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JPMorgan wants to dump sovereign fund loans from Saudi Arabia, UAE

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(Reuters) - JPMorgan is seeking to sell at a discount loans raised by the sovereign wealth funds of Saudi Arabia and the United Arab Emirates, according to two sources and a document cited by Reuters, as banks brace for...
News

OPEC, allies agree to slash production by 10 million barrels per day

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(Bloomberg) - Major oil producers agreed to slash output as feuding members of the OPEC+ coalition buried differences in an effort to lift the market from a pandemic-driven collapse. The Organization of Petroleum Exporting Countries and its allies, meeting by...
News

Project delays likely as construction yards close on COVID-19 concerns – SBM Offshore

OilNOW -
Construction activities being carried out by Dutch floater-specialist SBM offshore at several locations across the world, including Singapore where the Liza Unity FPSO is being built for ExxonMobil’s second development project in Guyana, could face some project execution delays...
News

Halliburton cuts 350 jobs, executive pay as oil bust deepens

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Oilfield services firm Halliburton Co said on Monday it was cutting about 350 employees in Oklahoma, according to a filing with the state, and that its executives would reduce their salaries amid a deepening oil price rout, Reuters said...
News

OPEC+ is set to face oil challenges head-on in Thursday’s virtual meeting

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(Market Watch) In a sign of the times, the Organization of the Petroleum Exporting Countries and allied oil producers will hold a virtual meeting Thursday to make a decision on global crude production that could make or break the...
News

TechnipFMC in worldwide effort to produce visors for healthcare workers

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TechnipFMC says its teams worldwide are helping to protect medical workers during the COVID-19 outbreak by using 32 printers to produce visors at its facilities. The Edvard Grieg Project team prototype medical visor was approved for use in Norway, and...
Exploration

Multi-billion-barrel wells facing delays in Guyana, US and elsewhere – Rystad Energy

OilNOW -
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the COVID-19 virus and the oil price war,...
News

Chinese refiners buy rare North Sea, Guyana crude at low prices

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Chinese independent refiners have snapped up rare crude grades from the North Sea and Guyana at low prices in an oversupplied market after the coronavirus pandemic destroyed demand, four sources with knowledge of the matter told Reuters on Tuesday. The...
Exploration

US rig count set for dramatic 65% free-fall

OilNOW -
US oil and gas companies are putting the brakes on drilling due to the combined global effect of the COVID-19 pandemic and declining oil prices, according to new research from industry analyst Rystad Energy. In a recent report, Rystad Energy...
News

Total divests $400M in Brunei, Sierra Leone and Liberia assets

OilNOW -
French multinational oil company Total has announced that in line with its strategy of actively managing its asset portfolio and its objective to divest $5 billion during the period 2019-2020, it is pursuing the divestments of several non-core assets...
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Improvements in infrastructure, productivity pushing Guyana’s non-oil GDP – IMF

Guyana’s oil sector is projected to account for a slightly smaller share of the country’s economy in 2025 for...

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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