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Guyana world class deep water projects contributing to SBM Offshore growth

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The four Floating Production Storage and Offloading (FPSO) vessels currently being built by SBM Offshore are positively contributing to the company’s growth phase. Two of the FPSOs are being constructed for operations offshore Guyana at the ExxonMobil-operated Stabroek Block. On...
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Venezuela will need almost $60 billion to return oil industry to its heyday

OilNOW -
Venezuelan state oil company PDVSA would need $58 billion in investment to revive its crude production to the levels of 1998 before ex-President Hugo Chavez came to power, equivalent to 3.4 million barrels per day (bpd), a document seen...
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Chevron shuts in Tamar gas platform offshore Israel as violence escalates

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(S&P Global Platts) US major Chevron has shut in the Tamar gas platform offshore Israel amid an escalation of violence in the country, a company spokeswoman said May 12. Violence has escalated in recent days, with rockets fired at Israeli...
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Giant Yellowtail FPSO will produce up to 7.5 million barrels of oil per month during early stage of operations

OilNOW -
The offshore developments in Guyana are growing both in number and capacity, with the fourth proposed project at Yellowtail being designed to utilize a giant floating production storage and offloading (FPSO) vessel capable of holding 2 million barrels of...
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Fabrication of topsides for Guyana’s 3rd oil production vessel underway in Singapore

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Work on Guyana’s 3rd oil production vessel is progressing on schedule in Singapore, SBM Offshore said in its Q1 trading update on Wednesday. The Dutch floater specialist has been forging ahead with major construction projects despite challenges from the...
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Proposed, sanctioned offshore developments to deliver over 800,000 bpd by 2025

OilNOW -
Guyana has gone from having no known oil resources just 6 years ago to now holding over 9 billion barrels of oil equivalent. The small South American country is now well on its way to becoming one of Latin...
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Mærsk Developer to drill additional appraisal well for Total in Suriname

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Total E&P Suriname, Suriname Branch has exercised an option to add the drilling of one additional appraisal well in Suriname’s Block 58 to the work scope of the semi-submersible rig Mærsk Developer. Mærsk Drilling said Wednesday the contract extension has...
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Oil climbs on solid demand outlook

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(Reuters) Oil prices rose on Wednesday after a drop in U.S. crude inventories reinforced OPEC's robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or...
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Yellowtail will be Guyana’s biggest offshore development to date with massive 250,000 bpd output – Project Summary

OilNOW -
The Yellowtail development, Guyana’s fourth deepwater petroleum production project, is targeting 250,000 barrels of oil per day, the largest volumes yet for a single development offshore the South American country. According to documents submitted to the Environmental Protection Agency by...
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The top three challenges of being the most appealing fossil fuel opportunity in the world

OilNOW -
By Arthur Deakin – OilNOW It is no longer a secret that Guyana is one of the most attractive investment opportunities in the world. The country has discovered 9 billion barrels of recoverable oil, and that is likely only half...
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Dredging in Demerara Channel to continue through 2025

The Maritime Administration Department (MARAD) announced that dredging works will continue in the Demerara Main Ship Channel and off...

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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