What in the world is going on?

The PNC and their two House Slaves are certified IDIOTS!!!!!!!!!!!!!!!!

source please

thanks

Just got a call from GT with same news.  Rig headed back to Texas.  Couple forces at play, of course the issue with Venezuela, but also the overall depressed prices for Crude.  XOM reported significant decline in profits and is taking "cost reduction" actions one of which is reduced drilling.  Global markets are oversupplied and no one sees the imputes for additional drilling. With Iran back fully, analyst expect this oversupply to continue for 3-5 years as such, Guyana, with it's troubled waters is no incentive, unfortunately.  Furthermore, Mexico just discover a new shallow oil field in the gulf.

http://guyanachronicle.com/min...from-guyanas-waters/

pro-Venezuela wishful thinking by cobra and the guyana antiman treason crew

the well is capped and the drill vessel left the area 2 months ago

The spin does not matter.  I'm no pro-Venez, that's a cop out assessment, but reality is reality, and business is business.  XOM will do what's right for their bottom line and plummeting crude is no incentive for further drilling.

America is now an energy exporter.  They don't care too much about oil any more. Guyana nad Venezula should come together get the oil sell it then split the profits equally.

what exactly is the reality ?

DeepWater Champion is a rented explorer vessel by Exxon . . . it is contracted at very high daily rates to drill exploratory wells for oil companies at sites all over the world

it is not an oil rig!

http://www.deepwater.com/news?ID=2061551

as of June 22, 2015

• Transocean Andaman - Awarded a one year contract extension offshore Thailand at a dayrate of $115,000 ($42 million estimated backlog).
• Deepwater Champion - Awarded a three month contract extension in the U.S. Gulf of Mexico at a dayrate of $395,000 ($36 million estimated backlog).
• GSF Galaxy II - Awarded a one well contract extension in the U.K. sector of the North Sea at a dayrate of $190,000 ($17 million estimated backlog).
• Sedco Express - Awarded a 45 day contract offshore Nigeria at a dayrate of $300,000 ($14 million estimated backlog).
• The company has amended its construction contracts with Sembcorp Marine's subsidiary, Jurong Shipyard, to delay the delivery of its two newbuild, ultra-deepwater drillships by 24 months. The two drillships are now expected to be delivered in the second quarter of 2019 and the first quarter of 2020, respectively.
• The GSF Monarch and Transocean Spitsbergen are idle. The Spitsbergen's well program concluded 45 days early due to efficient performance of the rig; the contract provides for a payment to the company in the event of an early termination.
• The GSF C.R. Luigs is stacked; the rig was previously idle.
• Estimated 2015 out-of-service time increased by a net 45 days

the ignorance of basic things on this board by some we think should know better is appalling

Dem seh PPP was selling out Guyana.  Well, let dem banas find a solution, ah demm dayzz now.  US installed the Govt but fatt boui Hunt shift his focus other places.  He gon beg the new Republican president for lil hand-out just like the good old days.  Abie pon tap!!

http://www.deepwater.com/news?ID=2061551

as of June 22, 2015

• Transocean Andaman - Awarded a one year contract extension offshore Thailand at a dayrate of $115,000 ($42 million estimated backlog).
• Deepwater Champion - Awarded a three month contract extension in the U.S. Gulf of Mexico at a dayrate of $395,000 ($36 million estimated backlog).
• GSF Galaxy II - Awarded a one well contract extension in the U.K. sector of the North Sea at a dayrate of $190,000 ($17 million estimated backlog).
• Sedco Express - Awarded a 45 day contract offshore Nigeria at a dayrate of $300,000 ($14 million estimated backlog).
• The company has amended its construction contracts with Sembcorp Marine's subsidiary, Jurong Shipyard, to delay the delivery of its two newbuild, ultra-deepwater drillships by 24 months. The two drillships are now expected to be delivered in the second quarter of 2019 and the first quarter of 2020, respectively.
• The GSF Monarch and Transocean Spitsbergen are idle. The Spitsbergen's well program concluded 45 days early due to efficient performance of the rig; the contract provides for a payment to the company in the event of an early termination.
• The GSF C.R. Luigs is stacked; the rig was previously idle.
• Estimated 2015 out-of-service time increased by a net 45 days.

Guyana is headed into deep, deep trouble under APNU. 

The Americans are turning their backs on this bunch of clueless donkeys in APNU.

APNU eats mud.

Guyana is headed into a recession under APNU.

For info purposes and clarity, when does the 3 month extension end?

