New oilfield services firm aims at ExxonMobil’s Guyana discovery

Totaltec Oilfield Services Limited, a newly established oilfield services company focused on the Guyana oil and gas industry, has completed its initial equity finance.

While the company did not reveal the amount it raised, it said it was supported by a number of private investors to establish its presence in Guyana to support the development of ExxonMobil’s recent ‘world class’ offshore discovery there.

Totaltec said it would use the cash to fund the initial stages of its strategy to provide an oilfield services company to enable the growth and development of indigenous content and competence in the oil & gas industry in the country.

Also, Totaltec launched Petrogo.org, a membership platform for promoting the offshore industry’s capabilities to key clients in Guyana Guyana. The international Totaltec team was formed from a former Schlumberger and Welltec executive bench.

Simmons & Company International Limited served as corporate finance advisor and Pitmans LLP acted corporate legal advisor to the company and its founders on the start-up equity financing.

The Liza discovery

To remind, ExxonMobil first discovered hydrocarbons some 120 miles offshore Guyana, while drilling the Liza-1 exploration well at the Stabroek block in 2015.

After analyzing drilling results from the Liza-2 well, the second exploration well in the Stabroek block, ExxonMobil described the discovery as ‘world-class’ with a recoverable resource of between 800 million and 1.4 billion oil-equivalent barrels.

According to Stabroek News, Guyana’s daily newspaper, ExxonMobil’s local subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) has recently applied to the Environmental Protection Agency (EPA) for permission to begin working on the development of the discovery.

Further drilling at the area could begin in 2019, and when the time comes, Exxon is reportedly looking to deploy a floating production storage and offloading (FPSO) facility, to bring the field online.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply