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Guyana and Brazil set to dominate non-OPEC+ oil supply growth, IEA says in new report

OilNOW -
With US and Canadian oil production growth tapering off, Brazil is poised to be one of the key sources of expansion over the medium term, while all eyes are on newcomer Guyana where output is on course to skyrocket...
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Guyana oil exports driving Suezmax fortunes

OilNOW -
Midsize tankers loading in the Americas could see freight rates taper down in the second quarter, as weather-related port logistic disruptions will decrease to a seasonal low and remove the main bullish factor from the otherwise pandemic-affected Aframax and...
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Strategic consultations on local content advancing, feedback on key areas received

OilNOW -
Intense engagements with oil and gas companies in Guyana and other stakeholders in recent weeks have seen feedback on specific areas of enhance business development being received by the Ministry of Natural Resources. “The consultations are evolving with both stakeholders...
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IEA not optimistic of Venezuela oil recovery under Maduro

OilNOW -
After losing 1.4 mb/d in three years, output in Venezuela may be bottoming out, the International Energy Agency (IEA) said in its newly released Oil 2021 report. US financial sanctions, poor reservoir management and chronic underinvestment cut production to...
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Despite $49 billion drop in profit, Saudi Aramco remains one of the most valuable companies

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(AP) — Saudi Arabia’s state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets. Saudi Arabian Oil Co. released its annual...
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Professors say ‘betting on Guyana is a winning proposition’

OilNOW -
By Jerry Haar and Deanne Butchey - OilNOW Many believe that oil is the magic bullet that will hit the bullseye of prosperity for Guyana, dramatically increasing revenue, growth and economic development (regardless of how and where that largesse is...
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Recovery of up to 1 million bpd of oil at risk due to vaccination hiccups

OilNOW -
The vaccine distribution cycle was not expected to be perfect, but the recent spike in cases in Europe, which some are calling the third wave, is not being met with a brigade of vaccines, but with vaccine skepticism instead....
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Higher living standards must be delivered to the Guyanese people in shortest period of time – Vice President

OilNOW -
As of March 10, Guyana’s Natural Resources Fund (NRF), the country’s Sovereign Wealth Fund in which all oil revenues are being deposited, had a balance of US$267,668, 709.12. This amount represents every cent earned from oil lifts and royalties...
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High cost of finance and issues with accessibility must be addressed as Guyana economy takes off

OilNOW -
New businesses are being established in Guyana and existing organisations are adjusting and realigning the services they are providing to better meet the needs of the growing oil and gas industry. However, many continue to face challenges with accessing...
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After seizing assets from Exxon & ConocoPhillips, Maduro now says Venezuela open to oil investments

OilNOW -
(Bloomberg) --Inside a chic lounge, oil lobbyists and executives rub shoulders as Spanish, French and Italian can be heard in the halls. This isn’t the ZaZa boutique hotel in Houston, where global energy top brass like to stay. It’s...
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Latest News

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Guyana Electric boosts grid reliability with specialized high-voltage training

Guyana Electric has launched specialized training courses in medium and high-voltage cable terminations and joints, aimed at improving installation...

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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