Exxon Continues To Benefit From Advantaged Upstream

November 01, 2025

Exxon Mobil stands out as a top-tier energy investment, driven by record production in the US Permian Basin and in Guyana.

Summary

1. XOM targets aggressive growth to 5.4 million barrels/day by 2030, boosting advantaged assets and annual cash flow by over 30%.
2. Financial strength is evident with $25 billion annualized FCF, a 3.5% dividend yield, and robust share buybacks, all supported by low net debt.
3. While oil price volatility poses a risk, XOM’s scale, asset quality, and shareholder returns make it a compelling choice in today’s market.
4. Exxon Mobil is an almost $500 billion company, making it one of the largest publicly traded energy companies in the world. The company has continued to see record production from both the Permian Basin and Guyana.

 

 

Exxon & Chevron Top Estimates With Rising Oil-Production

Exxon Mobil Corp. and Chevron Corp. outperformed Wall Street expectations after new oilfield projects and acquisitions boosted crude output.

 

                                 Bloomberg News Kevin Crowley October 31, 2025

 

Exxon posts strong quarterly earnings

with production picking up in Guyana and the Permian Basin

MICHELLE CHAPMAN October 31, 2025

Exxon Mobil reported a strong third-quarter performance bolstered by strong Guyana and Permian Basin production. Exxon earned $7.55 billion, or $1.76 per share, for the period ended Sept. 30. It earned $8.61 billion, or $1.92 per share, in the prior-year period. Removing one time costs and benefits, earnings were $1.88 per share, which topped the $1.81 per share that Wall Street expected, according to Zacks Investment Research.

• Exxon does not adjust its reported results based on one-time events such as asset sales.
• Revenue totaled $85.29 billion, which was short of the $86.77 billion that analysts had projected.
• Third-quarter net production was 4.7 million oil-equivalent barrels per day. That was an increase of 1.1 million oil-equivalent barrels per day when compared with the second quarter.
• Guyana production topped 700,000 barrels per day in the quarter. The Permian Basin set a production record of almost 1.7 million oil-equivalent barrels per day.
• Chevron reported third-quarter earnings of $3.54 billion, or $1.82 per share.
• Earnings, adjusted for pretax expenses, were $1.85 per share. The results surpassed Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales.
• Analysts surveyed by Zacks Investment Research expected earnings of $1.66 per share. Revenue totaled $49.73 billion, falling short of Wall Street’s estimate of $53.58 billion.

Oil prices spiked last week after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to bring Russian President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

Oil prices have been relatively low for the past few years and in mid-October the cost for a barrel of U.S. benchmark crude fell below $57, its lowest level since early 2021. The price for a barrel of U.S. benchmark crude did rise near $79 a barrel early this year, before President Donald Trump took office, a price not necessarily considered outrageously elevated by most analysts.

The main reason oil and gas have stabilized at lower levels this year is because of actions by OPEC+.

Earlier this month a group of the OPEC+ alliance of oil-exporting countries agreed to a small boost in oil production, citing a steady global economic outlook. The group said after a virtual meeting that it will raise oil production by 137,000 barrels per day in November. The group has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024.

Russia is the leading non-OPEC member in the 22-country alliance. The group’s next meeting is scheduled for Sunday.

 

 

 

ExxonMobil Crushes Q3 Forecasts on Record Output

Julianne Geiger. October 31, 2025

Exxon Mobil topped Wall Street expectations for the third quarter, posting $8.1 billion in adjusted earnings, or $1.88 per share—up from $7.1 billion in Q2—on record output from Guyana and the Permian Basin.

Analysts had forecast $1.82 per share, according to LSEG data. The quarter’s operational strength grew despite weaker crude prices, which averaged $68.17 Brent, down 13% year-on-year.

Oil and gas production rose to 4.8 million boe/d from 4.6 million in Q2, with record-setting output in both key regions helping offset price softness. Free cash flow fell to $6.3 billion from $11.3 billion a year ago as Exxon spent more on acquiring Permian acreage.

Exxon boosted its quarterly dividend 4% to $1.03 per share and confirmed it remains on track to complete $20 billion in share buybacks this year, after returning $9.3 billion to shareholders last quarter. The company recorded $510 million in restructuring costs but said full-year capital spending will come in slightly below the $27–29 billion guidance range.   Upstream profits reached $5.7 billion, up from $5.4 billion in Q2. Refining contributed $1.8 billion.

CEO Darren Woods told investors that the company continues to focus on long-term investments despite near-term market weakness. “The industry has to bring on more barrels just to stand still,” he said, underscoring Exxon’s intent to keep expanding production capacity in anticipation of stronger future demand.

Exxon is “in the process” of lifting force majeure on its $30 billion Rovuma LNG project in Mozambique as security conditions improve. The move follows TotalEnergies’ decision to restart its neighboring project, potentially paving the way for Mozambique to become a top-10 global gas producer by 2040.

The third-quarter performance highlights a company balancing expansion and discipline—funding growth in Guyana, the Permian, and LNG, while keeping capital tight and shareholders paid.

After a year of volatile prices, Exxon’s message is clear: the long game still matters.

 

 

Oil surge over 700,000 barrels

October 26, 2025

GUYANA’S oil sector continues to make history with production surpassing 700,000 barrels per day (bpd), and the country on course to reach 900,000 bpd by the end of 2025. Guyana firmly established itself among the fastest-growing oil producers.

