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Omicron pushes oil prices to three-month lows

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(S&P Global Platts) NYMEX January WTI settled at $66.18/b, down $3.77, and ICE January Brent finished $2.87 lower at $70.57/b. Oil prices, which had stabilized Nov. 29 following a steep selloff in the prior session, slid overnight following comments from...
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New hinterland hydropower plant will add 700kW to Guyana’s grid

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As part of a loan taken from the Islamic Development Bank (IsDB), the reconstructed and improved Moco Moco Hydropower Plant set to be built in the hinterland region of Upper Essequibo - Upper Takatu (Region Nine) in Guyana will...
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Exxon preparing final development plan for Vietnam’s biggest gas project

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(S&P Global Platts) International oil major ExxonMobil is working on a final development plan for the Ca Voi Xanh gas project in central Vietnam, amid moves by the government to refocus on domestic upstream development while dialing back on...
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Saipem seals $750 million gas field deal with Saudi Aramco

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Saipem has signed a new contract with Saudi Aramco on the Jafurah Development Program in Saudi Arabia. The project involves the construction of a hydrocarbon collection system and the transport of gas and condensate to the new Jafurah plant,...
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SBM Offshore strikes deal for Brazil FPSO

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SBM Offshore said Tuesday that it has signed contracts with Petróleo Brasileiro S.A. (Petrobras) for the 22.5 years lease and operation of FPSO Alexandre de Gusmão. These contracts follow the signing of the binding Letter of Intent announced on August...
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Expert says major oil discoveries outside of Stabroek Block almost certain

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While the 6.6 million acres Stabroek Block remains the largest license under exploration and development in Guyana where the motherload of commercial hydrocarbons have been found, one expert says it is almost certain that substantial discoveries will eventually be...
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Prioritizing cleaner crude reservoirs could be key part of Exxon’s aggressive low carbon plans

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ExxonMobil says it intends to use its super technology, expertise and over US$15 billion to aggressively pursue lower greenhouse gas emission initiatives in the coming years as it looks to play a major role in support of global emission...
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Australia aiming to secure 20 more years of gas supply

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(S&P Global Platts) Australia's federal government released a plan on November 26 aimed at shoring up the country's gas supply for the next 20 years so that the industry can meet anticipated growing LNG demand out to 2035 and...
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Friday’s plunge in oil prices overdone – Brent rebounds to $76

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(Reuters) - Oil rebounded by almost 5% on Monday to $76 a barrel as some investors viewed Friday's slump in oil and financial markets on concern about the Omicron coronavirus variant as overdone. While the World Health Organisation has warned...
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Guyana exports final oil cargo for 2021; 9 million barrels sold to date

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The government of Guyana has sold its final one-million-barrel oil cargo for this year, bringing the exports representing the country’s share of Liza Crude to five million barrels for 2021 and 9 million in total since oil production began...
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Guyana’s local content spend hits US$350M in six months 

Guyana’s local business community continues to secure strong gains from the country’s oil and gas industry, with spending on...

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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