 2025 and further strengthens our strategic Atlantic margin footprint in the North Falkland Basin.”

Completion of the acquisition is expected in third-quarter 2026, subject to shareholder approval, regulatory approvals and the extension of the PL001 license.

 

 

 

 

SBM US$470M windfall follows FPSO sale to XOM

February 27, 2026

Dutch offshore oil services giant SBM Offshore announced a record US$470 million in shareholder returns for 2025— a 57% surge year-on-year following strong operational performance and the early sale of the FPSO ONE GUYANA to ExxonMobil.

Unveiling a US$2.1B payout plan, the Amsterdam-based floating production specialist said it would pay $2.57 per share through a US$200 million dividend and a US$270 million share buyback programme.

Financial officer Douglas Wood said contracted cash flows over the next six years will “more than cover” the plan to boost shareholder returns. “There’s even some upside from the contracts that we already have on our order book. If we win new awards, we should start to see the backlog rebuild this year.”

The company uses directional reporting, which books revenue from construction-phase payments before leases begin. The firm’s directional order backlog fell to US$31.1 billion at year-end from US$35.1 billion a year earlier, as the early sale of FPSO ONE GUYANA reduced revenue expectations.

SBM expects directional revenue at a baseline of around $6.5 billion in 2026, and directional operating profit at around $1.8 billion. CEO Oivind Tangen, asked about recent U.S. tariff-induced volatility, said it is reinforcing oil and gas fundamentals in the Atlantic region, making business stronger and more durable. SBM Offshore operates in the deepwater segment, where production costs per barrel are relatively lower than in other offshore regions, shielding it from oil price volatility.

SBM Offshore’s directional earnings before interest, taxes, depreciation, and amortisation stood at US$1.7 billion in 2025, beating analysts’ estimate of US$1.65 billion, as per a company poll.

 

 

 

 

Exxon leverages Guyana growth in global race for new resources

Kevin Crowley, Bloomberg February 24, 2026

ExxonMobil Corp. is betting the economic boom unleashed by its giant discovery in Guyana will give the company an edge when negotiating fiscal terms with other nations looking to develop their own oil and gas reserves.

The U.S. supermajor says the breakneck production growth in the South American petrostate shows Exxon can build oil projects faster and more efficiently than its competitors. It’s a “unique value proposition” that will ultimately make more money for countries — and Exxon, Chief Executive Officer Darren Woods said.

“We’re going to bring something unique to you that has great value to you, and then we expect to be compensated for that. That’s the proposition that we’re making to basically all the resource owners and our customers.”

The largest energy companies are locked in a global race to secure new resources as investor concerns shift from climate change to the longevity of their oil and gas reserves. Chevron Corp. is reviving exploration efforts while Shell Plc and BP Plc are pivoting back to fossil fuels after their ventures into lower-carbon energy fell flat. Exxon believes its unwavering faith in oil and gas combined with its ability to build complex projects on time and on budget is a competitive advantage.

“We can see that in Guyana. In all the things where we’re executing, where we’re the operator, that we’re delivering differentiated results. Importantly, our industry peers can see it and the resource owners can see it.”

Guyana produces nearly 1 million barrels a day, more than neighboring Venezuela, up from nothing just over six years ago. It has transformed the formerly impoverished country into one with a sovereign wealth fund worth $3 billion and growing.

The boom is not without its problems. Citizens worry about the government’s dependence on Exxon, inflation and potential environmental liabilities but it has also created one of the fastest-growing economies in the world.

The changing landscape was on full display at a Guyana energy conference this month, where top oil executives mingled in new hotels, restaurants and high-end retail outlets along the Atlantic shore front in Georgetown.

Trash-filled drainage ditches and a rising cost of living in a country where the public sector minimum wage is under $500 a month are a reminder that newfound oil wealth has yet to reach most of the population.

To this end, Exxon plans to invest $100 million in Guyana’s education system over the next decade to build up skills among high-schoolers. The company plans to build science, technology, engineering and mathematics workshops in each of the ten regions to provide after-school lessons for mostly low-income teenagers in an effort to prepare the future workforce.

