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GAICO expands dredge fleet in Guyana with US$2.5M acquisition

OilNOW -
Dredging the Guyana Demerara channel is becoming increasingly important as the country expects a ramp up in marine traffic due to oil and gas activities. And GAICO Construction and General Services Inc. is positioning itself to provide the needed service...
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Guyana Minister dispels claims government promised to renegotiate Exxon deal

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A Minister of Government in Guyana, Charles Ramson Jr., wrote a letter dispelling claims in one section of the local press that the People’s Progressive Party Civic (PPP/C) administration promised to renegotiate the Stabroek Block Production Sharing Agreement (PSA). The...
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Pricey FPSOs startle Petrobras as it pursues production ramp-up

OilNOW -
IHS Markit said Brazil’s Petrobras has been making orders for floating production, storage, and offloading (FPSO) vessels at price tags spiked by supply chain disruptions. As Brazil targets an aggressive production ramp-up, it will continue to be faced with higher...
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Right fiscal regime key to Guyana getting most out of upcoming bid round – Rystad Energy

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With the right fiscal regime in place, Guyana could reap the most benefits from the upcoming oil block auction, Norway’s Rystad Energy said. The highly anticipated auction will be the first time Guyana hands out oil licenses through a competitive...
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First phase of GAICO’s dry dock laydown & storage yard on track for October completion

OilNOW -
Work on GAICO Construction and General Services Inc.’s dry dock laydown and storage yard at Nismes Foreshore, West Bank Demerara is moving apace with the company on track for phase one to be completed in October. Its Chief Executive Officer...
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Guyana has earned over US$1.2 billion since oil production started – nearly half its 2022 budget

Kemol King -
The Natural Resource Fund, established to receive revenues from oil sales and royalties, has received more than US$1.24 billion since first oil in December 2019. This scale of revenue flow is significant for Guyana, since from this single sector, these...
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Soaring oil prices lead Saudi Aramco to smash quarterly record with US$48.4B in profits for Q2

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Saudi Aramco reaped the most benefits from the global energy crisis, raking in a record breaking US$48.4 billion in profits as the second quarter of 2022 closed. That represents a 90% jump in quarterly profits – up from US$25.5 billion...
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World’s biggest emerging ‘super-basin’ holds barrels with some of the lowest carbon intensity

OilNOW -
Today’s oil and gas industry is strikingly concentrated. Almost three-quarters of resources are in just 10 basins that hold more than 100 billion boe. Fewer than 50 traditional super basins supply more than 90% of the world’s oil and...
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Exxon committed to playing key role in delivering lower cost power to Guyana – Routledge

OilNOW -
President of ExxonMobil Guyana, Alistair Routledge, said the company is committed to doing everything it can to ensure the Gas-to-Energy project, set to deliver lower cost and lower emission power to the new oil producing country, is successful. “It’s a...
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Noble strikes deal to sell rigs, in pursuit of Maersk merger

OilNOW -
Noble Corporation has entered into an asset purchase agreement to sell five jackup rigs in pursuit of a merger with Maersk Drilling. It had said that upon notifying United Kingdom regulators about the proposed merger, the Competition and Markets Authority...
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Guyana’s four FPSOs set a new pace for deep-water oil development

The four floating production, storage and offloading vessels operating in the Stabroek Block have become the backbone of Guyana’s...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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