Guyana

IEEFA Research

IEEFA update: Eleven facts ExxonMobil would like investors to forget

IEEFA update: Eleven facts ExxonMobil would like investors to forget

Company’s Q2 earnings report reveals current and future challenges

ExxonMobil’s second quarter earnings report contained more red flags than usual (IEEFA update: Exxon’s Q2 report marks another signpost on the long road downwards). Its market capitalization is declining even as the bull market thunders on and it now appears all but certain that the company will fall out of the S&P 500’s top ten, […]

More News and Commentary

Oil companies resisting boom-and-bust cycle as transition accelerates

Bloomberg ($): “This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be. For the first time in decades, oil companies aren’t rushing to increase production to […]

June 1, 2021 Read More →

Exxon expansion in Guyana challenged by constitutional lawsuit

Grist: Guyanese citizens have filed a constitutional case that pushes back on industry giant ExxonMobil’s plans to boost fossil fuel production off the country’s coast — charging that the expansion violates citizens’ constitutional rights to a healthy environment and the rights of future generations.  The case, filed by University of Guyana scientist Troy Thomas and […]

May 27, 2021 Read More →
IEEFA Guyana: Despite contract terms that heavily favor ExxonMobil, missteps continue to plague productivity and drag down returns

IEEFA Guyana: Despite contract terms that heavily favor ExxonMobil, missteps continue to plague productivity and drag down returns

ExxonMobil announces production cuts and improved financials – transparency needed

ExxonMobil Guyana ended the year with good news – local operations reached maximum capacity of 120,000 bpd by end of December. The progress was unsustainable; by April announcements came that production would be cut by 75%. On the heels of December’s good news, the Guyanese government posted the results from its fifth oil lift in […]

April 26, 2021 Read More →
IEEFA: Guyana’s oil future relies on ‘lower-than-average governmental take’

IEEFA: Guyana’s oil future relies on ‘lower-than-average governmental take’

Deal raises questions for ExxonMobil shareholders, Guyanese citizens

Last week, IHS Markit released an updated analysis of ExxonMobil’s progress in Guyana that projected significant oil and cash flow from the Yellowtail phase of development. The announcement is one of several upbeat reports about the progress of oil and gas development in Guyana. Buried in this optimistic assessment was an important insight: The company’s […]

March 10, 2021 Read More →
IEEFA Africa: Is Angola a cautionary tale for Guyana’s oil wealth hopes?
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IEEFA Africa: Is Angola a cautionary tale for Guyana’s oil wealth hopes?

After 25 years of deepwater drilling, African nation sinks $76B deeper in debt

The  South American country of Guyana, the latest nation to have discovered commercial reserves of oil and gas, hopes to raise its standard of living, cut its debt, eliminate its deficit and create a sovereign wealth fund. It is in a weak position to accomplish these goals.  Consider the example of Angola, which has hosted […]

Special event: Guyana debates offshore oil contracts with ExxonMobil-led consortium

Experts see economic drawbacks and risks for revenues and sovereign wealth fund

Kaieteur News in collaboration with Kaieteur Radio will host a live-streamed end-of-year debate in Guyana on December 31 at 11:00 AM GYT (10:00 AM EST). Panelists will explore Guyana’s first year as an oil-producing state, what went right, what went wrong, the global outlook for oil and gas, and the steps needed to ensure transparency […]

December 23, 2020 Read More →
IEEFA: Does Guyana pay when ExxonMobil drills a dry well?

IEEFA: Does Guyana pay when ExxonMobil drills a dry well?

After Tanager misstep, oil giant needs to answer important questions

Various reports have surfaced that ExxonMobil’s exploration of the Tanager-1 drilling in the Kaieteur Block has discovered reserves that are not commercially viable.  Exploratory wells at the Tanager site will be plugged and abandoned.  The Kaieteur Block is being developed under a contract with the government of Guyana and a consortium of investors led by […]

November 30, 2020 Read More →
IEEFA report: Oil consortium deal with Guyana far from panacea for country’s ailing finances
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IEEFA report: Oil consortium deal with Guyana far from panacea for country’s ailing finances

Large changes in global oil markets and faltering oil companies like ExxonMobil mean smaller revenues and hard choices

October 27, 2020 (IEEFA) — A multibillion-dollar partnership between the republic of Guyana and a consortium led by some of the world’s largest oil and gas companies will not yield enough cash over the next five years for Guyana to close deficits, support new spending and build a Sovereign Wealth Fund.  Beyond five years, the […]

IEEFA update: Eleven facts ExxonMobil would like investors to forget
and

IEEFA update: Eleven facts ExxonMobil would like investors to forget

Company’s Q2 earnings report reveals current and future challenges

ExxonMobil’s second quarter earnings report contained more red flags than usual (IEEFA update: Exxon’s Q2 report marks another signpost on the long road downwards). Its market capitalization is declining even as the bull market thunders on and it now appears all but certain that the company will fall out of the S&P 500’s top ten, […]