Modeled on two centers in Houston, they will provide courses in computer-aided design, electronics and robotics while also helping with college applications. If successful, Exxon intends to build similar centers in other locations where it operates, including the Permian basin in West Texas and New Mexico.

The centers will address the skills and labor shortage currently one of the biggest impediments to Guyana’s future . Many of the top jobs in the oil industry are held by workers contracted from overseas while immigrants from Venezuela and Cuba are increasingly taking lower-skill roles.

“We want an upskilled workforce to be ready for high-paying jobs, to have more knowledge transfer, technology transfer and skill transfer to the local workforce We want the capacity to be built in-country.” President Irfaan Ali said.

It’s part of an effort to avoid the resource curse, a tendency for oil-rich nations to become poorer, less stable and more corrupt due to the concentration of wealth among the powerful elite.

Venezuela is a textbook case, while Nigeria, Equatorial Guinea and Chad, where Exxon has operated in the past, have all experienced endemic corruption.

Woods rejects the idea that oil extraction causes corruption. “But it certainly can manifest itself because now you’ve got large sums of money floating around”.

Ali’s government has quadrupled its annual budget since 2021 and this year plans to spend $7.5 billion on bridges, schools and hospitals as well as harnessing private investment to diversify the economy away from oil and gas. Ali’s plan is showing early signs of progress.

Guyana’s non-oil economy grew at 14.3% last year, slower than the 19.3% growth rate of the economy overall but still much faster than most of the rest of the world. And rising oil production, set to increase 30% to 1.3 million barrels a day over the next few years, means its sovereign wealth fund is likely to grow even if crude prices decline.

Exxon supports Ali in his efforts to rapidly grow living standards in a country where, just a few years ago, over half the population lived in poverty, according to the Inter-American Development Bank.

“People in the community have to see the benefits of you being there. To think you’re going to go into a community or location and be at odds with the people that you’re living and working with, that equation will never work.”

Since Trump took office a year ago, Exxon has expanded in Angola, obtained offshore drilling rights in Greece, won exploration concessions in Egypt and signed a production sharing contract in Trinidad and Tobago. The company has also held talks over new fields in Iraq and Libya, both OPEC members. In these negotiations, Guyana looms large.

“If I can deliver more value for the same dollar, the benefit is huge for the resource owners. It’s good for us, but it’s even better for the resource owners, and therefore they’re incentivized to bring the best in.”

 

 

 

Amaila Falls Hydro Project

February 26, 2026

The government is advancing the much-anticipated Amaila Falls Hydropower Project, setting an April deadline for proposal submissions from prospective firms or consortia under a revised Build-Own-Operate-Transfer (BOOT) model.

The project is designed to deliver a minimum of 165 megawatts (mw) of renewable energy to the national grid. It forms part of a broader energy mix strategy pursued by the People’s Progressive Party/Civic Administration.

Under the revised framework, the hydro facility will be executed through a Special Purpose Company. The transmission network will be developed separately.

The government also indicated that independent supervision will oversee the design and construction phases. According to the Office of the Prime Minister, proposals will be evaluated based on the lowest power purchase agreement (PPA) price, overall project cost, completion timelines, and the bidder’s ability to secure financing.

Only firms or consortia with demonstrated experience in large-scale hydropower development will be considered. These include experience with building at least three large hydro projects, each at least 100 mw in the last 15 years.

Interested parties have until Thursday, April 9, at 09:00 hours to submit their requests to the Chairman of the National Procurement and Tender Administration Board (NPTAB) at Main and Urquhart Streets in Georgetown. The administration has made it clear that the hydropower facility will form a central pillar of Guyana’s long-term energy strategy, complementing the gas-to-energy project in Wales and the numerous solar power projects nationwide.

The Amaila Falls project was first proposed more than a decade ago, under a previous PPP/C government, but delays were due to the lack of support in the National Assembly in 2013. When completed, the facility is expected to deliver reliable, large-scale renewable energy to the national grid and support Guyana’s low-carbon development goals in the Low Carbon Development Strategy (LCDS) 2030.