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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.
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.
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.
Weeks after the discovery at Jethro Lobe, Tullow and its partners have begun drilling the Joe prospect offshore Guyana.
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.
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.
According to Reuters, Suriname’s state-owned oil company is planning a bond sale next year to finance offshore oil exploration.
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.
The results of the much-anticipated Jethro Lobe wildcat drilling by Tullow will be revealed in mid-August according to Canadian based project partner Eco (Atlantic) Oil & Gas.
There is continued interest in offshore Suriname. Apache has 100% working ownership in block 58 and plans to spud a well in September 2019.
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.
It is reported that TechnipFMC won a major contract worth over $7b for the Arctic 2 LNG project in western Serbia.
Tullow along with their joint venture partners (Pluspetrol and Ratio Exploration) have decided to move into phase two of their operations in block 47 offshore Suriname.
According to Upstream Online, Exxon has asked two groups seeking the multi-billion-dollar contract to revise their prices as original bids exceeded original budgeted figures.
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.
The first floating production storage and offloading vessel (FPSO) attached to Exxon’s activities in Guyana now makes the long journey from Singapore to Guyana. It is expected that the vessel will arrive in Guyana’s waters in September.
Earlier this month in Houston, CARIFORUM partner Dominican Republic launched their first ever bid round for both onshore and offshore blocks.
The energy research firm Rystad Energy has revealed some key growth statistics for the natural gas industry.
UK-based Tullow, has spud the Jethro-Lobe prospect off Guyana with block partner, Eco (Atlantic) Oil & Gas.
The Network of Caribbean Chambers of Commerce (CARICHAM) was represented by Mr. Faron Lawrence, President of the St. Kitts and Nevis Chamber of Industry of Commerce (SKNCIC) and Mr. Stephen Lander, Vice President of the Dominica Association of Industry and Commerce (DAIC), at the ‘Understanding Risk Management and Risk Financing for Disaster Resilience’ Training of Trainers. This training was held in Singapore from June 18th to 21st, 2019.