This milestone, powered by ExxonMobil Guyana and partners Hess and CNOOC, reflects more than industrial progress; it signals the emergence of Guyana as a serious energy player with growing global influence.

This achievement is not only about output. Each increase in production translates into higher national revenues, which in turn fund the country’s broader development ambitions. The government’s strategy has been clear: use oil income to expand infrastructure, strengthen education and healthcare, and lower the cost of living.

Results include the new Bharrat Jagdeo Demerara River Bridge, improving connectivity across regions, the gas-to-energy project advancing with the promise of halving electricity costs and the World Trade Centre Georgetown opening for Guyanese businesses to reach international markets. These investments  will turn oil resource wealth into long-term national progress.

A growing industry requires a skilled local workforce and Guyana has made significant strides in preparing citizens to take advantage of opportunities in the petroleum sector and its supporting industries. The Guyana Technical Training College Inc. (GTTCI) launched advanced diploma programmes to prepare technicians for the field, while TVET and STEM initiatives are expanding practical training across the country.

Much of this learning is now based locally, as Guyana builds institutional capacity and retains expertise.  National focus on capacity building is strengthened through collaboration. Partnerships between government and companies such as ExxonMobil Guyana, SBM Offshore, MODEC and others extend across production platforms to logistics, health and safety, IT, hospitality and other services. Each of these sectors is benefitting from a “locals first” approach, ensuring that oil wealth is linked directly to Guyanese talent and enterprise.

None of this progress is at the expense of environmental responsibility. and companies are expected to meet strict standards set by the Environmental Protection Agency. Many have gone beyond compliance to introduce new technologies and systems. The Fast4Ward design for Floating Production, Storage, and Offloading (FPSO) vessels aims to significantly reduce emissions from offshore operations.

Environmental surveys monitor and protect coastal ecosystems. These efforts demonstrate that it is possible to pursue growth while maintaining a clear commitment to sustainability.

The numbers tell one story: 700,000 barrels today, 900,000 tomorrow, but the real story is how Guyana uses this momentum. Every new project, every training initiative and every investment adds to a foundation that can support generations to come. Oil may have opened the door, but it is strategic management and foresight that will determine how far the country goes.

A new national identity is grounded in opportunity, knowledge and resilience.The oil sector is not just fuelling the economy; it is driving the transformation of a nation ready to define its own future.

 

 

 

ExxonMobil strengthens local workforce with 1800 offshore

October 26, 2025

AS the oil and gas sector continues to transform Guyana’s economy, opportunities are reaching more citizens, as President of ExxonMobil Guyana, Alistair Routledge, revealed that about 1,800 Guyanese are working offshore.

The oil baron explained that growing the Guyanese workforce is “one of our top priorities.”  The natural resources of the country are to benefit as many Guyanese as possible, not just through the revenues they generate, but also through those who gain employment or have business opportunities.

“Overall, about 70 per cent of the oil and gas workforce is Guyanese. When we look at the offshore workforce, around 1,800 Guyanese that are employed working offshore.”

President Dr. Irfaan Ali announced plans for Guyana to build its capacity in trading crude oil through strategic partnerships that will boosting its expertise through knowledge and skills sharing.

In September, ExxonMobil Guyana started production at Yellowtail, the fourth oil development in Stabroek block. One Guyana floating production storage and offloading (FPSO) vessel joins the Destiny, Unity and Prosperity FPSOs, bringing total installed capacity in Guyana to above 900,000 barrels of oil per day.

President of ExxonMobil Upstream Company, Dan Ammann, said, “Yellowtail’s ahead-of-schedule startup is a significant milestone for ExxonMobil and the people of Guyana.

With Guyanese making up more than 67 per cent of the oil-and-gas workforce and over 2,000 local businesses engaged, this project reflects our deepening roots in the country and our shared commitment to long-term, inclusive growth.”

One Guyana is the largest FPSO on the Stabroek block to date, with an initial annual average production of 250,000 bpd and a storage capacity of 2 million barrels. Oil produced from the FPSO will be marketed as Golden Arrowhead crude.

By 2030, ExxonMobil Guyana expects total production capacity of 1.7 million oil equivalent barrels per day from eight developments.

ExxonMobil Guyana deepwater developments are the most successful in the world. In five years, the company started up four complex offshore mega-projects under budget and ahead of schedule, while simultaneously advancing plans for four additional projects by the end of the decade.

The oil major continues to deepen its commitment to local content and workforce development, investing heavily in Guyanese businesses, training, and industrial capacity. Since beginning operations in 2015, ExxonMobil and its contractors have spent over US$2.9 billion with local businesses. In the first half of 2025, US$419 million (approximately GY$87 billion) was directed to 1,800 Guyanese vendors, demonstrating a strong focus on supporting local industry.

This year marked a milestone with the launch of in-country fabrication at the Vreed-en-Hoop Shore Base Inc. (VEHSI), including the production of quad joints and Pipeline End Terminations (PLETs), a step that enhances Guyana’s industrial capabilities.

As of mid-2025, the company and its contractors employ over 6,200 Guyanese, representing 70 per cent of the oil-and-gas workforce. Women make up one-third of employees and 1,800 Guyanese work offshore. The workforce received over 370,000 hours of training in leadership, technical skills, professional development and health, safety and security protocols.

