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IMF’s oil price revision suggests lower revenue for Guyana than projected 

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Guyana’s government may collect less oil revenue in 2025 than it initially projected, following the International Monetary Fund’s (IMF) downward revision of global crude price assumptions. However, an earlier-than-expected start to production at the massive Yellowtail project could still...
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Baker Hughes posts record Q1 results, secures key Guyana and global deals

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Baker Hughes announced strong first-quarter results, driven by “record orders and major contract wins. The company released its 2025 quarter report on April 22, revealing that it has secured a significant award from ExxonMobil Guyana. It will supply specialty chemicals...
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MODEC’s Guyana work accounted for 33% of its 2024 revenue

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In 2024, a third of MODEC's total revenue came from its operations in Guyana, as the company gears up to supply a large floating production, storage and offloading (FPSO) vessel to the Stabroek Block next year. In its annual report,...
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IMF forecasts another year of double-digit economic growth for Guyana 

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Guyana is expected to be one of just two countries in the world to post double-digit economic growth in 2025, according to the International Monetary Fund’s (IMF) April World Economic Outlook.  The forecast, released under the theme A Critical Juncture...
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Trinidad & Tobago working with the U.S. to secure its energy future after Dragon gas termination

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Trinidad and Tobago and the United States have committed to working together to ensure the Caribbean country’s energy future, a recent statement from the U.S. State Department said.  Trinidad media reported over the weekend that Prime Minister Stuart Young has...
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Petrobas advancing drill campaign at Equatorial Margin; says success in locations like Guyana promising

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Brazil’s majority state-owned multinational corporation, Petrobras, has confirmed that the Equatorial Margin may hold more than 30 billion barrels of oil, citing recent estimates from Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP). According to Petrobras, this volume...
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Guyana among key drivers of global subsea tree demand despite sharp Q1 dip

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Subsea tree unit awards slumped to 32 in the first quarter (Q1) of 2025, marking a 65% quarter-over-quarter decline, according to Westwood’s Global Subsea Tracker. The drop reflects ongoing macroeconomic challenges and inflation-driven delays in project approvals and contract...
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TT’s Heritage Petroleum seeks partner for exploration of Preau Block 

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Heritage Petroleum Company Limited, Trinidad and Tobago’s national oil company, is inviting expressions of interest for a partnership arrangement on its newly awarded Preau Block. The block, located just south of Heritage’s Barrackpore Licence (Core Area C), spans approximately 11,200...
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ExxonMobil taps MODEC for second Guyana FPSO as Hammerhead project advances

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ExxonMobil has awarded a limited notice to proceed to Japanese offshore engineering firm MODEC for the development of a floating production, storage, and offloading (FPSO) vessel for its Hammerhead project offshore Guyana, MODEC said on Monday. The contract is MODEC’s...
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Why Guyana and others won’t stop exploring for oil – GEOExpro expert explains 

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“Why would we still explore for oil and gas?” René Jonk of ACT GEO asked at the end of his talk for the Geoscience Energy Society of Great Britain on April 8. A question GEOExpro Editor-in-Chief Henk Kombrink examines...
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‘Business as usual’: No disruption in Guyana’s operations despite Venezuela controversy – GCCI Pres.  

Kathy Smith, President of the Georgetown Chamber of Commerce and Industry (GCCI), has made it clear that there has...

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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