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SBM Offshore moving forward with record-breaking project financing, delivers second floater to Guyana

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Dutch floater specialist SBM Offshore said Thursday it has been able to arrange, year to date, US$4.1 billion project related financings to fund a record-breaking order book, demonstrating the financial strength of the company and the confidence which its...
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Appeal hearing granted to US oil execs jailed in Venezuela

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(AP) — Six U.S. oil executives detained in Venezuela for four years on corruption charges have been granted a hearing before an appeals court, a rare decision by the judicial system in the South American country. A judge this week...
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Suriname leading offshore bid rounds since 2016, Guyana set to excite in 2022 – Norway group

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Guyana, Suriname and the Caribbean region is currently seeing a slowdown in licensing activity for a number of reasons, including the effects of the COVID-19 pandemic on frontier exploration which has prompted international oil companies to focus primarily on...
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PXGEO awarded contract for seismic project in Brazil

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Marine geophysical service provider PXGEO has entered into an agreement with Petrobras to acquire an Ocean Bottom Node (OBN) seismic project in Brazil commencing in H2 2022 with an approximate duration of 3 months. The deal with Petrobras is the...
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Sod turned for another major hotel as Guyana oil boom expands

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A sod turning ceremony occurred on Wednesday morning in Guyana at a Providence, East Bank Demerara site earmarked for the construction of a US$32 million Hyatt Place Georgetown hotel. The project, adding to a long line of hotels coming to...
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Guyana building multiple power plants to replace heavy fuel oil with natural gas

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The Government of Guyana is working on multiple gas-fired power plants to reduce its dependence on heavy fuel oil (HFO). This is being done in anticipation of the gas-to-energy pipeline which ExxonMobil will start constructing in 2022. In August, Guyana’s...
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Like Guyana, natural gas seen as key player in Peru’s clean energy transition

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Peru has signed the Paris Agreement and committed to develop policies to increase the share of renewable energy sources from current 5.5% to at least 20% by 2040. However, the country needs significant capital investments to ramp up its...
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Exxon targeting US$15 billion in low-carbon investments

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U.S. oil major ExxonMobil, operator of Guyana’s largest oil block, said it plans to grow investments that lower emissions, leveraging the company's technology, scale, integration, and global footprint in the coming years. “Cumulative low-carbon investments are anticipated to be approximately$15...
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Maersk, Noble merging to create world class offshore drilling company

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Maersk Drilling announced Wednesday that it has entered into a definitive agreement to combine with Noble Corporation in a primarily all-stock transaction. The combined company will be named Noble Corporation, and its shares will be listed on the New...
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Exxon targeting 75% Guyanese workforce for Yellowtail oil production vessel – report

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After eight years of operations offshore Guyana, ExxonMobil expects around 75% of the workforce on the giant Yellowtail Floating, Production, Storage and Offloading (FPSO) vessel will be Guyanese, starting from an initial 25%. This is according to the Environmental Impact...
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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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