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Guyana oil fund closed 2023 with US$1.97 billion

OilNOW -
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

OilNOW -
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

OilNOW -
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 seeks investor to develop offshore natural gas resources

OilNOW -
Guyana's Ministry of Natural Resources has announced a request for proposals (RFP) from private companies for the design, finance, construction, and operation of essential gas infrastructure to support offshore developments in the South American nation. This initiative is part...
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ExxonMobil sets new production records in Permian basin and Guyana, surpassing 20% growth in Q2 2023

OilNOW -
ExxonMobil reported an achievement of record production from its projects in the Permian basin and Guyana during the second quarter of 2023. Surging beyond expectations, the company said its production levels witnessed a remarkable growth of over 20% compared...
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U.S. warned not to slow down approvals of gas exports; could put European allies at risk

OilNOW -
Mike Sommers, Chief Executive Officer (CEO) of the American Petroleum Institute (API) sounded alarm bells over President Joseph Biden’s mulled slowdown of liquefied natural gas (LNG) project approvals.  Reports indicate the Biden administration is re-evaluating the climate criteria it uses...
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Development of Reg. 3 would have been curtailed without GAICO facility – Pres. Ali as US$30 million project commissioned 

OilNOW -
The value created by GACIO’s US$30 million marine facility on the West Bank of Demerara was enormous, said Guyana President Irfaan Ali at the commissioning ceremony on Jan. 13.  Ali delivered the feature address at the event and said the...
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Stena Carron off to Spain for survey; will return to Guyana

OilNOW -
Stena Drilling recently announced on LinkedIn that the Stena Carron, a dynamically positioned, harsh environment, ultra-deepwater drillship, has departed Guyana for Las Palmas, Spain. The vessel will undergo a Special Periodic Survey (SPS) in Spain. The SPS is a...
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Snapshot: Exxon’s first Stabroek Block tie back development tapping three oil fields 

ExxonMobil’s Uaru development is the first Stabroek Block project to utilize a subsea tieback connecting three fields - Uaru,...

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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