Listen Redux, this is not solely a PNC issue though the dust up with Venezuela must be a factor increasing the risk premium.  The issue here is more macro and global however, the risk premium just does not help.  furthermore, the Saudis, the Venez, the Iranians, the Russians, the Americans and the Canadians all want tighter supply.  There will be no serious drilling for a while.

the 3-month extension is for a drill in the Gulf of Mexico not Guyana

what are you babbling about . . .?

u and cobra prance around here shooting shit about Exxon pulling out of Guyana based on ignorance regarding the drill ship business

you, in particular, co-signing cow fly foolishness by cobra with [even more] shrill bullshit your friends just "call" in from GT, to wit:

"Rig headed back to Texas.  Couple forces at play, of course the issue with Venezuela, but also the overall depressed prices for Crude.  XOM reported significant decline in profits and is taking "cost reduction" actions one of which is reduced drilling.  Global markets are oversupplied and no one sees the imputes for additional drilling. With Iran back fully, analyst expect this oversupply to continue for 3-5 years as such, Guyana, with it's troubled waters is no incentive, unfortunately.  Furthermore, Mexico just discover a new shallow oil field in the gulf."

i point out certain things rubbishing this nonsense anybody with common sense could have discovered with the click of a mouse . . . now all y'all antiman scatter!

smfh

If your wishes were dreams.

Phase one is over - well will be capped now and the real rig will be brought now to start extracting the oil.  That can take up to 5 years to get it flowing in commerical quantities.

Oil coming out in 2021.

Who will be the Government in 2021?

PPP!!

Why are people here surprised at the gestation period for oil exploration to oil production?

Redux explained what is normal in such a process. The exploration facility is different from production facility and it costs to have exploration assets  lying around while not needed.

There is nothing political about such actions; just pure economic.

And Pavi, your obsession with the anachronistic House Slaves reference is childish to the point of boredom. The rest of you guys - your posts betray an infantile penchant to chomp at the current government even when it shows an ignorance that's laughable.

I agree, but funding/taking part in the installation of a regime do get a company mixed into politics.

Not to the economics correct however, the Exxon is taking actions to protect profits as it plunges and drilling would be the first casualty given the supply situation.  I would not be surprised if they hold off for now until their short-term outlook stabilizes and crude prices pick-up.  I believe anyway, in 5 years prices will be higher but it's about current profitability.

In the meantime, I'm sure they will also be watching the border dispute.

ExxonMobil’s rig left Guyana early June

…news broken by Venezuelan media

…to return early 2016 – ExxonMobil

As reports surfaced that US oil giant ExxonMobil has removed its oil drilling ship, the Deepwater Champion, from offshore

The Deepwater Champion now anchored in the Gulf of Mexico

Essequibo, officials are insisting that the relentless aggression from Venezuela did not influence this decision. Government, however, had failed to inform the Guyanese public of this development which occurred in early June. Reports in the Venezuelan media suggested that the Venezuelans understood that the drilling rig only left Guyana’s waters in the past few days. It would have been following the departure of ExxonMobil’s rig that, for instance, Venezuela confirmed the cancellation of the PetroCaribe rice deal with Guyana. Guyana Times tried to make contact with Minister of Governance, Raphael Trotman to find out why the public was not informed of this development when it had happened, but all calls made to his phone went unanswered. It was the arrival of ExxonMobil Deepwater Champion oil drilling rig/ship that had precipitated Venezuela’s latest revival of its controversy over our western border. ExxonMobil Country Manager Jeff Simons told Guyana Times on Sunday during a telephone interview that the vessel had left Guyana’s waters since June and was now anchored in the Gulf of Mexico. He, however, quickly pointed out that this was not an unusual practice for the company. “The vessel had completed the works it was doing on the Liza-1 well … it was always planned for the vessel to go there…we are planning for future drilling. We have collected enough information and data and we just in a planning stage right now,” he explained. Simons stressed that the Deepwater Champion had completed its course of operation and the ongoing border controversy between Venezuela and Guyana regarding ownership of the Essequibo and the waters off its shore (where ExxonMobil is drilling) did not pressure the Company into removing the vessel. He explained that at this stage, the company would be analysing its findings and planning for another period of drilling which should commence early in 2016. “We are planning to return early next year or maybe sooner but we will return,” the Country Manager assured, noting that ExxonMobil is ecstatic about its discovery of hydrocarbons and oil-bearing rocks in the Stabroek Block. In May, ExxonMobil announced its findings of more than 295 feet of high-quality oil-bearing sandstone reservoirs. Recent reports predict that this find could see Guyana’s Gross Domestic Product (GDP) escalating to 12 times its current figure, which is transformational for any developing country. Guyana’s GDP stands at around US$3.23 billion.

