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Brazil sweetening pot for oil investors to offset competition from Guyana, Suriname

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Brazil is facing intense competition for oil investments from countries around the globe, including neighbors Guyana, Suriname and Uruguay, and policy makers in Latin America’s biggest economy are now hammering out a new regulatory and production-sharing framework to make...
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Platts Analytics sees oil demand averaging 99.3 million b/d this year

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(S&P Global Platts) Global oil demand will rebound by more than 6 million b/d in 2021 and return to 2019 levels a year later despite the sharp acceleration in coronavirus infections and new lockdowns which have hit energy consumption from...
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Petrobras makes new discovery in Brazil’s pre-salt

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Petrobras said on Friday it has identified the presence of hydrocarbon in a pioneer well in the CM-411 block, located in the Campos Basin pre-salt, in the State of Rio de Janeiro. Well 1-BRSA-1377-RJS, informally called Urissanê, is located approximately...
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More Guyanese businesses tapped into oil and gas supply chain in 2020

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An increasing number of local businesses are tapping into the oil and gas supply chain. This is an observation from the Georgetown Chamber of Commerce and Industry (GCCI). Officials from the Chamber noted that some Guyanese entrepreneurs established new...
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Exxon working to fix new gas compressor issue, FPSO flaring above pilot level

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ExxonMobil Guyana said on Friday an issue has been encountered with the gas compressor system onboard the Liza Destiny FPSO and the company is working with the operator of the vessel to have the matter rectified. In an operations update,...
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API Chief Economist urges Guyana to focus on oil investments, securing links with refineries this year

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As Guyana embarks on its second year as an oil-producing nation, Chief Economist at the American Petroleum Institute (API), Dr. Dean Foreman, said it is in the country’s best interest to remain focused on building on its success and...
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Topside construction underway for 220,000 bpd Prosperity FPSO

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The hull for the giant Prosperity FPSO targeting ExxonMobil’s third development offshore Guyana is complete and the vessel is now moving to the next stage of construction in Singapore. Greg Hill, Chief Operating Officer at Hess Corporation, a 30% stakeholder...
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Monthly Economic Report – Guyana

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By Marla Dukharan - Economist and leading advisor on the Caribbean The World Bank estimates Guyana’s economy grew 23.2% y/y in 2020 and forecasts growth at 7.8% in 2021. Interest rates declined in 2020, with the average prime lending rate...
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Venezuela ramps up naval activity in Guyana’s maritime space

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Since issuing a new decree on January 7 in what Venezuelan President, Nicolas Maduro, described as “a new maritime territory”, Guyana’s Minister of Foreign Affairs, Hugh Todd, said there has been increased activity in Guyana’s maritime space by Venezuelan...
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Guyanese companies to hear of upcoming O&G opportunities at Exxon supplier forum

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More than 2700 Guyanese companies have been invited to learn more about key contracts and upcoming tenders in oil and gas, as ExxonMobil Guyana and co-venturers Hess and CNOOC get ready to stage the Guyana Supplier Forum 2021, hosted...
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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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