 

 

Norway subsea duo wins prolonged assignments in Guyana

October 23, 2025 Nadja Skopljak

Norwegian vessel owner DOF Group secured contract extensions for two subsea vessels at work .

Contracts of Skandi Nomad and Skandi Constructor, both operating in Guyana, have been extended by one year. 2010-built Skandi Nomad is contracted until the fourth quarter of 2026 and 2009-built Skandi Constructor until the second quarter of 2027.

DOF secured two new long-term contracts with Brazil’s state-owned energy company Petrobras with a combined value of approximately $200 million. Skandi Chieftain and Skandi Olympia have been awarded four-year charters, with both vessels to operate with one work-class remotely operated vehicle (WROV). .

 

 

 

DOF supporting mooring, subsea installation operations offshore Guyana & Mexico

Jeremy Beckman October 6, 2025

DOF Group won contracts for three construction and support vessels in the Americas. DOF will provide vessels for subsea and offshore wind projects in Guyana, Mexico and the US East Coast, with two programs due to start shortly. The awards will provide over 300 days of firm vessel deployments, with extension options. The combined value is over $60 million.

The Skandi Skansen anchor-handling vessel will support a mooring project offshore Guyana in October with a scheduled duration of about six weeks with further options.

Skandi Implementer has two assignments for international oil companies offshore Mexico involving subsea cable repair and subsea installation services over a two-month period, starting in the current quarter.

Finally, the third-party vessel Cade Candies will provide walk-to-work services over eight months for a project offshore the US East Coast, starting in second-quarter 2026.

DOF itself contracted Forum Energy Technologies (FET) to supply a work-class ROV and tether later this year to support subsea operations offshore Brazil. The XLX-C24 ROV, with an ICE Unity control system, will provide full remote operations capability for inspection purposes.

FET operates one of the largest fleets of XLX ROVs globally.

 

 

 

 

ExxonMobil exploration bill

October 15, 2025

In the new headquarters at Ogle, East Coast Demerara, President of ExxonMobil Guyana Limited (EMGL), Alistair Routledge said Guyana has so far paid ExxonMobil more to explore for oil than it received in royalty but the company’s focus is not on updating the country on its findings but on developing the resources.

“When we have a significant update on the discovered resource, then we’ll give you that but our focus is really shifted to what is most valuable to the country, moving discovered resource into development.”

Exxon is “very pleased” that the government approved its seventh project, with an eighth already in the pipeline.

“Those investments, those developments ultimately will demonstrate how much is recoverable, how much of the resource that we’re discovering is recoverable.”

The Exxon President maintained that the company’s estimate is still “around” the 11 billion figure shared since 2022. After over eight more discoveries reserves remain stagnant.

The last resource count on April 26, 2022, declared the recoverable resource for the Stabroek Block at nearly 11 billion oil-equivalent barrels. Exxon announced eight subsequent discoveries, including the Seabob-1 and Kiru-Kiru-1 wells, Sailfin-1, Yarrow-1, Fangtooth SE, Lancetfish-1, and Lancetfish-2 wells and Bluefin.

Asked why it was reluctant to update or say how soon a new estimate can be shared, considering the eight subsequent discoveries, as this information is crucial to better understand the anticipated revenue flow, while the blackout on information increases doubt on operations since data was shared after a new discovery in the past, Routledge noted that the company did not provide an update to the 11B figure since there is no different number to share.

“Well, I can tell you, the number remains around 11. The reason we haven’t given you a different number is there isn’t a different number. And so let me tell you why that might be, because we’ve announced some discoveries over the last couple of years.

The pace of discoveries has slowed down somewhat but what happens over time is we’re not just continuing to explore, we’re also appraising, …what we’ve been doing is constantly updating initial estimates with our refined estimates, what will be the ultimate recovery of that resource we’ve discovered.”

Results from appraisal activities caused the company to reduce its estimate for some discoveries, while there have also been increases in some instances. Routledge explained,

“Net, it keeps you around that same (11B barrel figure) and we provide quarterly updates to the Minister of Natural Resources on all of those discoveries as to our current estimated new reserves.”

EMGL handed Guyana a bill for approximately US$2.3B for exploration activities in the Stabroek Block, but to date, the country accumulated less than US$1B in royalties since production commenced in 2019.

Guyana also receives oil barrels which it sells, investment in numerous facilities and guaranteed energy security.

 

 

 

US$565M boosts oil fund in 3rd quarter 2025

October 12, 2025

The government published a Natural Resource Fund (NRF) Receipt for the period July 1, 2025 to September 30, 2025 showing Guyana’s oil account, was credited with approximately US$565M during the third quarter of 2025.

The document reflects one royalty payment relative to the second quarter of this year of US$77,860,330.36. Eight profit oil payments were recorded during the period, totalling US$486,672,093.33, bringing a total payment of US$564,532,423.69 during the three-month timeframe.

Close to US$1.8B swelled the oil account for the year. In the first quarter, the Fund received payments totaling US$605,462,893. In the second quarter, US$617,955,248 was credited to the account.

Government is projected to earn an estimated US$2.2 billion in profit oil and US$340.6 million in royalties by the end of 2025. It is anticipated that there will be 246 lifts of profit oil from the Stabroek Block in 2025- each lift is equivalent to one million barrels of oil.