 

Venezuela is happy In light of the reports emanating from the Venezuelan media that the oil company decided to withdraw from its operations, Minister of Governance and Patrimony, Raphael Trotman told another section of the media that the company’s action was “not irregular”. That media outlet reported that the removal of the drilling vessel follows an “increase in activity in the Stabroek Block where seismic vessels were conducting exploratory works to determine if there are other commercially viable oil reserves in the immediate areas”. Trotman also confirmed the seismic works currently being done in the Stabroek block in the vicinity of the Liza-1 well, which has been capped, it was reported. According to Venezuelan media, the President of the Venezuelan Chapter of the Latin American Parliament, Ángel Rodríguez, said that the Venezuelan Government “welcomed” this decision. In early March, the oil and gas company, one of the largest in the world, was warned by the Spanish-speaking nation to refrain from going ahead with its planned exploratory drilling activity, on a concession awarded by Guyana offshore its Essequibo Coast. Venezuela has repeatedly laid claim to the area being explored, ignoring an 1899 Arbitral Tribunal Award, which was declared as the full and final settlement of the boundary between the two South American nations. Following the discovery of oil-bearing rocks in the area, Venezuela’s aggression grew stronger. However, ExxonMobil assured that it will not be intimidated by the country’s claims and will continue its work in Guyana’s offshore waters. The multibillion-dollar oil exploration project, which is expected to be executed over 10 years, got underway in early March.

Guyana Times tried to make contact with Minister of Governance, Raphael Trotman to find out why the public was not informed of this development when it had happened, but all calls made to his phone went unanswered.

 “We are planning to return early next year or maybe sooner but we will return,” the Country Manager assured, noting that ExxonMobil is ecstatic about its discovery of hydrocarbons and oil-bearing rocks in the Stabroek Block. In May, ExxonMobil announced its findings of more than 295 feet of high-quality oil-bearing sandstone reservoirs. Recent reports predict that this find could see Guyana’s Gross Domestic Product (GDP) escalating to 12 times its current figure, which is transformational for any developing country. Guyana’s GDP stands at around US$3.23 billion.

bannas, exploratory rigs like Deepwater Champion are booked months sometimes years in advance

further, a deep water production platform is very expensive

it makes sense to drill and find other deposits in the field that can be serviced by that platform . . . that's why the seismic surveys/analyses are being pursued in earnest

Exxon took an educated (expensive) flyer on the drill and came up lucky . . . there will be more drills before the platform is set up

ASJ, you are becoming annoying these days.  Before the elections you were such a nice bwoy.

Does it matter if the oil come in 2018 or 2022?

God bless Guyana that we found oil.

Leave the rest up to the professional.

PLEASE!

Why did they stop drilling for oil on Dauntless Island at the mouth of the Essequibo River?

Too Daunting!!

ASJ kech the PPP cyaar, now he watching around lil dizzy and stupidy wah feh do next, so he busy looking fuh wanada cyar, bike, or bicycle fuh run after so he not leff in the [actionless] middle of action.  https://www.youtube.com/watch?v=LTQp9fILrkg

Are you a moron? when ASJ were throwing bricks at the PPP/C where were you? Then to you it was all well and pleasing........now ASJ has been hammering Granger and his gang...why it is all so sour now.

Don't tell me you are another Granguh balls licker.

ASJ Calls the shots as he sees it, ASJ is not obligated to any one party, or does he owes anyone a favor, please remember that.

Thanks.

Fayah in he wyah rass deh ASJ!!

All well and good, and I have fired a few bricks at the APNU/AFC gov't.

The problem however is when you introduce political spin on what is not political.

1.  There is no short term shortage of oil.

2.  Oil prices have dropped, increasing the risk/reward of exploration.

3.  The vessel was there for exploratory purposes, not to begin drilling.  They have most likely obtained the data that they needed to determine when, or if, they will begin drilling.

NONE of this has ANYTHING to do with APNU/AFC!

Well said.

He rass tief me line.  Have to complain to Admin.

Bai is which world you live in.  PNC and Exxon agreed to not disclose for months the find until the PPP has been deposed.  So the fact that they left and it was not announced is a continuum of the same.

The PPP failed to;

1.  Tell Guyanese that Guysuco was bankrupt and in mid May had no means to meet payroll. 

2.  That Venezuela had already told them that they were shifting rice purchases to Uruguay from Guyana.

3.  The Consolidated Fund was empty.

This are all more critical concerns than an exploratory vessel leaving Guyana.  Exploratory is exactly that, exploratory.  The PPP is screaming as if an oil drilling rig was removed, and production halted.

The PPP must cease displaying the same cowardly characteristics that cobra and yuji show delay.  They have the support of iover 49% of the electorate, and so should behave like a responsible opposition.  This should include fowarding ideas, if they feel that APNU/AFC is being ineffective, or just plain wrong.  So what suggestions do they have for rice and sugar?