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Oil jumps to $80 as OPEC+ moves forward with planned 400,000 bpd increase

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(Reuters) - Global benchmark Brent crude jumped on Tuesday to $80 a barrel, its highest since November, as OPEC+ agreed to stick with its planned increase for February based on indications that the Omicron coronavirus variant would have only...
News

Twelve FPSOs delivering over 1.5 million barrels of oil per day could be on the horizon, says gov’t official

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A senior government official told lawmakers last week that Guyana must prepare for a massive uptick in demand for a range of goods and services driven by what can become a 12-FPSO, 1.5 million barrels of oil per day...
News

Exxon expects benefits from massive Guyana offshore operations to reach across country

OilNOW -
Now in its second year of oil production, Guyana’s oil and gas industry is still in its infant stage. The massive operations offshore are driving exploration activities across several blocks and production at the giant Stabroek Block where ExxonMobil...
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Busy year ahead for Ecuador oil sector as gov’t moves to ramp up investments

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(S&P Global Platts) Ecuador's oil and gas industry is on track for a busy year of privatization and E&P contract overhauls in 2022 as President Guillermo Lasso seeks to open up the heavily indebted Andean country to foreign investment. Lasso's...
Exploration

Drilling in ‘super plays’ like Guyana will intensify this year – WoodMac

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Globally, deepwater will remain an exclusive sector with few operators, and oil majors will continue to dominate, accounting for 45% of planned deepwater drilling in 2022, particularly in ‘super plays’ like Guyana, Suriname and Brazil. According to new insight from...
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Guyana guarding against market volatility under new oil fund rules

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The fiscal rule for Guyana’s Natural Resources Fund (NRF) will not be based on future projections of oil prices but on the previous year’s revenue. With this mechanism in place, the new oil producing South American country hopes to...
Exploration

Drilling operations at Stabroek Block in high gear

OilNOW -
Drilling activities at the Stabroek Block offshore Guyana continue in earnest with a series of exploration, appraisal and development campaigns underway. ExxonMobil, operator of the 6.6 million acres block, is undertaking exploration drilling operations at Fangtooth-1, Lau Lau-1 and barreleye-1....
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Oil kicks off 2022 on high note

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(Reuters) - Oil prices firmed on Monday as the market kicked off 2022 on a positive note with suppliers in focus ahead of Tuesday's OPEC+ meeting, although surging COVID-19 cases continued to dent demand sentiment. Brent crude added 56 cents,...
News

Stabroek Block co-venturer earns climate change leadership status for 13 consecutive years

OilNOW -
Hess Corporation which holds a 30 percent interest in Guyana’s prolific Stabroek Block, has been recognized for its climate change stewardship in CDP’s Climate Change Scores for 2021. Significantly, Hess has maintained Leadership status for 13 consecutive years from...
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Exploration drilling at Kawa-1 will continue this month, could wrap up early February

OilNOW -
Guyana’s Maritime Administration Department (MARAD) said in a notice dated December 31, 2021, that CGX Energy will continue exploration drilling at the Kawa-1 prospect this month. “This operation is scheduled to conclude on February 05, 2022,” MARAD said. Kawa-1 is located...
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Dredging in Demerara Channel to continue through 2025

The Maritime Administration Department (MARAD) announced that dredging works will continue in the Demerara Main Ship Channel and off...

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