Within this, Government is projected to have 31 lifts of profit oil from the four Floating Production Storage and Offloading vessels (FPSOs) operating offshore.

Finance Minister Dr. Ashni Singh tempered expectations of revenue flow from the sector during presentation of Budget 2025. He indicated that although daily production is expected to climb, earnings from the sector will decrease with a projected 10.9% decline in oil price.

“Oil prices contracted by 2.3 percent to average US$80.7 per barrel in 2024, primarily due to slowing global demand, particularly in China.”

This trend is expected to continue this year as “crude oil prices are forecast to decline by a further 10.9 percent to US$71.9 per barrel, with global supply expected to exceed demand.”

Consequently, Government’s petroleum revenues are projected to be 2.6 percent lower than in 2024, when an average of 225.4 million barrels of crude oil was produced and the sector recorded 57.7% growth that year. At an average price of US$80.7 per barrel , Guyana earned US$2.6B from oil production.

In accordance with the 2016 Production Sharing Agreement (PSA), Guyana receives 2% of oil produced sold in the Stabroek Block. It also receives a profit share, equivalent to 12.5% after ExxonMobil deducts 75% monthly towards expenses and takes another 12.5% as its profit.

 

 

 

£3 Billion financing capacity shows UK confidence in economy

October 9, 2025

Finance Minister Dr. Ashni K. Singh welcomed the decision by the United Kingdom Export Finance (UKEF) to increase its financing capacity for Guyana from £2.1 billion to £3 billion.

He hailed the significant increase as a powerful signal of the strong and growing confidence of the UK in Guyana’s robust economic trajectory. This announcement follows a high-level meeting of His Excellency President Mohamed Irfaan Ali,with a delegation including representatives from UKEF and His Majesty’s Deputy Trade Commissioner for Latin America and the Caribbean, Mr. Jonathan Knott.

Enhanced support from UKEF will assist in ramping up development in priority sectors identified by the Government of Guyana over the next five years.

Guyana’s private sector is also expected to benefit from additional financing to expand operations and form strategic partnership with British companies. The Minister expressed gratitude on behalf of the Government of Guyana, to the UK Government for support over the years, which has been instrumental in fostering collaboration between the two nations, as Guyana continues to accelerate its development and solidify its position as a leading investment hub in the Region.

 

 

 

Hunting to back deepwater drilling

October 8, 2025, by Nadja Skopljak

London-headquartered energy services provider Hunting has begun the delivery of oil country tubular goods (OCTG) accessories to support deepwater drilling operations offshore Guyana, a strategically important energy region.

Hunting secured the $20 million contract through a “global oilfield service company”, supporting a leading operator in the Stabroek Block, with deliveries now underway. High-specification accessories are engineered to withstand the extreme pressures and environmental conditions typical of complex well completions, ensuring structural integrity and reliable performance under the most demanding offshore conditions.

“This OCTG contract underscores Hunting’s growing role in one of the world’s most active offshore basins. It reflects the confidence operators place in our technology and our ability to deliver reliable OCTG solutions at scale in the toughest deepwater environments,” said Scott George, Managing Director for North America at Hunting.

In Guyana, Hunting’s Subsea Technologies division recently completed a $52.5 million project delivering titanium stress joints (TSJs) for riser systems in the Uaru Field, being developed by U.S energy giant ExxonMobil.

 

 

MODEC gets ExxonMobil go-ahead for Hammerhead FPSO

October 1, 2025

MODEC confirmed the award of full EPCI scope from ExxonMobil to build an FPSO for the Hammerhead development offshore Guyana. The company received limited notice to proceed with execution in April 2025 and has since completed FEED for the vessel. Following ExxonMobil’s positive FID on the Hammerhead project, MODEC has been authorised to advance with EPCI.

The FPSO will be moored at a water depth of approximately 1,025 metres and have a production capacity of 150,000 bopd, and is expected to come on line in 2029. Under the terms of the contract, MODEC will also provide operations and maintenance services for 10 years from first oil.

“We are honoured to be entrusted with the full EPCI scope for Hammerhead. Building on the strong progress we’ve made on the Uaru Project, MODEC’s relationship with ExxonMobil Guyana positions us to work with them and our stakeholders to create lasting value throughout the project lifecycle,” said Soichi Ide, head of MODEC’s Floating Production Solutions business unit.

The Hammerhead FPSO is MODEC’s second vessel for ExxonMobil in Guyana. It follows the Errea Wittu FPSO for the Uaru project, currently under construction.

MODEC is a Tokyo-based provider of offshore floating infrastructure, including FPSOs, FSOs, tension leg platforms and semi-submersibles. The company operates globally and delivers operations and maintenance services for offshore oil and gas facilities.

 

 

 

PRC contractor clinches crucial FPSO contract

Xu Yihe
Asia Correspondent Singapore 14 October 2025,

Bomesc signed contracts worth up to $240 million with Modec subsidiaries and partners ABB and VWS to supply topsides modules. Chinese contractor Bomesc Offshore Engineering has secured contracts worth up to $240 million to design and build topsides modules for a new floating production, storage and offloading vessel (FPSO) destined for an unnamed oilfield offshore Guyana, the company announced in a stock exchange filing.

