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Refinery or strategic reserves? Guyana explores options for fuel security

OilNOW -
Guyana is still considering a refinery, according to Vice President Bharrat Jagdeo, with five prospective investors already identified.  “We have been having discussions with a number of people who have expressed interest. That group was narrowed down to about five,”...
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IMF projects 26.6% growth for Guyana in 2024, warns of overheating risk

OilNOW -
The International Monetary Fund's (IMF) Article IV Consultation Report from December 2023 forecasts 26.6% growth in Guyana's economy for 2024, following a 38.4% projected expansion in 2023.  While the IMF’s report was positive, it warned the economy could become overheated,...
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Oil majors gradually taking over Guyana-Suriname basin

OilNOW -
The oil majors ExxonMobil, TotalEnergies, Chevron, and Shell are gradually expanding their presence in the Guyana-Suriname Basin. With some contracts expected to be finalized in 2024, these four companies will have stakes in 15 offshore blocks, amounting to more...
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Petrobras-led group makes order with TechnipFMC valued over US$1 billion

OilNOW -
TechnipFMC announced a major integrated engineering, procurement, construction, and installation (iEPCI™) contract awarded by Petrobras. This contract, valued over US$1 billion, is for the Mero 3 HISEP® project, an endeavor utilizing subsea processing to capture and inject carbon dioxide-rich...
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Guyana, Namibia to remain key exploration hotspots for the foreseeable future – S&P

OilNOW -
Guyana and Namibia are set to sit at the top as pivotal exploration hubs in the foreseeable future, according to predictions by S&P Global Commodity Insights analysts Ian Conway, Jack Rivers and Stuart Lewis.  ExxonMobil is the lead operator in...
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Guyana’s exponential energy demand may beckon another power project – VP

Shikema Dey -
Vice President Bharrat Jagdeo believes Guyana may need to start planning for another energy generation project to satisfy the country’s growing demand.  Current output has trouble meeting demand, and this leads to frequent power outages sometimes countrywide. A reliable solution...
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Halliburton scores hattrick on Dow Jones Indices

OilNOW -
Halliburton Company has been named to the 2023 Dow Jones Sustainability Indices (DJSI). 2023 marks the third consecutive year that the company has been named to the list. On top of that, Halliburton said in a release that the...
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PETRONAS, Exxon after third jackpot in Suriname’s block 52

OilNOW -
PETRONAS and ExxonMobil are seeking to hit a third jackpot in Suriname’s offshore block 52.  Last November, PETRONAS hit pay at the Roystonea-1 exploration well. It reached a total depth of 5,315 meters. Petronas said that the discovery is poised to...
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Leading Suriname oil explorer strikes US$4.5 billion deal to acquire Permian energy company

OilNOW -
APA Corporation, a US energy firm, has announced a definitive agreement to acquire Callon Petroleum Company in an all-stock transaction valued at approximately US$4.5 billion. This amount includes Callon's net debt. The strategic move will see each share of...
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Jagdeo confirms Exxon’s 250,000-bpd Whiptail project to be approved in Q1 2024

OilNOW -
Guyana Vice President Bharrat Jagdeo has indicated that ExxonMobil's Whiptail project, set to produce 250,000 barrels of oil per day (bpd), is on track for approval in the first quarter of 2024. Responding to inquiries about the approval's Q1...
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IEA warns of major drop in oil investment as clean energy gains momentum

Upstream oil investment is expected to decline by 6% in 2025, marking the first drop since 2020 and the...

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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