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Regional & Int'l News

SBM Offshore signs long-term FPSO supply agreement with ExxonMobil

SBM Offshore signs long-term FPSO supply agreement with ExxonMobil

SBM Offshore and ExxonMobil signed a Long-Term Agreement covering potential future FPSO orders. This agreement is non-exclusive and establishes the general legal framework and specific terms in relation to the engineering, procurement, construction and installation work regarding potential future contracts relating to leased FPSOs, which includes Build-Operate-Transfer projects that generally cover a short lease term.

Message of Support - Hurricane Dorian

Message of Support - Hurricane Dorian

The Energy Chamber is liaising with CARICHAM, the Caribbean regional network of Chambers of Commerce, who are the official private-sector representatives on CDEMA, the official CARICOM coordinating mechanism. Through CARICHAM we are in touch with the Bahamas Chamber of Commerce, who has established a GoFundMe page to collect donations.

Guyana to establish Local Content Compliance Unit

Guyana to establish Local Content Compliance Unit

The Department of Energy in Guyana (DoE) has announced that the government will set up a Local Content Compliance Unit which, according to Dr. Mark Bynoe, will help validate information from the operators.

MPC Caribbean Clean Energy announces dividend distribution after 9 months

MPC Caribbean Clean Energy announces dividend distribution after 9 months

Fernando Zúñiga, Executive Director, said: “Being able to distribute the first dividend only nine months after the IPO represents a huge success for the Company. The dividend corresponds to 8.9% on share capital and exceed our initial projections in the IPO prospectus substantially. This places MPC Caribbean Clean Energy Ltd. among the top dividend-paying stocks on the Jamaica and the Trinidad and Tobago stock exchanges.

Liza Destiny arrival expected within days

Liza Destiny arrival expected within days

The Liza Destiny, the first FPSO (floating production, storage and offloading) vessel for the Liza Development in Guyana, is reported to be in Atlantic waters and is expected to arrive within days.

Jethro Update

Jethro Update

Tullow has indicated that Jethro prospect may be a stand alone development. According to Upstream, the company plans to drill its first appraisal well in 2020.

Last week, Tullow confirmed that Jethro-1 is the first discovery on the Orinduik licence and comprises high quality oil bearing sandstone reservoirs of Lower Tertiary age. The well encountered 55m of net oil pay which supports a recoverable oil resource estimate which exceeds Tullow’s pre-drill forecast. Tullow will now evaluate the data from the Jethro discovery and determine appropriate appraisal activity.

Jethro-1 is expected to hold more than 100 million recoverable barrels of oil, in excess of Tullow’s expectations.

Tullow’s CEO Paul McDade said that they have a relatively high degree of confidence at the moment that they have something already that can be commercial.

Tullow announces new discovery at Jethro-1 offshore Guyana

Tullow announces new discovery at Jethro-1 offshore Guyana

According to Tullow evaluation of logging data confirms that Jethro-1 is the first discovery on the Orinduik licence and comprises high quality oil bearing sandstone reservoirs of Lower Tertiary age. The well encountered 55m of net oil pay which supports a recoverable oil resource estimate which exceeds Tullow’s pre-drill forecast.

Qatar Petroleum expands into Guyana

Qatar Petroleum expands into Guyana

Qatar Petroleum has acquired 40% of Total’s stake in the Orinduik and Kanuku blocks. This means that the Qatari company now owns 10% stake in each block.

McDermott lands sizeable Pre-FEED contract for Argentina LNG

McDermott lands sizeable Pre-FEED contract for Argentina LNG

US Based McDermott announced this week that it has been awarded a sizeable contract by Argentina-based YPF, S.A. to provide pre-front-end engineering design (Pre-FEED) services for a 5 million tonnes per annum (MTPA) LNG Liquefaction Facility. According to the McDermott release, there is also potential to expand the project to 10 MTPA.