 

 

 

FPSO specialist secures full workscope award for landmark offshore project

ExxonMobil recently took a final investment decision (FID) for Hammerhead, its seventh project in the prolific Stabroek block

Nishant Ugal
Middle East and South Asia EditorNew Delhi

Published 30 September 2025, 06:41

Japanese floater specialist Modec confirmed the award for the full engineering, procurement, construction and installation workscope of a floating production, storage and offloading vessel for ExxonMobil’s Hammerhead development offshore.

The US supermajor recently took a final investment decision (FID) for Hammerhead, its seventh project in the prolific Stabroek block, after receiving required regulatory approvals. Modec said that the full EPCI award for the Hammerhead floater follows a ‘Limited Notice to Proceed (LNTP)’ received by the company in April, enabling it to commence FPSO design activities to support the earliest possible startup in 2029, subject to required government approvals.

 

 

Guyana to finally bank 2% royalty from Exxon

October 05, 2025

…as Licence for 7th project plugs loophole

Guyana will finally receive its rightful share of royalty from petroleum operations in the Stabroek Block as a result of the new and carefully worded Petroleum Licence (PL) granted by the Government of Guyana (GoG) for the seventh project, Hammerhead.

Guyana to finally receive rightful 2% royalty from Exxon
’2024 financial statement shows ExxonMobil paid royalty to Guyana from its share of revenue.

Royalty is a payment made by the extractors of natural resources to the rightful owners of the wealth.

Usually, ExxonMobil pays Guyana 2% of their profits as royalty to the government of Guyana, as reflected on the company’s annual financials. This arrangement was condemned as further shortening the country’s rightful entitlement, since the oil contract states that the sum should be paid from “all petroleum produced and sold”.

Article 15.6 of the PSA states, “The Contractor shall pay, at the Government’s election either in cash based on the value of the relevant Petroleum as calculated pursuant to Article 13 or in kind, a royalty of two percent (2%) of all Petroleum produced and sold, less the quantities of Petroleum used for fuel or transportation in Petroleum Operations, from all production licenses subject to this Agreement.”

By first deducting 75% of the oil as cost, then sharing 12.5% with Guyana as profit, the country has been losing massive revenue over the years by failing to ensure it receives its rightful royalty. In the recently issued PL for the Hammerhead development, the government made it clear to Exxon that this previous arrangement will not continue.

The Licence clearly states at (mm) 3(1), “The Licence Holder shall pay to the Government within the period specified therefore by the Minister, royalty in respect of the petroleum produced in the Production Area to which this Licence relates at the rate of two (2) per cent of the gross petroleum produced from the Production Area or where arrangements are made in the Petroleum Agreement for payment of royalty in kind wholly or in part in keeping with the Act, by making such payment and/or deliveries in accordance with aforesaid arrangements.”

Part 2 goes on to specify that gross petroleum produced from the Production Area-for the purposes of payment of royalty shall mean: “(a) all petroleum produced and sold from the Production Area including such petroleum which has been produced but not sold, but shall exclude all petroleum utilised for reinjection or other Petroleum Operations from the Production Area.”

Petroleum produced but used for fuel or transportation in petroleum operations shall be free of royalty in keeping with the provisions of the Petroleum Agreement.

This provision was featured in the previous Licence granted for the sixth project, Whiptail but the same clear requirement was not outlined in the fifth PL issued to the operator for the Uaru project.

 

 

 

Local Content Secretariat Director applauds foreign companies deepening engagements with local suppliers

October 6, 2025

SINCE the enactment of Guyana’s Local Content Act, Guyanese companies have recorded gains upwards of US$1.6 billion, according to newly appointed Director of the Local Content Secretariat, Michael Munroe.

“So just in these 40 areas… we’re in our fourth year of implementing the Local Content Act. We’ve already garnered in excess of US$1.6 billion.”

The 40 areas in the Local Content Act include services such as accommodation, catering and food supply, among other items, which must be procured from local companies.The figures reflect a steady rise in the value of contracts won by local companies since the law took effect.

“In the first year, companies registered as local-content certified; they gathered in excess of US$440 million. In the second year, we went to US$540 million and in the third year, we went to US$704 million.”

For this year the growth trend has continued, as from January to June, the number stands at US$350 million.

“So, we’re seeing increases year on year. Every half year, we are seeing increases in the level of procurement activity.”

He projected that Guyanese supplies will likely surpass the previous year’s total as he anticipates a ramping up of procurement activity.

“I anticipate that there will be ramping up in the procurement activity, and we may, more than likely, if the trend holds true, we will exceed last year’s number, so we will be north of US$704 million.”

Getting ahead, Munroe addressed the difference between the secretariat’s figures and those of ExxonMobil. Numbers posted by the company, which were in excess of US$400 million at half year, cater for their procurement spending, which includes things outside of the 40 areas in the first schedule. The secretariat’s figures strictly focus on those 40 categories listed in the first schedule of the act.

With the reporting from the company on a broader range of services outside of that schedule, Munroe noted that this was a positive development, which indicated that the international operators are deepening engagements with local suppliers.

“That is a good thing , because it suggests that the companies are procuring beyond the first schedule. These companies now want to be a part of Guyana’s local content story, and in so doing, they are procuring from local companies beyond the first schedule.”

The shift shows how the legislation has transformed corporate behaviour.

“I think it’s a good indication for us to feel proud that the act is stimulating procurement beyond the first schedule.”

