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Saipem to appeal Brazil’s 2-year public contract ban amidst allegations of irregularities

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Milan-listed offshore engineering and construction company Saipem is set to appeal a two-year ban on signing new contracts with the Brazilian public administration following an investigation into alleged irregularities surrounding a deal signed with Petrobras in 2011. The suspension, imposed...
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Another Exxon-led project may connect to Gas-to-Energy pipeline alongside Liza

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Guyana’s Natural Resources Minister, Vickram Bharrat, has confirmed to OilNOW that studies are underway to determine which of ExxonMobil’s Stabroek Block projects can utilize the additional capacity of the Gas-to-Energy pipeline, following start-up in 2025. Mr. Bharrat said, “The Liza...
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U.S. imports first cargo of Guyana’s Payara Gold crude

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The United States of America has imported a cargo of Payara Gold crude for the first time, according to data from U.S. Customs and S&P Global Commodity Insights. The one-million-barrel cargo, shipped by China's CNOOC and consigned to ExxonMobil,...
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Guyana to revise oil law to spend more of its windfall this year

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The Guyana government is set to propose a revision of the withdrawal rule in its Natural Resource Fund (NRF), Finance Minister Dr. Ashni Singh said during a Jan. 15 reading of the country’s 2024 budget. This change aims to...
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Nigeria starts up 650,000 bpd Dangote refinery

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Nigeria's 650,000 b/d Dangote refinery has commenced fuel production, the Dangote Group announced on January 12. The facility has the potential to end the nation's reliance on gasoline imports, according to S&P Global Commodity Insights. The refinery, a US$19 billion...
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Guyana oil fund closed 2023 with US$1.97 billion

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Guyana’s Natural Resource Fund closed 2023 with US$1.97 billion (approximately GY$411.47 billion) according to a Bank of Guyana report published on Jan. 15.  The Fund received payment for one lift of profit oil in December, amounting to US$85.4 million (approximately...
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Nigeria’s Dangote refinery to open ‘big hole’ in market for Guyana’s crude – S&P

OilNOW -
Felipe Perez, Head of Latin America Fuels and Refining at S&P Global, has pointed out that the coming online of the Dangote refinery in Nigeria, could create a “big hole” in the market for Guyana’s growing crude output to...
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Guyana looking to tap India’s expertise for buildout of world-class O&G regulations

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Guyanese authorities have expressed an interest in tapping India’s expertise to help continue the buildout of a world-class regulatory framework for the oil sector. Vice President Dr. Bharrat Jagdeo said this is likely, given that it is one of...
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Newfoundland and Labrador gov’t considers selling stakes in offshore assets

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The government of Newfoundland and Labrador has announced its consideration of selling stakes in the province's offshore oil industry, revealing plans to move forward with phase three of the comprehensive review of current oil and gas interests. The government is...
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Galp Energia makes major oil discovery in Orange basin

OilNOW -
The National Petroleum Corporation of Namibia (NAMCOR) announced a substantial oil discovery in Block 2813A (PEL83), Orange basin, offshore Namibia. NAMCOR, with a 10% carried interest, collaborated with partners Galp Energia (80%, operator) and Custos (10%) in the successful...
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Guyana’s Yellowtail crude to enter market in competition with U.S. WTI and Argentina’s Medanito

Guyana’s Yellowtail crude, from the country’s fourth offshore development, is set to hit international markets in the third quarter...

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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