Guyana’s Local Content Act was passed in December 2021 in the National Assembly. It is designed to maximise participation in the sector, beginning with the provision of office space rentals, janitorial services, laundry and catering services,and supply of food, among several others. At the beginning of 2025, the Local Content Register included over 1,100 companies, pointing to the success of the implementation of the Local Content Act.

 

 

 

Saipem completes first complex subsea structure built in Guyana

@saipem_official/Instagram@saipem_official/Instagram

October 1, 2025

Saipem Guyana announced completion of the first complex subsea structure ever built in Guyana, describing it as a key milestone in the development of the country’s industrial capabilities. The Pipeline End Termination (PLET) is a terminal structure installed at the end of a subsea pipeline to connect other subsea equipment or facilities.

PLET will be part of the subsea system that will transport gas from the FPSO (Floating Production Storage and Offloading) vessel deployed at the Uaru field to be re-injected into the reservoir, at approximately 2,000 metres of water depth, thus avoiding the release of greenhouse gases into the atmosphere.

The structure, which was built at the Vreed-en-Hoop Shorebase Inc (VEHSI), is the first of its kind to be manufactured locally, an achievement made possible through intensive training programmes that enabled the development of local skills and the creation of job opportunities in a highly specialised sector.

Saipem Guyana celebrated this milestone at an event at the VEHSI shorebase in collaboration with ExxonMobil Guyana Limited, attended by an institutional delegation, local authorities and representatives of the two companies.

Guests of honour included the new Director at the Local Content Secretariat, Michael Munroe; President & General Manager, ExxonMobil Guyana Ltd, Alistair Routledge; Director of Legal Services, Maritime Authority of Guyana, Thandi McAllister and representatives of other government agencies. The project’s technical specifications were presented, with guided tours of the site and discussions with the technicians and operators involved in the plant’s construction.

Saipem Country Manager, Gianluigi Della Rosa, spoke of his company’s commitment to Guyana’s development. “With this milestone, Saipem confirms its commitment to Guyana’s sustainable growth, contributing to the development of local capacity and promoting a robust, inclusive and locally rooted energy future. Saipem’s commitment in Guyana is a long-term effort, and this achievement represents a key milestone in our relationship with this dynamic and rapidly evolving country.”

Saipem has been awarded contracts by ExxonMobil for the SURF (Subsea Umbilicals, Risers, and Flowlines ) – the essential conduits and connecting systems used to transfer petroleum fluids and control signals from subsea wellheads and structures to offshore processing facilities like floating production, storage and offloading (FPSO) units or shore portions of Liza Phase 1, Liza Phase 2, Payara, Yellowtail, UARU and Whiptail field development projects.

These contracts enabled Saipem to establish a solid collaboration in the offshore deepwater sector with one of the world’s leading oil companies, also strengthening its relationship with key local stakeholders. This strategic partnership has enabled Saipem to establish a significant presence in Guyana, a rapidly evolving area, contributing to the country’s sustainable energy development.

Saipem is primarily involved in Guyana’s oil and gas sector, specifically in subsea infrastructure development for offshore projects. The company, present in Guyana since 2018, operates in three main sites: the main office located at

1. the Pegasus Corporate Centre, which houses the management and support teams;
2. the offshore subsea structures fabrication yard in the Kingston district of Georgetown, on an area of 12,500 square metres with a 45-metre quay providing direct water access and capable of accommodating vessels up to 100 metres in length.
3. The third site is located at the Vreed-en-Hoop shorebase where Saipem occupies 81,000square metres dedicated to storage, logistics, and additional fabrication operations.

During peak workload periods, the two yards employ over 250 persons of which 80 per cent are Guyanese citizens.

 

 

 

 

High-tech to map mineral wealth

October 02, 2025

… $4B mineral mapping project
Guyana goes high-tech to uncover mineral wealth

The Guyana Geology and Mines Commission and Ministry of Natural Resources launched a new project to map Guyana’s mineral wealth at the Ogle Airport. The project aims to modernise mineral exploration and strengthen the mineral database for better management and investment decisions. The programme involves gathering, processing and integrating geological survey data, both new and old, across Guyana to support responsible, sustainable mining, aligning with Guyana’s Low Carbon Development Strategy (LCDS).

Minister of Natural Resources, Vickram Bharrat, emphasised that the project will balance economic development with environmental protection, which is crucial for Guyana’s future.

“This project ties in perfectly into our Low Carbon Development Strategy, which speaks to sustainable mining, logging, and it is also a roadmap to balancing economic development with environmental sustainability.”

Advancing this initiative is critical to the country’s future.The project is vital for a small, sparsely populated country where many regions depend on mining. The government is investing $4 billion in this initiative which aims to pinpoint mineral resources more accurately, close gaps in existing data and attract future investment.

Guyana’s Mineral Advancement and Prospecting Strategy (GMAPS) identified priority exploration areas, like the Takutu Mountains and Coupang. The new data will help Guyana track mineral reserves, improve investor trust, and guide decisions to benefit communities nationwide.

Commissioner of the Guyana Geology and Mines Commission (GGMC) Newell Dennison said that the acquisition of this type of data over the next few months by the aircraft marks an important step as it will be merged with both historical and legacy data which are fairly recent and not so recent.

“…this can be about gold, but this is also about so much more. It’s about an organised inventory of our mineral resources. It is about the geological and the geochemistry and structure relationships of our massive mineralised terrains, the influence on the locations, their accessibility and availability for exploitation, which in turn, contributes to how we plan to invest, and how we banner investments at the various scales of operations.”

Emily King, Chief Executive Officer (CEO) of Global Ventures said that the mineral endowment of Guyana is a source of opportunity for the nation and it is the responsibility for all to work in and around the sector.

“High quality geo-science is the foundation for doing things the right way, guiding smarter exploration, supporting better environmental planning and enabling investments that deliver long term value for the people of Guyana, airborne geophysics may sound really technical, but the idea is very simple.

We’re flying systematic precisely space lines over large areas to measure subtle variations in the Earth’s magnetic and radiometric fields.”

Measurements help them to see beneath the forest canopy and soils to better understand the geology and where the rocks change, structures trend and the right conditions for mineralisation. When this is integrated with mapping along with geochemistry and drilling as well as local knowledge, this data really helps to transform uncertainty into insight.

“Good data shortens timelines. It reduces unnecessary environmental disturbances and improves outcomes. It helps the government set evidence-based policies and regulate efficiently,and helps companies target their work more responsibly and most importantly, communities benefit from mines of all sizes that are well planned from the start because they have the best data available.

I would like to give huge credit to the ministry and GGMC, because from the very beginning, we’ve emphasised three principles that guide this program in the collaboration of putting this together amongst all those parties, quality and transparency, the survey is being flown and quality control.”

 

 

 

Guyana paramount in negotiations with Curlew Midstream

October 05, 2025

The Government of Guyana (GoG) will only sign an agreement with Curlew Midstream if the country stands to be protected in the long term, Vice President Bharrat Jagdeo said. Based in Arkansas.

Curlew Midstream, specialises in energy infrastructure and operates terminal facilities in South Louisiana. President Irfaan Ali announced that the Government of Guyana (GoG) would soon partner with the U.S. company to refine and store locally produced oil, at the opening ceremony of the 2025 Guyana Energy Conference and Supply Chain Expo in February.

Details of the agreement were still to be ironed out but the scale and importance of the investment would enhance regional energy security and economic growth. Curlew Midstream is expected to process 30,000 barrels of oil per day from Guyana by the end of 2025 with an initial investment of at least US$300 million in the first two years.

The project will result in refined petroleum products being available at lower prices in Guyana while establishing the country as a hub for fuel distribution across northern Brazil and the wider region. Negotiations were ongoing prior to the September 1, 2025 General and Regional Elections but major challenges during the process caused it to halt.

“We could not conclude the deal before the elections and then we put it on pause. We have to re-engage with Curlew and others to ensure that the objectives are met, and we’ll only sign up to any an agreement that protects Guyana in the long term but yields significant short-term benefits to our country.”

The government wants to procure fuel in bulk so as to have a tank farm here. That way, the price to procure fuel will be reduced by 20-35 percent.

“…that’s entirely doable… if we can do that. Although we have the lowest gasoline and diesel price in the region because of the government subsidy, we can get that price even further down… significantly down because we’d be able to procure our fuel cheaper and that is the essence of the deal.

If that can’t [happen]…[or] an agreement doesn’t deliver that…benefit us through lower procurement cost and protects us in the long run, we’re not going to sign it.”

“We’re not going to be rushed into signing any agreement. You saw what APNU+AFC did with the 2016 PSA.

They were advised not to sign it overnight. Trotman went and signed it. We’re stuck with the consequences of it up to today. So that’s where we are with Curlew. We would do all of the due diligence and we make sure that the agreement when concluded…if we can conclude it, protects the people of Guyana

 

 

 

 

Ancillary industries

October 5, 2025

The energy boom propelled GUYANA onto the global stage, opening doors to jobs, training and lucrative business opportunities. Beyond production activities offshore, growth has given rise to ancillary industries, the often-unseen backbone of oil and gas.

These businesses are the partners of progress, fuelling growth and adding value to the sector in vital ways.

Services such as photography, videography and graphic design may not appear central to oil and gas at first glance. Yet they have proven indispensable, documenting milestones, humanising complex operations and transforming technical progress into visuals the public can understand and connect with. In doing so, they help shape Guyana’s energy story at home and abroad.

CinNex Inc., led by CEO John Duncan, is one such company. Recognising the changing demands of the economy, CinNex expanded beyond photography and videography to include teleprompting, live streaming, event planning, public address systems, and website design.

Today, the company provides services to some of the biggest players in the industry, including SBM Offshore and ExxonMobil Guyana. Through professionalism and creativity, CinNex ensures Guyana’s energy milestones are captured and communicated with clarity.

KeyNote Productions has a similar story. Founded by young entrepreneur Travon Barker, who began as a photographer under the KeyNote brand, the company expanded into videography, drone services, live streaming, and graphic design. Barker explained that showcasing his work online and seizing referrals helped him break into the oil and gas sector.

His first major project came with Saipem and the business has only grown. One of his most memorable assignments was documenting the arrival of the turbines for the Gas-to-Energy project with LINDSAYCA Guyana Inc.

ENet is another notable player, offering scripting, filming, and editing to help clients communicate their stories effectively. Like CinNex and KeyNote, ENet tapped into the opportunities presented by Guyana’s energy sector and now provides services to a wide range of oil and gas companies including ExxonMobil Guyana.

These industries may appear secondary but they are recording Guyana’s history in real time while ensuring vital messages reach citizens and the wider world. Their success proves that oil and gas opportunities extend far beyond offshore platforms. In the fastest-growing economy in the world, the key is finding a niche, building expertise, and seizing the moment. Ancillary industries show that with the right approach, there is room for everyone in Guyana’s energy story.

 

 

Plans for Guyana to market its own crude

October 03, 2025

Guyana will be working to develop its capability and capacity in crude oil trading,

President Irfaan Ali told Georgetown Chamber of Commerce and Industry (GCCI).

“I will be working with the local private sector and international partners to ensure that we develop our capability and capacity in crude oil trading. We must be able to trade our crude oil from Guyana, with the infrastructure, human capital and market skills and that is going to create enormous opportunities for us.”

Guyana should not only seek to be suppliers but create industries of its own in the oil sector.  The government will seek partnerships to realise its bold goals.

“So, we have to get those who have already done it for other countries to work with us in transferring the knowledge. Maybe to enter a partnership for the next three, four, five years until we get the experience to do it on our own. These are the bold decisions that we must embrace. These are the bold ideas that will take us from where we are to where we want to be.”

GCCI underscored the need for the local business community to work in closer partnership.

Guyanese who are abroad want to be part of the growth and development of Guyana and the GCCI would be at the forefront to ensure that happens. The chamber can be the avenue used by those who want to come back to Guyana as well as those who prefer to invest from overseas.

Guyana commenced oil production in November 2019. Since then, the country engaged agents to market its share of profit oil received from the operator, ExxonMobil Guyana Limited.

Currently, there are four Floating Production Storage and Offloading vessels (FPSOs) operating in the Stabroek block. The country’s daily production capacity has increased to 900,000 barrels daily with the recent startup of the fourth project, Yellowtail.

United Kingdom (UK) companies, JE Energy and BB Energy won new contracts last year to market Guyana’s crude oil.

JE Energy had been contracted as the marketer of oil coming from the Liza-1 platform which uses the Liza Destiny FPSO, while BB Energy had been contracted as the marketer for oil from the Liza-2 and Payara platforms which use the Liza Unity and Liza Prosperity FPSOs, respectively.

In keeping with the terms of the 2016 Exxon contract, 75% of production is recovered by the operator as cost. The remaining 25% is shared equally with Guyana as profit oil. Additionally, ExxonMobil pays 2% of its share of profit to the government of Guyana (GoG) as royalty.

By 2030, ExxonMobil Guyana expects to have total production capacity of 1.7 million oil equivalent barrels per day from eight developments.

 

 

 

SECURITY

Following bombing of a Mobil gas station in Georgetown [Youtube link] by a Venezuelan terrorist, Guyana must focus on protection of oil assets as security is jeopardised .

Chevron’s $53 billion acquisition of Hess Corporation’s 30% stake in Stabroek Block, values 1% of the assets at USD 1.7 billion. The NRF balance on June 30 stood at USD 3,192,153,997.39 including nearly US$1B in royalties. Guyana can put less urgent projects on hold to acquire 2% of the PRC stake in Stabroek Block valued at around USD 3 billion. This will guarantee more revenue from reserves.

 

 

PRC is a major investor in Venezuela where assets primarily include oil production ventures and outstanding loans, managed with arrangements that sidestep international sanctions. The relationship evolved from large-scale state-to-state lending into selective investments, with private PRC firms playing a greater role.

China Concord Resources Corp (CCRC), a private firm, is investing over $1 billion to develop two oilfields, Lago Cinco and Lagunillas Lago in Lake Maracaibo. CCRC installed its first floating oil platform in the country in September 2025. By late 2025, CCRC had lifted output to 12,000 barrels per day (bpd), with a target of 60,000 bpd by the end of 2026.

Heavier crude is shipped directly to PRC, while state firm PDVSA takes lighter crude. Large PRC state companies like CNPC withdrew from direct operations after U.S.A imposed sanctions in 2019. Independent PRC refineries continue to be major buyers of Venezuelan oil, acquired through intermediaries and traders to avoid detection.

Financial assets and debt
PRC state banks provided over $60 billion in “loans-for-oil” financing to Venezuela between 2007 and 2020. The drop in oil prices and Venezuela’s economic collapse caused repayment issues and PRC stopped issuing new credit. PRC and Venezuela have focused on restructuring old debt payments rather than advancing new loans. In 2023 Venezuela’s outstanding debt to PRC was estimated at over $10 billion.

This debt restructuring was part of a broader strengthening of economic ties, including signing of a bilateral investment treaty in 2024, which came into force in January 2025 as an all-weather strategic partnership . PRC is concentrating future cooperation on Special Economic Zones (SEZs), areas with tax incentives designed to attract investment. This low-risk approach avoids large-scale, direct loans.

Technology and defense: PRC companies supplied hardware and technology to Venezuela, including military equipment for the armed forces and systems for tracking subsidized food distribution. PRC built and launched satellites for Venezuela’s space program over the past decade.

Venesat-1 (“Simón Bolívar”): PRC built and launched a communications satellite in 2008 which became non-functional in March 2020.
VRSS-1 and VRSS-2: PRC launched Remote sensing satellites for land inspection in 2012 and disaster management in 2017.

Major infrastructure projects financed by early PRC loans, such as railways and factories, were abandoned but some state-owned PRC firms remain in smaller service and supply roles.